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A Test of the Schumpeterian Hypothesis using a selection of European Electric Utilities

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  • Evens Salies

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Evidence is mounting of the decline in R&D investment by US and UK electric utilities in the wake of liberalisation in those markets. The present study attempts to identify the drivers of a similar decline seen in Europe, using a sample of major electric utilities. Unlike previous econometric studies, the paper explores the so-called Schumpeterian hypothesis. Model estimation indicates that R&D spending varies at least proportionally with size and that electricity deregulation had a negative impact on R&D efforts. Potential knock-on effects of firms' financial policy and other firm-level variables on R&D are investigated. The role of factors at the country-level is also considered, including M&A activity and the national share of electricity generated from "green" sources.

Suggested Citation

  • Evens Salies, 2010. "A Test of the Schumpeterian Hypothesis using a selection of European Electric Utilities," Post-Print hal-05534454, HAL.
    • Handle: RePEc:hal:journl:hal-05534454
    DOI: 10.4337/9781781000632.00015
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-05534454v1
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