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Firm characteristics and the cyclicality of R&D investments

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Abstract

Aim of this study is to combine micro-aspects of firm behaviour with macro-aspects of business development and identify market conditions (for example, price competition) and firm characteristics (for example, type of R&D partners) that enable a firm to have a procyclical, anti-cyclical or non-systematic R&D investment behaviour. New elements of our analysis are: (a) the identification in our data of the above three main types of R&D behaviour with respect to the fluctuation of overall economic activity as measured by a standard composite indicator of the business conditions at industry level and (b) the investigation of a series of hypotheses as to innovation-relevant firm characteristics that underline the three different behaviour categories. The empirical results confirm to large extent our hypotheses and allow us to make profiles of the three types of R&D behaviour.

Suggested Citation

  • Spyros Arvanitis & Martin Woerter, 2011. "Firm characteristics and the cyclicality of R&D investments," KOF Working papers 11-277, KOF Swiss Economic Institute, ETH Zurich.
  • Handle: RePEc:kof:wpskof:11-277
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    File URL: http://dx.doi.org/10.3929/ethz-a-006423007
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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. 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.
    3. 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.
    4. 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 - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    5. Bernhard Dachs, 2014. "R&D Internationalisation and the Global Financial Crisis," Chapters,in: The Internationalisation of Business R&D, chapter 13, pages 1-3 Edward Elgar Publishing.
    6. 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.
    7. Adelheid Holl & Ruth Rama, 2015. "Economic crisis and innovation: Do regions matter?," ERSA conference papers ersa15p87, European Regional Science Association.

    More about this item

    Keywords

    R&D; Anti-cyclical behaviour; Pro-cyclical behaviour;

    JEL classification:

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

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