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The Rise of Scientific Research in Corporate America

Author

Listed:
  • Ashish Arora
  • Sharon Belenzon
  • Konstantin Kosenko
  • Jungkyu Suh
  • Yishay Yafeh

Abstract

In the interwar period, some American firms began to invest in basic scientific research. Using newly assembled firm-level data from the 1920s and 1930s, we find that companies invested in research because inventions increasingly relied on science, but American universities lagged behind both Europe and the scientific frontier. Firms close to the frontier, relying on disciplines which were underdeveloped in American academia, were likely to invest in research, especially if they were large and operated in concentrated industries (could internalize the benefits). Corporate science seems to have paid off, resulting in novel patents and high market valuations for those engaged in research.

Suggested Citation

  • Ashish Arora & Sharon Belenzon & Konstantin Kosenko & Jungkyu Suh & Yishay Yafeh, 2021. "The Rise of Scientific Research in Corporate America," NBER Working Papers 29260, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:29260
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    Cited by:

    1. Sinuany-Stern, Zilla, 2023. "Foundations of operations research: From linear programming to data envelopment analysis," European Journal of Operational Research, Elsevier, vol. 306(3), pages 1069-1080.
    2. Filippo Mezzanotti & Timothy Simcoe, 2023. "Research and/or Development? Financial Frictions and Innovation Investment," Working Papers 23-39, Center for Economic Studies, U.S. Census Bureau.

    More about this item

    JEL classification:

    • N8 - Economic History - - Micro-Business History
    • N82 - Economic History - - Micro-Business History - - - U.S.; Canada: 1913-
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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