|
on Innovation |
| By: | Erika Raquel Badillo (Faculty of Economics, University of Barcelona); Rosina Moreno (Faculty of Economics, University of Barcelona) |
| Abstract: | This paper aims to estimate the impact of research collaboration with partners in different geographical areas on innovative performance. By using the Spanish Technological Innovation Panel, this study provides evidence that the benefits of research collaboration differ across different dimensions of the geography. We find that the impact of extra-European cooperation on innovation performance is larger than that of national and European cooperation, indicating that firms tend to benefit more from interaction with international partners as a way to access new technologies or specialized and novel knowledge that they are unable to find locally. We also find evidence of the positive role played by absorptive capacity, concluding that it implies a higher premium on the innovation returns to cooperation in the international case and mainly in the European one. |
| Keywords: | Innovation cooperation; Technological partners; Geographical location; Performance; Absorptive Capacity; Spanish firms JEL classification: L25; O31; O33; R1 |
| Date: | 2014–11 |
| URL: | http://d.repec.org/n?u=RePEc:ira:wpaper:201428&r=ino |
| By: | Luisa Gagliardi; Giovanni Marin; Caterina Miriello |
| Abstract: | This paper investigates the link between environment related innovation and job creation at firm level. Employing Italian data on 4,507 manufacturing firms, matched with patent records for the period 2001-2008, we test whether “green” innovation, measured using the number of environment related patents, has a positive effect on long run employment growth that is specific with respect to non environmental innovation. Results show a strong positive impact of “green” innovation on long run job creation, substantially bigger than the effect of other innovations. Our findings are robust to a number of additional tests including controls for cost differential between generic and “green” innovation and endogeneity. |
| Keywords: | Technological Change, Eco-Innovation, Employment |
| JEL: | O33 Q55 J21 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:bcu:iefewp:iefewp60&r=ino |
| By: | Francesco Bogliacino (Fundación Universitaria Konrad Lorenz, Bogotá - Universidad Nacional de Colombia, Bogotá); Mariacristina Piva (DISCE, Università Cattolica; DISCE, Università Cattolica) |
| Abstract: | After discussing theory regarding the consequences of technological change on employment, our aim is to test the possible job creation effect of business R&D expenditures, using a unique longitudinal database covering 677 European firms (1990-2008). The main outcome from the dynamic LSDVC (Least Squared Dummy Variable Corrected) estimate is the labour-friendly nature of companies’ R&D, the coefficient of which turns out to be statistically significant. However, the positive impact of R&D on employment is only detectable in services and high-tech manufacturing. This is something that should be borne in mind by European policy makers having employment as one of their aims. |
| Keywords: | Innovation, Employment, Manufacturing, Services, LSDVC |
| JEL: | O33 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:ctc:serie5:ispe0069&r=ino |
| By: | Oscar Mauricio Valencia |
| Abstract: | This paper examines an endogenous growth model with occupational choice in which innovators produce ideas. Each innovator has private knowledge of their production costs. Developers offer innovators non-linear contract schemes that affect the number of active innovators and the economic growth rate. Two main results are obtained. First, the equilibrium contract under asymmetric information leads to the selection of highly-talented workers in R&D activities and higher profits for developers. Second, the efficiency-rent extraction tradeoff lowers the economic growth rate with respect to the full information case. |
| Keywords: | Adverse Selection, Innovation, Endogenous Growth. |
| JEL: | D82 |
| Date: | 2014–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000094:012169&r=ino |
| By: | Agiakloglou, Christos; Drivas, Kyriakos; Karamanis, Dimitris |
| Abstract: | This paper examines the commercialization propensities of individual inventors' patents. Exploiting a peculiarity of the US patent system, concerning patent renewal fees in order to obtain small or large entity status, we are able to distinguish patents that become part of a large corporation's patent portfolio. Using an extensive dataset of US patents, both for domestic and foreign individual inventors, we find that patent characteristics, size of research teams, prior experience and past corporate patenting activity are positively associated with increased likelihood of transferring patent rights to large corporations. |
| Keywords: | individual inventor, patents, market transactions, patent renewals, large entity status |
| JEL: | O31 O32 |
| Date: | 2014–09–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:58838&r=ino |
| By: | Yael V. Hochberg; Carlos J. Serrano; Rosemarie H. Ziedonis |
| Abstract: | The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent market is too illiquid to shape debt financing, we find that intensified patent trading increases the annual rate of startup lending, particularly for startups with more redeployable (less firm-specific) patent assets. Exploiting differences in venture capital (VC) fundraising cycles and a negative capital-supply shock in early 2000, we also find that the credibility of VC commitments to refinance and grow fledgling companies is vital for such lending. Our study illuminates friction-reducing mechanisms in the market for venture lending, a surprisingly active but opaque arena for innovation financing, and tests central tenets of contract theory. |
| Keywords: | entrepreneurial finance, financial intermediation, market for patents, venture capital, venture lending |
| JEL: | L14 L26 G24 O16 O3 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:792&r=ino |
| By: | ITO Asei; Zhuoran LI; Min WANG |
| Abstract: | Since the Chinese government's rapid increase in expenditure on science and technology (S&T) during the 2000s, numerous related policies have been implemented by national-, provincial-, city-, and prefecture-level governments in China. Each level of government aims to promote innovation activities; however, few empirical evaluations have been conducted on each policy level and category. This paper estimates the treatment effects of innovation policies at each government level and category by using firm-level survey data from the inland city of Chengdu. Results suggest that S&T policies stimulate effective firm-level innovation activities; in particular, city-level policies and various government services. On the other hand, some policy categories, including tax incentives, seem to be inefficient. Restructuring the current policy menu and establishing further feedback mechanisms for S&T policy will improve the efficacy of such spending. |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:14056&r=ino |
| By: | Yael V. Hochberg; Carlos J. Serrano; Rosemarie H. Ziedonis |
| Abstract: | The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent market is too illiquid to shape debt financing, we find that intensified patent trading increases the annual rate of startup lending, particularly for startups with more redeployable (less firm-specific) patent assets. Exploiting differences in venture capital (VC) fundraising cycles and a negative capital-supply shock in early 2000, we also find that the credibility of VC commitments to refinance and grow fledgling companies is vital for such lending. Our study illuminates friction-reducing mechanisms in the market for venture lending, a surprisingly active but opaque arena for innovation financing, and tests central tenets of contract theory. |
| Keywords: | Entrepreneurial Finance, Financial Intermediation, Market for Patents, Venture Capital, Venture Lending |
| JEL: | L14 L26 G24 O16 O3 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1448&r=ino |
| By: | Pajarinen, Mika; Rouvinen, Petri |
| Abstract: | We summarize and compare previous studies considering the impact of R&D subsidies on firm-level labor productivity. These studies conclude quite consistently that the subsidies provided by Tekes do not have statistically significant impact on its client firms’ labor productivity. These studies go astray from the outset, however, as they neither measure what Tekes is set out to do nor correspond to its stated missions. Furthermore, serious methodological issues remain unaddressed both by these studies and by the literature at large. Our findings call for extensive effort in developing a more appropriate tool box for evaluating the impacts of innovation policy. |
| Keywords: | Tekes, t&k-tuet, tuottavuus, vaikuttavuus |
| JEL: | L52 L53 O25 |
| Date: | 2014–10–23 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:35&r=ino |
| By: | Iain Cockburn; Jean O. Lanjouw; Mark Schankerman |
| Abstract: | This paper studies how patent rights and price regulation affect how fast new drugs are launched in different countries, using newly constructed data on launches of 642 new drugs in 76 countries for the period 1983-2002, and information on the duration and content of patent and price control regimes. Price regulation strongly delays launch, while longer and more extensive patent protection accelerates it. Health policy institutions, and economic and demographic factors that make markets more profitable, also speed up diffusion. The effects are robust to using instruments to control for endogeneity of policy regimes. The results point to an important role for patents and other policy choices in driving the diffusion of new innovations. This project was initiated by Jean (Jenny) Lanjouw. Tragically, Jenny died in late 2005, but had asked us to complete the project. This took much longer than expected because it involved complete reconstruction of the data set and empirical work. It is essentially a new paper in its current form, but it remains an important part of Jenny's legacy and a topic to which she devoted much of her intellectual and policy efforts. We hope she would be satisfied with our work which, for us, was a labor of love. |
| Keywords: | Patents, pharmaceuticals, diffusion, drug launches, price regulation |
| JEL: | O31 O33 O34 O38 I15 I18 K19 L65 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1298&r=ino |