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on Technology and Industrial Dynamics |
| By: | Nicholas Apergis; Claire Economidou; Ioannis Filippidis |
| Abstract: | The paper explores the linkages between labor productivity, innovation and technology spillovers in a panel of manufacturing industries. The roles of R&D, human capital and international trade are considered in stimulating innovation and/or facilitating technology transfer. Using panel-based unit root tests and cointegration analysis, the results indicate the existence of a single long-run equilibrium relation between labor productivity, innovation and technology transfer. Further, R&D, trade and human capital have statistically and, especially the latter, quantitatively important effects on labor productivity both directly via innovation and indirectly as they enhance technology diffusion. |
| Keywords: | productivity, innovation, technology transfer, manufacturing industries, panel cointegration. |
| JEL: | C23 L60 O30 |
| Date: | 2008–10 |
| URL: | http://d.repec.org/n?u=RePEc:use:tkiwps:0829&r=tid |
| By: | Gautier Duflos (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole des Hautes Etudes en Sciences Sociales - Ecole Normale Supérieure de Paris - ENPC - Université Panthéon-Sorbonne - Paris I - INRA - CNRS); Etienne Pfister (BETA-Règles - Université de Nancy II) |
| Abstract: | This article analyzes the individual determinants of acquisition activity and target choices in the pharmaceutical industry over the period 1978-2002. The "innovation gap" hypothesis states that acquiring firms lack promising drug compounds and acquire firms with more promising drug prospects. A duration model implemented over a panel of more than 400 firms relates the probabilities of being an purchaser or a target to financial, R&D ant patent data to investigate this explanation more deeply. Results show that purchasers are firms with a lower Tobin's Q and decreasing sales, which could indicate that acquisitions are used to compensate for low internal growth prospects. Firms with a higher proportion of radical patents in their portfolio, especially in pharmaceutical and biothechnological patent classes, face a higher probability of being targeted, indicating that acquiring firms are indeed searching for innovative competencies. However, acquiring firms also present a significant absorptive capacity : their R&D investment increases in the year preceding the operation and their patent stock is larger and more diversified than for non-acquiring firms. Finally, we observe that over the last ten years of the sample period, firms have paid a greater attention to the size of the target's portfolio. |
| Keywords: | M&A, pharmaceutical, innovations, patent citations. |
| Date: | 2008–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00331211_v1&r=tid |
| By: | Hyeog Ug Kwon; Kyoji Fukao; YoungGak Kim |
| Date: | 2008–10 |
| URL: | http://d.repec.org/n?u=RePEc:hst:ghsdps:gd08-002&r=tid |
| By: | Ruttan, Vernon W. |
| Abstract: | A number of very careful econometric studies have been interpreted as showing that publicly funded research and development conducted by private firms has had little discernable impact on firm level profits or productivity. In contrast historical studies have shown that military and defense-related research development and procurement conducted by private firms has been an important source of technology development across a broad spectrum of U.S. manufacturing industries. Careful narrative analysis represents a more effective way of capturing the complementarities between military and defense-related research, development, and procurement on commercial technology development than econometric analysis. |
| Keywords: | Political Economy, Productivity Analysis, Research and Development/Tech Change/Emerging Technologies, |
| Date: | 2008–02–23 |
| URL: | http://d.repec.org/n?u=RePEc:ags:umaesp:7379&r=tid |
| By: | Nicholas Apergis; Claire Economidou; Ioannis Filippidis |
| Abstract: | The paper estimates an empirical model that is consistent with a variety of R&D-driven model of growth where technology is transmitted via trade to other industries, both domestically and internationally, by being embodied in differentiated intermediate goods. The evidence is based on data from 21 manufacturing industries in six EU countries for the period 1980-1997. The contribution of the paper lies in showing how by including human capital in the model and employing suitable econometric procedures, the magnitude of R&D spillovers reported in the existing literature can be affected, while pointing to a major role of human capital in economic growth process. |
| Keywords: | total factor productivity, technology spillovers, human capital, panel cointegration, manufacturing industries |
| JEL: | C23 F1 L6 O33 |
| Date: | 2008–10 |
| URL: | http://d.repec.org/n?u=RePEc:use:tkiwps:0830&r=tid |