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Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French & United States Manufacturing Firms

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Jacques Mairesse
Bronwyn H. Hall

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Abstract

A comparative study of the contribution of R&D to firm-level productivity in French and United States manufacturing firms in the 1980s is presented. The study uses two large panels of approximately 1000 manufacturing firms covering over half of all R&D spending in each country and focuses on the estimation and interpretation of the relationship between output growth and the growth of R&D investment in the presence of simultaneity and firm heterogeneity. We use GMM methods to control for both sources of estimation bias, and we find 1) overall, the contribution of R&D to sales productivity growth appears to have declined during the 1980s, and 2) the role of simultaneity bias is higher in the U.S. than in France, possibly reflecting the greater importance of liquidity constraints for R&D investment in that country.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5501.

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Date of creation: Mar 1996
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Handle: RePEc:nbr:nberwo:5501

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  1. Keane, Michael P & Runkle, David E, 1992. "On the Estimation of Panel-Data Models with Serial Correlation When Instruments Are Not Strictly Exogenous," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(1), pages 1-9, January.
  2. Zvi Griliches & Jacques Mairesse, 1995. "Production Functions: The Search for Identification," Harvard Institute of Economic Research Working Papers 1719, Harvard - Institute of Economic Research.
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  3. Holtz-Eakin, Douglas & Newey, Whitney & Rosen, Harvey S, 1988. "Estimating Vector Autoregressions with Panel Data," Econometrica, Econometric Society, vol. 56(6), pages 1371-95, November. [Downloadable!] (restricted)
  4. Griliches, Zvi & Hausman, Jerry A., 1986. "Errors in variables in panel data," Journal of Econometrics, Elsevier, vol. 31(1), pages 93-118, February. [Downloadable!] (restricted)
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  5. Chamberlain, Gary, 1984. "Panel data," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 22, pages 1247-1318 Elsevier. [Downloadable!] (restricted)
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  1. Andy Cosh & Xiaolan Fu & Alan Hughes, 2005. "Management characteristics, collaboration and innovative efficiency: evidence from UK survey data," ESRC Centre for Business Research - Working Papers wp311, ESRC Centre for Business Research. [Downloadable!]
  2. Andrea Caggese, 2003. "Testing Financing Constraints on Firm Investment using Variable Capital," Economics Working Papers 1009, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 2006. [Downloadable!]
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  3. Pilar Beneito, 2001. "R&D productivity and spillovers at the firms level: evidence from Spanish panel data," Investigaciones Economicas, Fundación SEPI, vol. 25(2), pages 289-313, May. [Downloadable!]
  4. Dwyer, Douglas W., 1997. "Are Fixed Effects Fixed?," Working Papers 97-35, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  5. Jason G. Cummins, 2004. "A new approach to the valuation of intangible capital," Finance and Economics Discussion Series 2004-17, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  6. Ralf Martin, 2005. "Productivity Dispersion, Competition and Productivity Measurement," CEP Discussion Papers dp0692, Centre for Economic Performance, LSE. [Downloadable!]
  7. Cummins, J.G. & Dey, M., 1998. "Taxation, Investment, and Firm Growth with Heterogeneous Capital," Working Papers 98-07, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  8. Falk, Martin & Seim, Katja, 1999. "Workers' skill level and information technology : evidence from German service firms," ZEW Discussion Papers 99-14, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  9. Maria Elena Bontempi & Jacques Mairesse, 2008. "Intangible Capital and Productivity: An Exploration on a Panel of Italian Manufacturing Firms," NBER Working Papers 14108, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Joze P. Damijan & Crt Kostevc & Matija Rojec, 2008. "Innovation and Firms' Productivity Growth in Slovenia: Sensitivity of Results to Sectoral Heterogeneity and to Estimation Method," LICOS Discussion Papers 20308, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
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