Legal Constraints or Aggregate Individual Characteristics? Examining Factors of State R&D Intensity and Spending in the United States
Koomin Kim
Abstract:This study empirically examines the impacts of legal constraints and aggregate individual characteristics on the funding and expenditure related to states' research and development (R&D). A system generalized method of moments (GMM) analysis is performed over a 20‐year period (2000–2019). The budgetary institutions, including rainy‐day funds, TELs, and debt limitations, significantly affect states' overall innovative capacity and R&D spending. They can hinder improvements in states' innovative capacity… Show more
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