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Renewable Energy Innovations in Europe: A Dynamic Panel Data Approach

Listed author(s):
  • Nadia Ayari

    ()

    (Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra)

  • Szabolcs Blazsek

    ()

    (Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra)

  • Pedro Mendi

    ()

    (Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra)

We investigate the determinants of renewable energy R&D intensity and the impact of renewable energy innovations on firm performance, using several dynamic panel data models. We estimate these models using a large dataset of European firms of 19 different countries, with some patenting activity in areas related with renewable energies during the 1987-2007 period. The results that we obtain confirm our a prioris on the determinants of the rapid development of renewable energy R&D intensity during the last decades. Additionally, we find evidence that renewable patent intensity has significant dynamic impact on the stock market value of firms.

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File URL: http://www.unav.edu/documents/10174/6546776/1257097410_WP_UNAV_11_09.pdf
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Paper provided by School of Economics and Business Administration, University of Navarra in its series Faculty Working Papers with number 11/09.

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Length: 41 pages
Date of creation: 01 Nov 2009
Handle: RePEc:una:unccee:wp1109
Contact details of provider: Web page: http://www.unav.edu/web/facultad-de-ciencias-economicas-y-empresariales

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  1. David Popp, 2003. "Lessons from Patents: Using Patents To Measure Technological Change in Environmental Models," NBER Working Papers 9978, National Bureau of Economic Research, Inc.
  2. Hausman, Jerry & Hall, Bronwyn H & Griliches, Zvi, 1984. "Econometric Models for Count Data with an Application to the Patents-R&D Relationship," Econometrica, Econometric Society, vol. 52(4), pages 909-938, July.
  3. Griliches, Zvi, 1990. "Patent Statistics as Economic Indicators: A Survey," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1661-1707, December.
  4. Nadia Ayari & Szabolcs Blazsek & Pedro Mendi, 2009. "Renewable Energy Innovations in Europe: A Dynamic Panel Data Approach," Faculty Working Papers 11/09, School of Economics and Business Administration, University of Navarra.
  5. Michael Binder & Cheng Hsiao & M. Hashem Pesaran, 2000. "Estimation and Inference In Short Panel Vector Autoregressions with Unit Roots And Cointegration," CESifo Working Paper Series 374, CESifo Group Munich.
  6. Horbach, Jens, 2008. "Determinants of environmental innovation--New evidence from German panel data sources," Research Policy, Elsevier, vol. 37(1), pages 163-173, February.
  7. Luis Alberiko Gil-Alana & Antonio Moreno, 2006. "Technology Shocks and Hours Worked: A Fractional Integration Perspective," Faculty Working Papers 03/06, School of Economics and Business Administration, University of Navarra.
  8. Bruno Van Pottelsberghe & Herman Denis & Dominique Guellec, 2001. "Using patent counts for cross-country comparisons of technology output," ULB Institutional Repository 2013/6227, ULB -- Universite Libre de Bruxelles.
  9. Jacques Mairesse & Bronwyn H. Hall, 1996. "Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French & United States Manufacturing Firms," NBER Working Papers 5501, National Bureau of Economic Research, Inc.
  10. David Popp, 2002. "Induced Innovation and Energy Prices," American Economic Review, American Economic Association, vol. 92(1), pages 160-180, March.
  11. Nick Johnstone & Ivan Haščič & David Popp, 2010. "Renewable Energy Policies and Technological Innovation: Evidence Based on Patent Counts," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 45(1), pages 133-155, January.
  12. Hall, B. & Jaffe, A. & Trajtenberg, M., 2001. "The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools," Papers 2001-29, Tel Aviv.
  13. repec:fth:harver:1473 is not listed on IDEAS
  14. Adam B. Jaffe, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value," NBER Working Papers 1815, National Bureau of Economic Research, Inc.
  15. Pakes, Ariel, 1985. "On Patents, R&D, and the Stock Market Rate of Return," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 390-409, April.
  16. Ragwitz, Mario & Miola, Apollonia, 2005. "Evidence from RD&D spending for renewable energy sources in the EU," Renewable Energy, Elsevier, vol. 30(11), pages 1635-1647.
  17. Lanjouw, Jean O & Pakes, Ariel & Putnam, Jonathan, 1998. "How to Count Patents and Value Intellectual Property: The Uses of Patent Renewal and Application Data," Journal of Industrial Economics, Wiley Blackwell, vol. 46(4), pages 405-432, December.
  18. Margolis, Robert M. & Kammen, Daniel M., 1999. "Evidence of under-investment in energy R&D in the United States and the impact of Federal policy," Energy Policy, Elsevier, vol. 27(10), pages 575-584, October.
  19. Jeffrey M Wooldridge, 2002. "Simple solutions to the initial conditions problem in dynamic, nonlinear panel data models with unobserved heterogeneity," CeMMAP working papers CWP18/02, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  20. Lev, Baruch & Sougiannis, Theodore, 1996. "The capitalization, amortization, and value-relevance of R&D," Journal of Accounting and Economics, Elsevier, vol. 21(1), pages 107-138, February.
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