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Firm-level contributions to the R&D intensity distribution: evidence and policy implications

Author

Listed:
  • Sebastiano Cattaruzzo
  • Agustí Segarra-Blasco
  • Mercedes Teruel

Abstract

This paper decomposes the Spanish aggregate R&D distribution to disentangle the contributions of R&D public financing, gazelle firms, and financial constraints. Applying the Chernozhukov, Fernández-Val and Melly (2013) distribution regression approach, we estimate the contributions of these components at each point of the distribution. The analysis is carried out for two periods, pre-crisis 2004–2008 and post-crisis 2009–2014. We thereby introduce a comparative perspective that allows us to consider possible business cycle effects. Our findings show that the main explanatory factors of the significant post-crisis drop in Spanish aggregate R&D are changes in the public financing scheme and the decreased contribution of gazelles. Our results provide a rigorous analysis of Spanish R&D, hint at a possible transmission channel for reduced business dynamism, and offer interesting insights for policymaking.

Suggested Citation

  • Sebastiano Cattaruzzo & Agustí Segarra-Blasco & Mercedes Teruel, 2024. "Firm-level contributions to the R&D intensity distribution: evidence and policy implications," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 33(1), pages 45-65, January.
    • Handle: RePEc:taf:ecinnt:v:33:y:2024:i:1:p:45-65
    DOI: 10.1080/10438599.2022.2140658
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