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Three essays on research & developme...

Aksoy, Zeynep Elif.

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Three essays on research & development, patent rights, and licensing: Evidence from international firm-level data.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three essays on research & development, patent rights, and licensing: Evidence from international firm-level data./
作者:	Aksoy, Zeynep Elif.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
面頁冊數:	158 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10262324
ISBN:	9781369720877

Three essays on research & development, patent rights, and licensing: Evidence from international firm-level data.
Aksoy, Zeynep Elif.

Three essays on research & development, patent rights, and licensing: Evidence from international firm-level data. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 158 p.

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (Ph.D.)--American University, 2017.

This study focus on ways to spur innovation by increasing the level and productivity of Research and Development (R&D) investments. The study starts by examining the effects of business cycles and credit constraints on firm-level R&D investment behavior. Using the Hodrick and Prescott (1997) filter, it looks at the relationship between R&D expenditure and business cycles controlling for the cyclical and trend components of Gross Domestic Product (GDP) separately. The study further uses the Altman (1968) Z-probability of bankruptcy as a proxy for financial constraints. The results show that firm-level R&D expenditure is procyclical and that there are differences across countries. Although R&D expenditure is procyclical in all countries, R&D expenditure in developing countries depends on both the cyclical and trend components of GDP, while R&D expenditure in developed countries depends only on the trend component of GDP. Moreover, credit constraints are binding only in developing countries.

ISBN: 9781369720877Subjects--Topical Terms:

517137
Economics.

Three essays on research & development, patent rights, and licensing: Evidence from international firm-level data.
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500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
500 $a Adviser: Walter G. Park.
502 $a Thesis (Ph.D.)--American University, 2017.
520 $a This study focus on ways to spur innovation by increasing the level and productivity of Research and Development (R&D) investments. The study starts by examining the effects of business cycles and credit constraints on firm-level R&D investment behavior. Using the Hodrick and Prescott (1997) filter, it looks at the relationship between R&D expenditure and business cycles controlling for the cyclical and trend components of Gross Domestic Product (GDP) separately. The study further uses the Altman (1968) Z-probability of bankruptcy as a proxy for financial constraints. The results show that firm-level R&D expenditure is procyclical and that there are differences across countries. Although R&D expenditure is procyclical in all countries, R&D expenditure in developing countries depends on both the cyclical and trend components of GDP, while R&D expenditure in developed countries depends only on the trend component of GDP. Moreover, credit constraints are binding only in developing countries.
520 $a Increasing spending on R&D over business cycles alone is not sufficient; R&D-intensive firms must use capital efficiently. Therefore, this study also looks at the efficiency of capital allocation among R&D-intensive firms. First, the study calculates the dispersion (using Gini coefficient and Theil Index) in Tobin's q among R&D-intensive firms and non-R&D-intensive firms separately to measure capital allocation efficiency for each group. Second, it investigates the cyclical properties of capital allocation efficiency among R&D-intensive firms compared to that among non-R&D-intensive firms. The results show that the dispersion in Tobin's q for R&D-intensive firms is higher than the dispersion in Tobin's q for non-R&D-intensive firms, which means that capital allocation is less efficient among R&D-intensive firms. The results further show that the efficiency of capital allocation is countercyclical for both R&D-intensive firms and non-R&D-intensive firms. In other words, a positive GDP shock deteriorates the efficiency of capital allocation, and a negative GDP shock improves the efficiency of capital allocation, among both R&D-intensive firms and non-R&D-intensive firms. Moreover, although changes in private credit supply do not significantly affect capital allocation efficiency among non-R&D-intensive firms, a positive credit supply shock improves the efficiency of capital allocation among R&D-intensive firms.
520 $a Patent rights are also important to encourage firms to invest in R&D and spur innovation. Therefore, this study lastly focuses on ways to increase firm-level R&D expenditure by implementing appropriate patent protection regimes which may depend on characteristics of an industry. Specifically, the study investigates how the strength of a patent protection regime impacts R&D expenditure in industries with different levels of licensing. The results show that the impact of strengthening patent protection on R&D expenditure depends on firms' licensing environment and that the increase in R&D in response to a stronger patent protection regime is smaller in "complex" industries, where licensing is widespread, than in industries where licensing is not used as often to access innovations.
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