Economic crisis and company R&amp;D in Spain: do regional and policy factors matter?

Cruz‐Castro, Laura; Holl, Adelheid; Rama, Ruth; Sanz‐Menéndez, Luis

doi:10.1080/13662716.2017.1355231

Cited by 51 publications

(48 citation statements)

References 67 publications

(72 reference statements)

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“…Our study is free from such survivorship bias by including the vast majority of corporations is Greece utilizing 3,332 firmyear observations. Finally, our empirical analysis extends that of Cruz-Castro et al (2018) by including financial data for an extended crisis period (2011-2016).…”

Section: Introductionmentioning

confidence: 75%

“…I nnovation capabilities have become a determinant factor of a country's prosperity and growth within international competition (Solow, 1957;Grossman and Helpman, 1991). R&D investments have been considered by corporations, economists, and policy-makers as a significant determinant of economic growth, since the development of the economy is closely related to the capacity of firms to innovate (Parcharidis and Varsakelis, 2010;Cruz-Castro et al, 2018;Yun et al, 2018). Yun et al (2018) argue that the ability of firms' to innovate are closely connected to their ability to value new information, assimilate new ideas, collaborate with other institutions, and commercialize those ideas (Hall, 2010(Hall, , 2011.…”

Section: Introductionmentioning

confidence: 99%

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R &D investments and profitability during the crisis: evidence from Greece

Dimitropoulos¹

2020

R & D Management

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Innovation and Research and Development (R&D) investments have been considered in the literature as a significant determinant of corporate development and sustainability. Previous studies have examined the impact of intangibles on financial performance but not extensively within economic environments of intense financial turmoil. The scope of this study is to shed further light on this issue and examine whether R&D investments had an impact on the profitability of Greek firms especially during the sovereign debt crisis. We collected a sample of Greek corporations that have capitalized their R&D investments and paid significant amounts on R&D expenses during the period 2003-2016. Panel regression results indicated that R&D investments and R&D expenses had a negative impact on the profitability of sample firms before the crisis, but during the crisis (2011-2016) firms which managed to sustain or enhance their level of R&D investments achieved to improve their profitability. These findings corroborate our hypotheses that during a period of limited lending and hearse financial turmoil, R&D investments could be a vital tool for sustaining firms' financial performance. The study offers useful implications for managers and regulators, and contributes to the ongoing debate about the impact of R&D investments on corporate performance.

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Section: Introductionmentioning

confidence: 75%

Section: Introductionmentioning

confidence: 99%

R &D investments and profitability during the crisis: evidence from Greece

Dimitropoulos¹

2020

R & D Management

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“…This regional effect is attributed to the relative strength of the Basque Regional Innovation System. Cruz Castro et al (2018) further investigate firms' probability of abandoning in-house R&D in Spain since the onset of the economic crisis and also show significant regional heterogeneity. Using a sample of Italian manufacturing firms, Antonelli et al (2013) find a significant role of the reginal context for TFP persistence.…”

Section: Local Knowledge Spillovers and Innovation Persistencementioning

confidence: 99%

Local Knowledge Spillovers and Innovation Persistence of Firms

2020

Self Cite

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract:Recent empirical evidence has shown that firm's innovation behavior exhibits high persistency but not much is known about potential contingencies affecting the degree of persistence. This paper focuses on the role of the local knowledge environment and asks how local knowledge spillovers affect firms' innovation persistence. The empirical analysis draws upon a representative panel data set of firms in Germany from 2002-2016, complemented by detailed geographic information of patent activity over discrete distances to proxy local knowledge spillovers. Based on correlated random effects probit models that control for state dependence, unobserved individual heterogeneity and endogenous initial conditions, our results corroborate former evidence that persistency in innovation is driven by true state dependence. More importantly, we find that the local patenting activity positively moderates firms´ degree of persistency in innovation behavior. This is a novel firm-level mechanism that can explain the widening of spatial disparities in innovation performance. Estimations with different distance bands show that the strength of knowledge spillovers that contribute to innovation persistence via true state dependence declines rather rapidly with increasing distance.

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“…Outras análises de enfoque micro e/ou mesoeconómico destacaron a superior resiliencia dalgúns axentes do País Vasco ante as crises, moi en particular as súas empresas. Holl, Rama e outros autores demostraron unha maior resiliencia das empresas vascas ante a última crise económica en compara-ción coa das empresas doutras rexións españolas, algo que atribúen, sobre todo, ás políticas de ciencia, tecnoloxía e innovación adoptadas e sostidas na rexión (Cruz-Castro et al, 2018;Holl e Rama, 2016 Tamén para a última crise económica, pero nun traballo centrado nas empresas vascas, González--Bravo, López e Valdaliso (2018) comprobaron a existencia dunha relación directa entre pertenza a unha asociación clúster e unha maior resiliencia. Outros traballos demostraron unha superior resiliencia de clústeres (Elola, Parrilli e Rabelloti, 2013; Valdaliso, Elola e Franco, 2016) e sectores particulares (Valdaliso, 2018) localizados no País Vasco.…”

Section: Contexto E Metodoloxíaunclassified

El papel de las políticas públicas en la resiliencia regional: un análisis exploratorio del caso del País Vasco

Valdaliso

2019

RGE

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A resiliencia rexional, entendida como a capacidade das rexións para resistir, adaptarse e crear novas traxectorias na rexión a raíz dunha crise económica ou doutros factores externos, é un dos temas que se explorou amplamente nos últimos anos na literatura de xeografía económica. Os últimos avances na materia outórganlle ao fenómeno da resiliencia un carácter multidimensional e exploran o papel das institucións e das persoas como factores clave do concepto. As políticas públicas, como parte da armazón institucional das rexións, condicionan e modifican esta capacidade de cambio. O artigo céntrase, precisamente, en explorar a relación entre as políticas de innovación e a resiliencia rexional. Para iso, analízase desde unha perspectiva histórica o caso do País Vasco, unha antiga rexión industrial, que foi capaz de resistir, de recuperarse e renovarse despois de diferentes crises económicas.

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Economic crisis and company R&D in Spain: do regional and policy factors matter?

Cited by 51 publications

References 67 publications

R &D investments and profitability during the crisis: evidence from Greece

R &D investments and profitability during the crisis: evidence from Greece

Local Knowledge Spillovers and Innovation Persistence of Firms

El papel de las políticas públicas en la resiliencia regional: un análisis exploratorio del caso del País Vasco

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