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Firm characteristics and the cyclicality of R&D investments

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  • Spyros Arvanitis
  • Martin Woerter

Abstract

The aim of this study is to combine micro-aspects of firm behavior with macro aspects of business development and identify market conditions (e.g. price competition) and firm characteristics (e.g. type of R&D partners) that enable a firm to have a pro-cyclical, anti-cyclical, or non-systematic R&D investment behavior. The empirical results confirm to large extent a series of hypotheses as to innovation-relevant firm characteristics that underline the three different behavior categories and allow us to make profiles of the three types of R&D behavior.

Suggested Citation

  • Spyros Arvanitis & Martin Woerter, 2014. "Firm characteristics and the cyclicality of R&D investments," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 23(5), pages 1141-1169.
    • Handle: RePEc:oup:indcch:v:23:y:2014:i:5:p:1141-1169.
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    File URL: http://hdl.handle.net/10.1093/icc/dtt013
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    Cited by:

    1. Alexander Eickelpasch, 2014. "R&D Behavior of German Manufacturing Companies during the 2008/09 Recession," Discussion Papers of DIW Berlin 1357, DIW Berlin, German Institute for Economic Research.
    2. Ahmad, Manzoor, 2021. "Non-linear dynamics of innovation activities over the business cycles: Empirical evidence from OECD economies," Technology in Society, Elsevier, vol. 67(C).
    3. Armand, Alex & Mendi, Pedro, 2018. "Demand drops and innovation investments: Evidence from the Great Recession in Spain," Research Policy, Elsevier, vol. 47(7), pages 1321-1333.
    4. Isabel Busom & Jorge-Andrés Vélez-Ospina, 2021. "Subsidising innovation over the business cycle," Industry and Innovation, Taylor & Francis Journals, vol. 28(6), pages 773-803, July.
    5. Spyros Arvanitis & Euripidis N. Loukis, 2015. "Did the Reduction of ICT Investment Due to the 2008 Economic Crisis Affect the Innovation Performance of Firms? An Exploratory Analysis Based on Firm Data for the European Glass, Ceramics, and Cement ," KOF Working papers 15-391, KOF Swiss Economic Institute, ETH Zurich.
    6. Pellens, Maikel & Peters, Bettina & Hud, Martin & Rammer, Christian & Licht, Georg, 2018. "Public investment in R&D in reaction to economic crises: A longitudinal study for OECD countries," ZEW Discussion Papers 18-005, ZEW - Leibniz Centre for European Economic Research.
    7. Spyros Arvanitis & Marius Ley & Tobias Stucki & Martin Woerter & Florian Seliger, 2012. "Trotz Krise nach wie vor starke Position der Schweizer Wirtschaft im internationalen Innovationswettbewerb," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 6(4), pages 31-40, December.
    8. Adelheid Holl & Ruth Rama, 2015. "Economic crisis and innovation: Do regions matter?," ERSA conference papers ersa15p87, European Regional Science Association.
    9. Manzoor Ahmad & Jianghuai Zheng, 2023. "The Cyclical and Nonlinear Impact of R&D and Innovation Activities on Economic Growth in OECD Economies: a New Perspective," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(1), pages 544-593, March.
    10. Juliao-Rossi, Jorge & Forero-Pineda, Clemente & Losada-Otalora, Mauricio & Peña-García, Nathalie, 2020. "Trajectories of innovation: A new approach to studying innovation performance," Journal of Business Research, Elsevier, vol. 115(C), pages 322-333.
    11. Michal Tvrdon & Tomas Verner, 2022. "Government Support of Science and the Impact of the Crisis: The Case of the EU Countries," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 24(Special16), pages 989-989, November.
    12. Armand, Alex & Mendi, Pedro, 2017. "Demand Fluctuations and Innovation Investments: Evidence from the Great Recession in Spain," MPRA Paper 76884, University Library of Munich, Germany.
    13. Lee, Daeyong, 2018. "Impact of the excise tax on firm R&D and performance in the medical device industry: Evidence from the Affordable Care Act," Research Policy, Elsevier, vol. 47(5), pages 854-871.
    14. Bernhard Dachs, 2014. "R&D Internationalisation and the Global Financial Crisis," Chapters, in: Bernhard Dachs & Robert Stehrer & Georg Zahradnik (ed.), The Internationalisation of Business R&D, chapter 13, pages 1-3, Edward Elgar Publishing.

    More about this item

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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