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Uses COMPUSTAT data 1984 to 2004 to analyze relationship between firm performance and R&D/innovative activity. Variables:
*Argues for increasing returns to scale in R&D spending. *Also claims patents are negatively related to growth in this sample. *Controls for year and industry (but two digit SIC code)*Does not control for firm size, since it is correlated with R&D spending).
→Artz et al 2010
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Analyzes relationship between firm performance and R&D/innovative activity.
*Argues for increasing returns to scale in R&D spending.
*Also claims patents are negatively related to growth in this sample.
Data:
*272 firms for 19 one-year periods
*COMPUSTAT 1984 to 2004, NBER Patent Citation Data Files (2001), Patents BIB, new product announcements from Factivia (cross-checked with F&S Predicast)
*Measures innovative activity with patents and new product announcements.
*Measures firm performance with after tax ROA, sales growth 3-year moving average.
====Axelson 2013====
