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Profit differentials and innovation

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Author Info
Elena Cefis
Matteo Ciccarelli

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Abstract

The article aims to investigate empirically the effects of innovative activities on corporate profitability, using a panel of 267 UK manufacturing firms, over the period 1988-1992. Using the Bayesian approach to, explicitly, consider heterogeneity among firms, we find: (i) a positive and well-determined effect of innovation on profits that smoothly decreases as time passes by; (ii) a difference in profitability between innovators and non-innovators, greater when the comparison is between persistent innovators and non-innovators; and (iii) a long-run persistence in profit differentials. † E-mail: matteo.ciccarelli@ecb.int

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Economics of Innovation and New Technology.

Volume (Year): 14 (2005)
Issue (Month): 1-2 (January)
Pages: 43-61
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Handle: RePEc:taf:ecinnt:v:14:y:2005:i:1-2:p:43-61

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Related research
Keywords: Innovation; Profitability; Firms Differentials; Bayesian Estimation; Panel Data Models;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul Geroski & Steve Machin & John Van Reenen, 1993. "The Profitability of Innovating Firms," RAND Journal of Economics, The RAND Corporation, vol. 24(2), pages 198-211, Summer. [Downloadable!] (restricted)
  2. Hsiao, C. & Pesaran, M. H. & Tahmiscioglu, A. K., 1998. "Bayes Estimation of Short-run Coefficients in Dynamic Panel Data Models," Cambridge Working Papers in Economics 9804, Faculty of Economics, University of Cambridge.
  3. Dosi, Giovanni, et al, 1995. " Learning, Market Selection and the Evolution of Industrial Structures," Small Business Economics, Springer, vol. 7(6), pages 411-36, December.
  4. Malerba, Franco & Orsenigo, Luigi, 1995. "Schumpeterian Patterns of Innovation," Cambridge Journal of Economics, Oxford University Press, vol. 19(1), pages 47-65, February.
  5. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," UWO Department of Economics Working Papers 8904, University of Western Ontario, Department of Economics.
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  6. Geroski, P. A. & Van Reenen, J. & Walters, C. F., 1997. "How persistently do firms innovate?," Research Policy, Elsevier, vol. 26(1), pages 33-48, March. [Downloadable!] (restricted)
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  7. Canova, Fabio & Marcet, Albert, 1995. "The Poor Stay Poor: Non-Convergence Across Countries and Regions," CEPR Discussion Papers 1265, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Acs, Zoltan J & Audretsch, David B, 1989. "Patents as a Measure of Innovative Activity," Kyklos, Blackwell Publishing, vol. 42(2), pages 171-80.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Potì Bianca & Cerulli Giovanni, 2007. "Heterogeneity of innovation strategies and firms’ performance," CERIS Working Paper 200706, Institute for Economic Research on Firms and Growth - Moncalieri (TO). [Downloadable!]
  2. Anna-Liisa Lindholm & Karen M. Gibler & Kari I. Levainen, 2006. "Modelling the Value Adding Attributes of Real Estate to the Wealth Maximization of the Firm," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 445-476. [Downloadable!]
  3. James H. Love & Stephen Roper & Jun Du, 2007. "Innovation, Ownership and Profitability," DRUID Working Papers 07-10, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
    Other versions:
  4. Antonelli Cristiano & Colombelli Alessandra, 2009. "The Generation and Exploitation of Technological Change: Market Value and Total Factor Productivity," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200912, University of Turin. [Downloadable!]
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