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Accumulation of R&D Capital and Dynamic Firm Performance: A Not-so-fixed Effect Model

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Author Info
Tor Jakob Klette and Frode Johansen () (Statistics Norway)

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Abstract

Considering the observed patterns of R&D investment, we argue that a model which allows for a positive feedback from already acquired knowledge to the productiveness of current research, fits the empirical evidence better than the standard model that treats knowledge accumulation symmetrically to the accumulation of physical capital. We present an econometric framework consistent with a positive feedback in the accumulation of R&D capital. The empirical model is econometrically simple and less data-demanding than the standard framework. Our estimates show a significant positive effect of R&D on performance and a positive feedback effect from the stock of knowledge capital. We calculate the depreciation rate and the rate of return to knowledge capital for our alternative framework, and compare our estimated rate of return to results obtained within the standard framework.

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Publisher Info
Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 184.

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Date of creation: Nov 1996
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Handle: RePEc:ssb:dispap:184

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Related research
Keywords: Productivity; R&D; Knowledge Accumulation; Panel Data.;

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Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General

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. James D. Adams & Adam B. Jaffe, 1996. "Bounding the Effects of R&D: An Investigation Using Matched Establishment-Firm Data," RAND Journal of Economics, The RAND Corporation, vol. 27(4), pages 700-721, Winter. [Downloadable!] (restricted)
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  2. Milgrom, Paul R & Qian, Yingyi & Roberts, John, 1991. "Complementarities, Momentum, and the Evolution of Modern Manufacturing," American Economic Review, American Economic Association, vol. 81(2), pages 84-88, May. [Downloadable!] (restricted)
  3. Geroski, Paul A & Samiei, Hossein & Van Reenen, John, 1996. "How Persistently do Firms Innovate?," CEPR Discussion Papers 1433, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Shen, T Y, 1970. "Economies of Scale, Penrose Effect, Growth of Plants and Their Size Distribution," Journal of Political Economy, University of Chicago Press, vol. 78(4), pages 702-16, Part I Ju. [Downloadable!] (restricted)
  5. Ariel Pakes & Richard Ericson, 1989. "Empirical Implications of Alternative Models of Firm Dynamics," NBER Working Papers 2893, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Tor Jakob Klette and Svein Erik Førre, 1995. "Innovation and Job Creation in a Small Open Economy
    Evidence from Norwegian Manufacturing Plants 1982-92    ," Discussion Papers 159, Research Department of Statistics Norway.
  7. Zvi Griliches, 1979. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 92-116, Spring. [Downloadable!] (restricted)
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  8. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  9. Klette, Tor Jakob & Griliches, Zvi, 1996. "The Inconsistency of Common Scale Estimators When Output Prices Are Unobserved and Endogenous," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(4), pages 343-61, July-Aug.. [Downloadable!] (restricted)
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  10. Ariel Pakes & Mark Schankerman, 1984. "An Exploration into the Determinants of Research Intensity," NBER Chapters, in: R & D, Patents, and Productivity, pages 209-232 National Bureau of Economic Research, Inc. [Downloadable!]
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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. Belderbos, René & Ito, Banri & Wakasugi, Ryuhei, 2008. "Intra-firm Technology Transfer and R&D in Foreign Affiliates: Substitutes or Complements? Evidence from Japanese Multinational Firms," UNU-MERIT Working Paper Series 045, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology. [Downloadable!]
    Other versions:
  2. Zvi Griliches & Tor Jakob Klette, 1999. "Empirical patterns of firm growth and R&D investment: a quality ladder model interpretation," IFS Working Papers W99/25, Institute for Fiscal Studies. [Downloadable!]
    Other versions:
  3. Crespi, G., 2006. "Productivity And Firm Heterogeneity In Chile," PRUS Working Papers 36, Poverty Research Unit at Sussex, University of Sussex. [Downloadable!]
  4. Bronwyn H. Hall & Francesca Lotti & Jacques Mairesse, 2009. "Innovation and productivity in SMEs. Empirical evidence for Italy," Temi di discussione (Economic working papers) 718, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  5. Lööf, Hans & Heshmati, Almas & Asplund, Rita & Nåås, Svein-Olav, 2001. "Innovation and Performance in Manufacturing Industries: A Comparison of the Nordic Countries," Working Paper Series in Economics and Finance 0457, Stockholm School of Economics. [Downloadable!]
  6. Johansson, Börje & Lööf, Hans, 2008. "The Impact of Firm’s R&D Strategy on Profit and Productivity," Working Paper Series in Economics and Institutions of Innovation 156, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
  7. Boris Lokshin & Rene Belderbos & Martin Carree, 2006. "Internal and external R&DF complements or substitutes? Evidence from a dynamic panel data model," Hi-Stat Discussion Paper Series d06-163, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  8. Mika Maliranta, 2002. "From R&D to Productivity Through Micro-Level Restructuring," Discussion Papers 795, The Research Institute of the Finnish Economy. [Downloadable!]
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