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Renewable Energy Innovations in Europe: A Dynamic Panel Data Approach

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  • Nadia Ayari

    ()
    (Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra)

  • Szabolcs Blazsek

    ()
    (Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra)

  • Pedro Mendi

    ()
    (Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra)

Abstract

We investigate the determinants of renewable energy R&D intensity and the impact of renewable energy innovations on firm performance, using several dynamic panel data models. We estimate these models using a large dataset of European firms of 19 different countries, with some patenting activity in areas related with renewable energies during the 1987-2007 period. The results that we obtain confirm our a prioris on the determinants of the rapid development of renewable energy R&D intensity during the last decades. Additionally, we find evidence that renewable patent intensity has significant dynamic impact on the stock market value of firms.

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Bibliographic Info

Paper provided by School of Economics and Business Administration, University of Navarra in its series Faculty Working Papers with number 11/09.

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Length: 41 pages
Date of creation: 01 Nov 2009
Date of revision:
Handle: RePEc:una:unccee:wp1109

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Web page: http://www.unav.es/facultad/econom

Related research

Keywords: R&D intensity; Stock market value; Patents; Count data; Dynamic panel data;

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  1. David Popp, 2003. "Lessons from Patents: Using Patents To Measure Technological Change in Environmental Models," NBER Working Papers 9978, National Bureau of Economic Research, Inc.
  2. Michael Binder, Cheng Hsiao, and M. Hashem Pesaran, 2001. "Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration," Computing in Economics and Finance 2001, Society for Computational Economics 36, Society for Computational Economics.
  3. David Popp, 2002. "Induced Innovation and Energy Prices," American Economic Review, American Economic Association, vol. 92(1), pages 160-180, March.
  4. Zvi Griliches, 1990. "Patent Statistics as Economic Indicators: A Survey," NBER Working Papers 3301, National Bureau of Economic Research, Inc.
  5. Jeffrey M Wooldridge, 2002. "Simple solutions to the initial conditions problem in dynamic, nonlinear panel data models with unobserved heterogeneity," CeMMAP working papers, Centre for Microdata Methods and Practice, Institute for Fiscal Studies CWP18/02, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  6. Ragwitz, Mario & Miola, Apollonia, 2005. "Evidence from RD&D spending for renewable energy sources in the EU," Renewable Energy, Elsevier, vol. 30(11), pages 1635-1647.
  7. Hall, Bronwyn H & Jaffe, Adam B & Trajtenberg, Manuel, 2001. "The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3094, C.E.P.R. Discussion Papers.
  8. Lanjouw, Jean O & Pakes, Ariel & Putnam, Jonathan, 1998. "How to Count Patents and Value Intellectual Property: The Uses of Patent Renewal and Application Data," Journal of Industrial Economics, Wiley Blackwell, vol. 46(4), pages 405-32, December.
  9. Margolis, Robert M. & Kammen, Daniel M., 1999. "Evidence of under-investment in energy R&D in the United States and the impact of Federal policy," Energy Policy, Elsevier, vol. 27(10), pages 575-584, October.
  10. Nick Johnstone & Ivan Hascic & David Popp, 2008. "Renewable Energy Policies And Technological Innovation: Evidence Based On Patent Counts," NBER Working Papers 13760, National Bureau of Economic Research, Inc.
  11. Bruno Van Pottelsberghe & H. Denis & Dominique Guellec, 2001. "Using patent counts for cross-country comparisons of technology output," ULB Institutional Repository 2013/6227, ULB -- Universite Libre de Bruxelles.
  12. Jacques Mairesse & Bronwyn H. Hall, 1996. "Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French & United States Manufacturing Firms," NBER Working Papers 5501, National Bureau of Economic Research, Inc.
  13. Gil-Alana, Luis Alberiko & Moreno, Antonio, 2009. "Technology Shocks And Hours Worked: A Fractional Integration Perspective," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 13(05), pages 580-604, November.
  14. repec:fth:harver:1473 is not listed on IDEAS
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