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Top R&D investors, structural change and the R&D growth performance of young and old firms

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  • Pietro Moncada-Paternò-Castello

    (European Commission-Joint Research Centre (JRC))

Abstract

This paper investigates the structural change of the major economies through the lens of the leading global corporate R&D investors. Moreover, we explore the relationship between R&D intensity, capital intensity and profitability and R&D investment growth for young and old firms. Contrary to common understanding, our results show that in the EU the R&D distribution between sectors has changed – similar to the USA; however, the USA has experienced a very strong shift towards ICT-related sectors, which makes its change more visible. Both the EU and the USA have experienced a slower pace of structural change than emerging economies. Our results also indicate that capital and R&D intensity may have a complementary effect on long-term R&D performance, which can vary according to a firm’s age. The specific nature of the sample allows us to link our results to the Schumpeterian waves of innovation and the changes of techno-economic paradigms rather than alternative interpretation of management literature. Policy implications are discussed accordingly.

Suggested Citation

  • Pietro Moncada-Paternò-Castello, 2022. "Top R&D investors, structural change and the R&D growth performance of young and old firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(1), pages 1-33, March.
    • Handle: RePEc:spr:eurasi:v:12:y:2022:i:1:d:10.1007_s40821-022-00206-3
    DOI: 10.1007/s40821-022-00206-3
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    2. Aristovnik, Aleksander & Yang, Guo-liang & Song, Yao-yao & Ravšelj, Dejan, 2023. "Industrial performance of the top R&D enterprises in world-leading economies: A metafrontier approach," Socio-Economic Planning Sciences, Elsevier, vol. 89(C).

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    More about this item

    Keywords

    Corporate R&D; Structural change; Firm’s age; Innovation;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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