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Innovative Sales, R&D and Total Innovation Expenditures: Panel Evidence on their Dynamics

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  • Wladimir Raymond
  • Pierre Mohnen
  • Franz Palm
  • Sybrand Schim van der Loeff

Abstract

This paper studies the dynamic relationship between input and output of innovation in Dutch manufacturing using an unbalanced panel of enterprise data from five waves of the Community Innovation Survey during 1994-2004. We estimate by maximum likelihood a dynamic panel data bivariate tobit with double-index sample selection accounting for individual effects. We find persistence of innovation input and innovation output, a lag effect of the former on the latter and a feedback effect of the latter on the former. The lag effect remains significant in the high-tech sector even after four years. Firm and industry effects are also important.

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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2716.

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Date of creation: 2009
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Handle: RePEc:ces:ceswps:_2716

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Keywords: innovation; panel bivariate tobit model; innovation expenditures;

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References

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  1. Philippe Aghion & Nicholas Bloom & Richard Blundell & Rachel Griffith & Peter Howitt, 2002. "Competition and innovation: an inverted U relationship," IFS Working Papers, Institute for Fiscal Studies W02/04, Institute for Fiscal Studies.
  2. F. M. Scherer, 1965. "Corporate Inventive Output, Profits, and Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 73, pages 290.
  3. Zvi Griliches, 1998. "Patent Statistics as Economic Indicators: A Survey," NBER Chapters, National Bureau of Economic Research, Inc, in: R&D and Productivity: The Econometric Evidence, pages 287-343 National Bureau of Economic Research, Inc.
  4. Jerry A. Hausman & Bronwyn H. Hall & Zvi Griliches, 1984. "Econometric Models for Count Data with an Application to the Patents-R&D Relationship," NBER Technical Working Papers, National Bureau of Economic Research, Inc 0017, National Bureau of Economic Research, Inc.
  5. Bettina Peters, 2006. "Persistence of Innovation Stylised Facts and Panel Data Evidence," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 06-30, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  6. Gourieroux, Christian & Monfort, Alain & Trognon, Alain, 1984. "Pseudo Maximum Likelihood Methods: Applications to Poisson Models," Econometrica, Econometric Society, Econometric Society, vol. 52(3), pages 701-20, May.
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  8. Geroski, P. A. & Van Reenen, J. & Walters, C. F., 1997. "How persistently do firms innovate?," Research Policy, Elsevier, Elsevier, vol. 26(1), pages 33-48, March.
  9. Mohnen, Pierre & Schim van der Loeff, S. & Palm, Franz & Raymond, Wladimir, 2006. "Persistence of Innovation in Dutch Manufacturing: Is it Spurious?," MERIT Working Papers 011, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  10. Elena Cefis & Luigi Orsenigo, 1998. "The Persistence of Innovative Activities. A Cross-Countries and Cross-Sectors Comparative Analysis," Department of Economics Working Papers, Department of Economics, University of Trento, Italia 9804, Department of Economics, University of Trento, Italia.
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  12. Acs, Zoltan J & Audretsch, David B, 1987. "Innovation, Market Structure, and Firm Size," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 567-74, November.
  13. Ekaterini Kyriazidou, 1997. "Estimation of a Panel Data Sample Selection Model," Econometrica, Econometric Society, Econometric Society, vol. 65(6), pages 1335-1364, November.
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  16. Kamien, Morton I & Schwartz, Nancy L, 1975. "Market Structure and Innovation: A Survey," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 13(1), pages 1-37, March.
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  18. Blundell, Richard & Meghir, Costas, 1987. "Bivariate alternatives to the Tobit model," Journal of Econometrics, Elsevier, Elsevier, vol. 34(1-2), pages 179-200.
  19. Richard C. Levin & Alvin K. Klevorick & Richard R. Nelson & Sidney G. Winter, 1987. "Appropriating the Returns from Industrial Research and Development," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(3), pages 783-832.
  20. Baghana, Rufin & Mohnen, Pierre, 2009. "Effectiveness of R&D Tax Incentives in Small and Large Enterprises in Quebec," MERIT Working Papers 001, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  21. Pakes, Ariel, 1985. "On Patents, R&D, and the Stock Market Rate of Return," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(2), pages 390-409, April.
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  23. Bronwyn H. Hall & Zvi Griliches & Jerry A. Hausman, 1984. "Patents and R&D: Is There A Lag?," NBER Working Papers 1454, National Bureau of Economic Research, Inc.
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  25. repec:fth:harver:1473 is not listed on IDEAS
  26. Amemiya, Takeshi, 1984. "Tobit models: A survey," Journal of Econometrics, Elsevier, Elsevier, vol. 24(1-2), pages 3-61.
  27. Zvi Griliches, 1984. "Introduction to "R & D, Patents, and Productivity"," NBER Chapters, National Bureau of Economic Research, Inc, in: R & D, Patents, and Productivity, pages 1-20 National Bureau of Economic Research, Inc.
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Cited by:
  1. Martin Srholec, 2011. "Cooperation and innovative performance of firms: Panel data evidence from the Czech Republic, Norway and the United Kingdom," Working Papers on Innovation Studies, Centre for Technology, Innovation and Culture, University of Oslo 20111131, Centre for Technology, Innovation and Culture, University of Oslo.

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