The impact of patent protection and financial development on industrial R&D
| Autor: | Sahar Milani, Keith E. Maskus, Rebecca Neumann |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
business.industry
Strategy and Management 05 social sciences Equity (finance) Financial system Oecd countries Foreign direct investment Management Science and Operations Research Financial development 050905 science studies Management of Technology and Innovation Manufacturing 0502 economics and business Bond market External financing 0509 other social sciences business Patent system 050203 business & management |
| Zdroj: | Research Policy. 48:355-370 |
| ISSN: | 0048-7333 |
| DOI: | 10.1016/j.respol.2018.09.005 |
| Popis: | Stronger protection of patent rights is thought to spur innovation through securing returns to R&D investments. Those investments must be financed, however, suggesting that the responsiveness of R&D to patent reforms varies with financial development levels. We examine the joint impact of domestic and international financial-market development and patent protection on R&D intensities in 22 manufacturing industries in 20 OECD countries for the period 1990-2009. We show that stronger patent rights increase R&D intensities in patent-intensive industries, accounting for the need for external financing and the amount of tangible assets. The primary impact varies across types of financial development: patent protection raises R&D in high-patent industries where countries have more limited equity and credit markets. In contrast, in countries with more developed bond markets industry R&D is more sensitive to patent rights. Interestingly, patent rights in countries that are more exposed to foreign direct investment increase R&D intensities at all levels of financial development. |
| Databáze: | OpenAIRE |
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