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Innovation, investment and productivity: Evidence from Spanish firms

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Author Info
Omar Licandro,
Reyes Maroto
Luis A. Puch

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Abstract

In this paper we analyze the role of replacement and innovation activity in shaping investment behavior and labor productivity in a panel of Spanish manufacturing firms from 1990 to 2001. Investment is concentrated about large investment episodes, or investment spikes, whose nature varies by observable firm characteristics. We find evidence of replacement activity as a determinant of investment spikes for those firms that are not involved in process innovation nor plant expansion. Then we explore how large investment episodes transmit into the evolution of labor productivity under different innovative strategies. We find that expansionary and innovative firms increase their productivity after an investment spike. However, long learning curves seems to be associated with innovative investments. 333

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Paper provided by FEDEA in its series Working Papers with number 2003-30.

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Handle: RePEc:fda:fdaddt:2003-30

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. Laura Power, 1998. "The Missing Link: Technology, Investment, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 300-313, May. [Downloadable!] (restricted)
  2. Oivind Anti Nilsen & Fabio Schiantarelli, 1996. "Zeroes and Lumps in Investment: Empirical Evidence on Irreversibilities and Non-Convexities," Boston College Working Papers in Economics 337., Boston College Department of Economics, revised 01 Nov 2000. [Downloadable!]
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  3. J. Bradford Jensen & Robert H. McGuckin & Kevin J. Stiroh, 2001. "The Impact Of Vintage And Survival On Productivity: Evidence From Cohorts Of U.S. Manufacturing Plants," The Review of Economics and Statistics, MIT Press, vol. 83(2), pages 323-332, May. [Downloadable!] (restricted)
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  4. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April. [Downloadable!] (restricted)
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  5. Plutarchos Sakellaris, 2001. "Patterns of plant adjustment," Finance and Economics Discussion Series 2001-05, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  6. Russell Cooper & John Haltiwanger & Laura Power, 1995. "Machine Replacement and the Business Cycle: Lumps and Bumps," Papers 0062, Boston University - Industry Studies Programme.
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(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. Laia Castany, 2008. "The Role of Firm Size in Training Provision Decisions: evidence from Spain," IREA Working Papers 200808, University of Barcelona, Research Institute of Applied Economics, revised Jun 2008. [Downloadable!]
  2. Jorge Durán & Omar Licandro & Luis A. Puch, 2006. "Sobre la medición del crecimiento económico en presencia de progreso técnico incorporado," Working Papers 2006-24, FEDEA. [Downloadable!]
  3. Omar Licandro & Reyes Maroto & Luis A. Puch, . "Patterns of Investment in Spanish Manufacturing Firms," Studies on the Spanish Economy 185, FEDEA. [Downloadable!]
  4. Laia Castany, 2008. "The Role of Firm Size in Training Provision Decisions: evidence from Spain," Economics of Education Working Paper Series 0028, University of Zurich, Institute for Strategy and Business Economics (ISU). [Downloadable!]
  5. Laia Castany & Enrique Lopez-Bazo & Rosina Moreno, 2007. "Do innovation and human capital explain the productivity gap between small and large firms?," IREA Working Papers 200716, University of Barcelona, Research Institute of Applied Economics, revised Nov 2007. [Downloadable!]
  6. José A. Herce, . "Could this ever happen in Spain? Economic and policy aspects of a SARS-like episode," Working Papers 2004-09, FEDEA. [Downloadable!]
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