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A semi-parametric modeling of firms' R&D expenditures with zero values

Author

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  • Seung-Hoon Yoo

    (School of Business and Economics, Hoseo University)

  • Hye-Seon Moon

    (Korea Institute of Science and Technology Evaluation and Planning)

Abstract

Summary Modeling firms' R&D expenditures often become complicated due to the zero values reported by a significant number of firms. The maximum likelihood (ML) estimation of the Tobit model, which is usually adopted in this case, however, is not robust to heteroscedastic and/or non-normal error structure. Thus, this paper attempts to apply symmetrically trimmed least squares estimation as a semi-parametric estimation of the Tobit model in order to model firms' R&D expenditures with zero values. The result of specification test indicates the semi-parametric estimation outperforms the parametric ML estimation significantly.

Suggested Citation

  • Seung-Hoon Yoo & Hye-Seon Moon, 2006. "A semi-parametric modeling of firms' R&D expenditures with zero values," Scientometrics, Springer;Akadémiai Kiadó, vol. 69(1), pages 57-67, October.
    • Handle: RePEc:spr:scient:v:69:y:2006:i:1:d:10.1007_s11192-006-0138-5
    DOI: 10.1007/s11192-006-0138-5
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    Cited by:

    1. Csomós, György & Tóth, Géza, 2016. "Exploring the position of cities in global corporate research and development: A bibliometric analysis by two different geographical approaches," Journal of Informetrics, Elsevier, vol. 10(2), pages 516-532.
    2. Csomós György, 2017. "Mapping Spatial and Temporal Changes of Global Corporate Research and Development Activities by Conducting a Bibliometric Analysis," Quaestiones Geographicae, Sciendo, vol. 36(1), pages 65-77, March.

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