Innovative activities and investment decision: evidence from European firms
| Autor: | Giuseppe Medda, Oliviero Antonio Carboni |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
05 social sciences
General Engineering Commercial law Tangible investment Seemingly unrelated regressions Investment (macroeconomics) Investment decisions Order (exchange) Accounting 0502 economics and business Financial crisis Tobit model Business 050207 economics Business and International Management 050203 business & management Industrial organization |
| Zdroj: | The Journal of Technology Transfer. 46:172-196 |
| ISSN: | 1573-7047 0892-9912 |
| DOI: | 10.1007/s10961-019-09765-6 |
| Popis: | This paper investigates the role of innovative activity and other micro determinants, on firms’ investment behaviour. The empirical analysis is based on a large representative and cross-country comparative sample of manufacturing firms across seven European countries during the global financial crisis 2007–2009. It is argued that innovative activities, measured either by an input variable (R&D) or by an output variable (innovative products sales), may boost additional investment in equipment and machinery. Given the significant share of firms which did not carry out any investment, a tobit procedure is adopted. Successively, in order to account for the potential simultaneity between investment decision and innovation activity variables, a seemingly unrelated regression equation methodology is applied. The results reveal that both R&D and innovative sales positively affect investment decisions, with the former having a stronger impact on investments, compared to the latter. The analysis also suggests that, after checking for a firm’s characteristics, firms in Germany and Spain are more likely to invest than those in France, Italy, and the UK. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|
Full text from SpringerLink