Research, development, and firm growth. Empirical evidence from European top R&D spending firms |
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| Authors: | Juan V García-ManjónM Elena Romero-Merino |
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| Institution: | a European University Miguel de Cervantes, C/Padre Julio Chevalier, 2, 47012 Valladolid, Spain
b University of Burgos, Facultad de Ciencias Económicas y Empresariales, C/Parralillos, s/n, 09001 Burgos, Spain |
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| Abstract: | Following recent literature, we present a model of endogenous firm growth with R&D investment as one of the main mechanisms of growth. Our study evidences a positive effect of R&D intensity on the sales growth by using OLS, quantile regressions, and GMM system estimators for a sample of 754 European firms for the 2003-2007 period. We also find this association is more intense in high-growth firms and is especially significant when referring to high-technology sectors. This paper gives empirical support to those recommendations from policy makers and business leaders for maintaining the R&D expenditures especially in high-technology sectors even when facing a recession. |
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| Keywords: | R& D Firm growth Innovation Generalized method of moments Quantile regression |
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