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- W2891947095 abstract "This article investigates how a firm's financial strength affcts its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its credit rating, which is shown to lead to substantial differences in estimates of the costs and expected long-run benefits from R&D investment. Financially strong firms have a higher probability of generating innovations from their R&D investment, and the innovations have a larger impact on productivity and profits. Averaging across all firms, the long run benefit of investing in R&D equals 6.6 percent of firm value. It ranges from 11.6 percent for firms in a strong financial position to 2.3 percent for firms in a weaker financial position." @default.
- W2891947095 created "2018-09-27" @default.
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- W2891947095 date "2016-02-01" @default.
- W2891947095 modified "2023-09-27" @default.
- W2891947095 title "Dynamic R&D Choice and the Impact of the Firm's Financial Strength" @default.
- W2891947095 doi "https://doi.org/10.3386/w22035" @default.
- W2891947095 hasPublicationYear "2016" @default.
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