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Noncapital Investment Costs and the Adoption of CAD and CNC in U.S. Metalworking Industries

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  • Thomas �stebro
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    Abstract

    Many studies have shown that firm size is the strongest and most consistent predictor of the adoption of technological innovations, but the causes for this relationship are debated. I investigate the relationships between various size measures and the adoption of computer-aided design (CAD) and computer numerically controlled (CNC) machine tools. Plant size is the dominant factor in predicting CAD and CNC adoption. Other measures such as firm size or multiplant operations have independent effects that are not present after controlling for plant size. I test four potential explanations for the results: noncapital cost spreading, equipment replacement, risk aversion, and learning. There is support only for the first explanation.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal RAND Journal of Economics.

    Volume (Year): 33 (2002)
    Issue (Month): 4 (Winter)
    Pages: 672-688

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    Handle: RePEc:rje:randje:v:33:y:2002:i:winter:p:672-688

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    Cited by:
    1. Pilar Beneito & María E. Rochina-Barrachina & Amparo Sanchis, 2013. "Ownership and cyclicality of firms’ R&D investment," Working Papers, Department of Applied Economics II, Universidad de Valencia 1306, Department of Applied Economics II, Universidad de Valencia.
    2. Anthony Creane & Hideo Konishi, 2009. "Goldilocks and the Licensing Firm: Choosing a Partner when Rivals are Heterogeneous," Boston College Working Papers in Economics, Boston College Department of Economics 720, Boston College Department of Economics.
    3. Jae Young Choi & Yeonbae Kim & Yungman Jun & Yunhee Kim, 2009. "A Multivariate Probit Analysis of Korean Firms Information System Adoption: An Empirical Analysis on the Determinants of the Adoption and Complementarity Among the Information Systems," TEMEP Discussion Papers, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP) 200926, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Nov 2009.
    4. Gomez, Jaime & Vargas, Pilar, 2009. "The effect of financial constraints, absorptive capacity and complementarities on the adoption of multiple process technologies," Research Policy, Elsevier, Elsevier, vol. 38(1), pages 106-119, February.

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