Bettina Peters
ZEW, Industrial Economics, Department Member
This paper investigates the employment effects of innovation over the business cycle with a large data set of manufacturing firms from 26 European countries from 1998 to 2014. The paper reveals four important findings: First, the net... more
This paper investigates the employment effects of innovation over the business cycle with a large data set of manufacturing firms from 26 European countries from 1998 to 2014. The paper reveals four important findings: First, the net employment effect of product innovation is pro-cyclical and positive except in recessions. Second, product innovators are more resilient in recessions than non-product innovators because they are able to substitute demand losses in old products with new products. As a result, the net employment losses of product innovators are significantly lower in recessions than those of non-product innovators. Third, we find resilience only among small and medium-sized enterprises (SMEs), but not among large firms. Fourth, process and organizational innovations displace labor primarily during upturn and downturn periods.
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Die Corona-Pandemie droht die Unternehmenslandschaft zu verändern. Manche Unternehmen dürften die Krise nicht überstehen, angeschlagene Unternehmen sind gute Übernahmekandidaten. Was folgt, ist eine Zunahme der Marktkonzentration... more
Die Corona-Pandemie droht die Unternehmenslandschaft zu verändern. Manche Unternehmen dürften die Krise nicht überstehen, angeschlagene Unternehmen sind gute Übernahmekandidaten. Was folgt, ist eine Zunahme der Marktkonzentration zugunsten einiger Großkonzerne. Das wird Folgen für den Innovationsstandort Deutschland haben. Denn je schwächer der Wettbewerb, desto weniger investieren die Unternehmen in Innovationsaktivitäten, so ein Kernergebnis unserer Studie.
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Das ZEW erhebt seit 1993 jährlich Daten zum Innovationsverhalten der deutschen Wirtschaft. Die Innovationserhebung deckt die Bereiche Bergbau, verarbeitendes Gewerbe, Energie, Baugewerbe, unternehmensnahe Dienstleistungen und distributive... more
Das ZEW erhebt seit 1993 jährlich Daten zum Innovationsverhalten der deutschen Wirtschaft. Die Innovationserhebung deckt die Bereiche Bergbau, verarbeitendes Gewerbe, Energie, Baugewerbe, unternehmensnahe Dienstleistungen und distributive Dienstleistungen ab. Sie ist für Deutschland repräsentativ und ermöglicht Hochrechnung für die deutsche Wirtschaft insgesamt sowie für einzelne Branchengruppen. Es wird im Auftrag des BMBF und in Kooperation mit infas und dem Fraunhofer-ISI durchgeführt. Das MIP ist gleichzeitig der deutsche Beitrag zu den Community Innovation Surveys (CIS) der Europäischen Kommission. Die jährliche Innovationserhebung ist als Panelbefragung konzipiert. Dabei werden jedes Jahr dieselben Unternehmen einbezogen. Die Repräsentativität der Stichprobe wird dadurch sichergestellt, dass sie um Unternehmensschließungen bzw. -zusammenschlüsse bereinigt wird und alle zwei Jahre neugegründete Unternehmen in die Stichprobe aufgenommen werden. Das Mannheimer Innovationspanel (M...
Das ZEW erhebt seit 1993 jahrlich Daten zum Innovationsverhalten der deutschen Wirtschaft. Die Innovationserhebung deckt die Bereiche Bergbau, verarbeitendes Gewerbe, Energie, Baugewerbe, unternehmensnahe Dienstleistungen und distributive... more
Das ZEW erhebt seit 1993 jahrlich Daten zum Innovationsverhalten der deutschen Wirtschaft. Die Innovationserhebung deckt die Bereiche Bergbau, verarbeitendes Gewerbe, Energie, Baugewerbe, unternehmensnahe Dienstleistungen und distributive Dienstleistungen ab. Sie ist fur Deutschland reprasentativ und ermoglicht Hochrechnung fur die deutsche Wirtschaft insgesamt sowie fur einzelne Branchengruppen. Es wird im Auftrag des BMBF und in Kooperation mit infas und dem Fraunhofer-ISI durchgefuhrt. Das MIP ist gleichzeitig der deutsche Beitrag zu den Community Innovation Surveys (CIS) der Europaischen Kommission.
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This article investigates how a firm's financial strength affects 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... more
This article investigates how a firm's financial strength affects 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.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional char...
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We model a two-stage R&D project with an abandonment option. Two types of uncertainty influence the decision to start R&D. Demand uncertainty is modelled as a lottery between a proportional increase and decrease in demand. Technical... more
We model a two-stage R&D project with an abandonment option. Two types of uncertainty influence the decision to start R&D. Demand uncertainty is modelled as a lottery between a proportional increase and decrease in demand. Technical uncertainty is modelled as a lottery between a decrease and increase in the cost to continue R&D. Both lotteries become more divergent when the difference between the outcomes of the lottery increases. A potential entrant is endowed with a superior technology and threatens to drive the incumbent out of the market. The incumbent has a time lead over the entrant and can obtain the same superior technology by completing the R&D project before the entrant can enter the market. We derive under which lottery probabilities more divergent demand and supply lotteries positively or negatively affect the decision to start R&D. We test the derived hypotheses using a unique dataset containing proxies for demand and technical uncertainty as well as perceived entry thr...
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Die Masnahmen zur Verlangsamung der Verbreitung des Covid-19-Erregers haben die Weltwirtschaft in weiten Teilen zum Erliegen gebracht. Dies wird in Deutschland sowie in vielen anderen Landern zu einer tiefen Rezession im Jahr 2020 fuhren.... more
Die Masnahmen zur Verlangsamung der Verbreitung des Covid-19-Erregers haben die Weltwirtschaft in weiten Teilen zum Erliegen gebracht. Dies wird in Deutschland sowie in vielen anderen Landern zu einer tiefen Rezession im Jahr 2020 fuhren. Der konjunkturelle Einbruch wird auch die Bereitschaft der Unternehmen beeinflussen, in Forschung und Entwicklung (F&E) und damit in langfristige Zukunftsinvestitionen zu investieren und neue Produkte und Dienstleistungen am Markt einzufuhren. Dieser Policy Brief fasst Erfahrungen aus vergangenen Rezessionen zusammen und fragt, was wir daraus fur die aktuelle Corona-Krise lernen konnen. Er weist aber auch auf Besonderheiten im Zuge der Corona-Krise hin und gibt Handlungsempfehlungen fur die Innovationspolitik.
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We model a two-stage R&D project with an abandonment option. Two types of uncertainty influence the decision to start R&D. Demand uncertainty is modelled as a lottery between a proportional increase and decrease in demand. Technical... more
We model a two-stage R&D project with an abandonment option. Two types of uncertainty influence the decision to start R&D. Demand uncertainty is modelled as a lottery between a proportional increase and decrease in demand. Technical uncertainty is modelled as a lottery between a decrease and increase in the cost to continue R&D. Both lotteries become more divergent when the difference between the outcomes of the lottery increases. A potential entrant is endowed with a superior technology and threatens to drive the incumbent out of the market. The incumbent has a time lead over the entrant and can obtain the same superior technology by completing the R&D project before the entrant can enter the market. We derive under which lottery probabilities more divergent demand and supply lotteries positively or negatively affect the decision to start R&D. We test the derived hypotheses using a unique dataset containing proxies for demand and technical uncertainty as well as perceived entry thr...
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This paper investigates the effect of technological and non-technological innovation on employment growth in European service firms. Our analysis is based i) on crosssectional CIS data from 20 European countries for the period 2006-2008... more
This paper investigates the effect of technological and non-technological innovation on employment growth in European service firms. Our analysis is based i) on crosssectional CIS data from 20 European countries for the period 2006-2008 and ii) on panel data for different service sector groups and industries for the period 1998-2008. Using the employment model proposed by Harrison et al. (2008), we find that product innovation significantly stimulates employment in services. Main differences in the contribution of product innovation to employment growth across countries or industries are a result of differences in the average innovation engagement and innovation success across countries or industries but not of differences in the transformation of a given level of innovation success to employment growth. There is furthermore only weak evidence of employment effects of process innovation and mixed results for organizational innovation in European service firms. For most of the countr...
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A growing literature investigates how firms’ R&D and innovation behaviour react to changes in the business cycle. However, so far it has not been analysed to what extent performance effects of innovation in general and employment effects... more
A growing literature investigates how firms’ R&D and innovation behaviour react to changes in the business cycle. However, so far it has not been analysed to what extent performance effects of innovation in general and employment effects in particular vary over the business cycle. This paper fills this gap by studying how the ability of firms to transform innovation into employment growth changes over the business cycle. The empirical analysis is based on the model of Harrison et al. (2008, 2014) and employs observations for about 234.000 manufacturing firms from 26 European countries over the period 1998-2010. The empirical evidence reveals that product innovations induce similar gross employment growth in all phases of the business cycle. The effect of product innovation on net employment growth is positive except in recessions when gains from new products cannot fully compensate losses in old products. However, net employment losses are far lower than for non-product innovators. ...
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Firm Growth, Innovation and the Business Cycle Background Report for the 2014 Competitiveness Report
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Includes program code for data preparation, regressions and descriptive statistics
Das ZEW erhebt seit 1993 jährlich Daten zum Innovationsverhalten der deutschen Wirtschaft. Die Innovationserhebung deckt die Bereiche Bergbau, verarbeitendes Gewerbe, Energie, Baugewerbe, unternehmensnahe Dienstleistungen und distributive... more
Das ZEW erhebt seit 1993 jährlich Daten zum Innovationsverhalten der deutschen Wirtschaft. Die Innovationserhebung deckt die Bereiche Bergbau, verarbeitendes Gewerbe, Energie, Baugewerbe, unternehmensnahe Dienstleistungen und distributive Dienstleistungen ab. Sie ist für Deutschland repräsentativ und ermöglicht Hochrechnung für die deutsche Wirtschaft insgesamt sowie für einzelne Branchengruppen. Es wird im Auftrag des BMBF und in Kooperation mit infas und dem Fraunhofer-ISI durchgeführt. Das MIP ist gleichzeitig der deutsche Beitrag zu den Community Innovation Surveys (CIS) der Europäischen Kommission. Die jährliche Innovationserhebung ist als Panelbefragung konzipiert. Dabei werden jedes Jahr dieselben Unternehmen einbezogen. Die Repräsentativität der Stichprobe wird dadurch sichergestellt, dass sie um Unternehmensschließungen bzw. -zusammenschlüsse bereinigt wird und alle zwei Jahre neugegründete Unternehmen in die Stichprobe aufgenommen werden. Das Mannheimer Innovationspanel (M...
Tybout, and Hongsong Zhang for helpful comments and discussions. We thank the Center for European Economic Research (ZEW) for providing data access and research support. The views expressed herein are those of the authors and do not... more
Tybout, and Hongsong Zhang for helpful comments and discussions. We thank the Center for European Economic Research (ZEW) for providing data access and research support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.
Die Dis cus si on Pape rs die nen einer mög lichst schnel len Ver brei tung von neue ren For schungs arbei ten des ZEW. Die Bei trä ge lie gen in allei ni ger Ver ant wor tung der Auto ren und stel len nicht not wen di ger wei se die Mei... more
Die Dis cus si on Pape rs die nen einer mög lichst schnel len Ver brei tung von neue ren For schungs arbei ten des ZEW. Die Bei trä ge lie gen in allei ni ger Ver ant wor tung der Auto ren und stel len nicht not wen di ger wei se die Mei nung des ZEW dar. Dis cus si on Papers are inten ded to make results of ZEW research prompt ly avai la ble to other eco no mists in order to encou ra ge dis cus si on and sug gesti ons for revi si ons. The aut hors are sole ly respon si ble for the con tents which do not neces sa ri ly repre sent the opi ni on of the ZEW. Download this ZEW Discussion Paper from our ftp server:
This paper studies the impact of process and product innovations introduced by firms on their employment growth. A model that relates employment growth to process innovations and to the growth of sales due to innovative and unchanged... more
This paper studies the impact of process and product innovations introduced by firms on their employment growth. A model that relates employment growth to process innovations and to the growth of sales due to innovative and unchanged products is derived and estimated using a unique source of comparable firm-level data from France, Germany, Spain and the UK. Results for manufacturing show that, although process innovation tends to displace employment, compensation effects are prevalent, and product innovation is associated with employment growth. In the service sector there is less evidence of displacement effects, and growth in sales of new products accounts for a non-negligible proportion of employment growth. Overall the results are similar across countries, with some interesting exceptions. * This paper is part of European research project Innovation and Employment in European Firms: Microe-conometric Evidence (IEEF). The authors thank the respective statistical offices for acces...
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at the seminars where preliminary versions of the paper have been discussed. This research has benefited
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Die ZBW räumt Ihnen als Nutzerin/Nutzer das unentgeltliche, räumlich unbeschränkte und zeitlich auf die Dauer des Schutzrechts beschränkte einfache Recht ein, das ausgewählte Werk im Rahmen der unter
Vielfach konnen sich forschende Unternehmen nicht samtliche Ertrage aus ihrer eigenen FuE-Tatigkeit aneignen, sondern von den Ergebnissen ihrer Innovationstatigkeit profitieren auch andere Unternehmen. Da Wissen den Charakter eines... more
Vielfach konnen sich forschende Unternehmen nicht samtliche Ertrage aus ihrer eigenen FuE-Tatigkeit aneignen, sondern von den Ergebnissen ihrer Innovationstatigkeit profitieren auch andere Unternehmen. Da Wissen den Charakter eines offentlichen Gutes hat, konnen sich Dritte das Wissen unentgeltlich zu Nutze machen und fur Imitation oder Weiterentwicklungen eigener neuer Produkte und Prozesse verwenden. Dieses unentgeltliche Transferieren von Wissen bezeichnet man auch als Wissensspillover. Die Existenz solcher Wissensspillovereffekte fuhrt dazu, dass neben den direkten Ertrage, die beim forschenden Unternehmen anfallen (private Ertrage), es daruber hinausgehende indirekte Effekte (soziale Zusatzertrage) gibt. Die Summe aus beiden Ertragen wird als soziale Ertragsrate aus FuE-Tatigkeit bezeichnet. Konnen sich Unternehmen nicht samtliche Ertrage ihrer Forschungstatigkeit aneignen, dann investieren sie weniger in FuE als es aus gesamtwirtschaftlicher Sicht wunschenswert ware. Daraus re...
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This paper estimates a dynamic structural model of discrete R&D investment and quanti
es its cost and long-run bene
t for German manufacturing
rms. The dynamic model incorporates linkages between the
rms R&D choice, product and process... more
This paper estimates a dynamic structural model of discrete R&D investment and quanti
es its cost and long-run bene
t for German manufacturing
rms. The dynamic model incorporates linkages between the
rms R&D choice, product and process innovations, and future productivity and pro
ts. The long-run payo¤ to R&D is measured as the proportional di¤erence in expected
rm value generated by the R&D investment. It increases
rm value by 6.7 percent for the median
rm in high-tech manufacturing industries but only 2.8 percent in low-tech industries. Simulations show that reductions in maintence costs of innovation signi
cantly raise investment rates and productivity while reductions in startup costs have little e¤ect. We are grateful to Uli Doraszelski, Jordi Jaumandreu, Ken Judd, Florin Maican, Jacques Mairesse, Matilda Orth, Joris Pinkse, Marc Rysman, Spiro Stefanou, Jim Tybout, Daniel Xu, Hongsong Zhang and three referees for helpful comments and discussions. We thank the Center for E...
This paper investigates whether innovation behaviour exhibits persis- tence at the flrm-level using a long innovation panel data set of German manufactur- ing and service flrms for the period 1994-2002. We flnd that innovation behaviour... more
This paper investigates whether innovation behaviour exhibits persis- tence at the flrm-level using a long innovation panel data set of German manufactur- ing and service flrms for the period 1994-2002. We flnd that innovation behaviour is permanent at the flrm-level to a very large extent. Using a dynamic random efiects discrete choice model and the estimator recently proposed by Wooldrigde (2005), we further shed some light on the driving forces for this phenomenon. The econometric results conflrm the hypothesis of true state dependence for manufacturing as well as for service sector flrms. In addition, unobserved individual heterogeneity as well as some observed flrm characteristics have also found to be important factors in explaining innovation.
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This paper studies the impact of environmental innovation on employment growth using firmlevel data for 16 European countries and the period 2006-2008. It extends the model by Harrison et al (2008) in order to distinguish between... more
This paper studies the impact of environmental innovation on employment growth using firmlevel data for 16 European countries and the period 2006-2008. It extends the model by Harrison et al (2008) in order to distinguish between employment effects of environmental and non-environmental product as well as process innovation. By looking at country and sector level differences, it also generates new insights into the heterogeneity of the environmental innovation-employment growth link along different dimensions. The results demonstrate that both environmental and non-environmental product innovations are conducive to employment growth in European firms. We estimate a gross employment effect of product innovation for both types of product innovators that is very similar in nearly all countries and sectors. That is, in most cases a one-percent increase in the sales due to new products for environmental product innovators also increases gross employment by one percent. This implies that ...
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In evaluating the effectiveness of R&D subsidies, the literature so far has completely neglected the possibility of misappropriation of public funds. This paper contributes to the literature by evaluating the causal effect of R&D... more
In evaluating the effectiveness of R&D subsidies, the literature so far has completely neglected the possibility of misappropriation of public funds. This paper contributes to the literature by evaluating the causal effect of R&D subsidies on R&D expenditures when monitoring is weak and misappropriation takes place due to moral hazard behavior. Our analysis is based on Chinese firm-level data for the period 2001-2011. Misappropriation is a major concern as we calculate that 42% of grantees misused R&D subsidies, corresponding to 53% of the total amount of R&D subsidies. In a setting with one-sided noncompliance to funding contract rules, we differentiate between the intention-to-treat (ITT) effect and the complier average causal effect (CACE). The ITT shows how effective the R&D policy was in practice when misappropriation exists. The CACE, in contrast, depicts how effective the policy could have been without misappropriation and thus is a measure for the efficacy of the R&D subsidy...
In der aktuellen politischen Diskussion um die Einfuhrung einer steuerlichen Forschungsforderung stellt sich die Frage, wie die Bundesregierung ein solches Instrument ausgestalten sollte, da es zahlreiche Stellschrauben gibt, die die... more
In der aktuellen politischen Diskussion um die Einfuhrung einer steuerlichen Forschungsforderung stellt sich die Frage, wie die Bundesregierung ein solches Instrument ausgestalten sollte, da es zahlreiche Stellschrauben gibt, die die Wirksamkeit, aber auch die Kosten dieses Instruments bestimmen. Neben der Hohe des Fordersatzes und der Definition der Art und des Umfangs der forderfahigen FuE‐Aufwendungen, spielt die Frage der anspruchsberechtigten Unternehmen eine grose Rolle. Derzeit gehen die politischen Uberlegungen der Bundesregierung vor allem dahin, die steuerliche Forschungsforderung als Instrument fur kleine und mittlere Unternehmen (KMU) einzusetzen. Motiviert wird dies insbesondere mit der zunehmenden Innovationsschere zwischen KMU und Grosunternehmen. Das Ziel dieser Kurzstudie war es, herauszuarbeiten, welche Argumente fur oder gegen eine Begrenzung der Zielgruppe der anspruchsberechtigten Unternehmen sprechen und ob gegebenenfalls die Verwendung der KMU‐Definition gemas...
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A growing number of studies have recently analysed the entire link between innovation input, innovation output and productivity (CDM model), thereby trying to shed some light into the ”black box” of the innovation process at the firm... more
A growing number of studies have recently analysed the entire link between innovation input, innovation output and productivity (CDM model), thereby trying to shed some light into the ”black box” of the innovation process at the firm level. One problem in previous studies is that they only use an output indicator for product innovations. Using German data from the CIS3 (3 rd Community Innovation Survey) performed in 2001, this paper enlarges the CDM model by including an additional equation for the output of process innovations. This new indicator is measured as the share of reduction in unit costs due to process innovations. Estimates have shown that the growth rate of labour productivity increases significantly with the success of product innovations, but no similar effect pertaining to process innovations is observed.
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Recent studies have documented extensive heterogeneity in firm performance within countries, and innovation has been found as an important determinant. This paper addresses the issue of innovation firm performance across countries. A... more
Recent studies have documented extensive heterogeneity in firm performance within countries, and innovation has been found as an important determinant. This paper addresses the issue of innovation firm performance across countries. A growing number of national firm level studies on the innovation-productivity link have been conducted using new internationally harmonized survey data, known in Europe as Community Innovation Survey (CIS). Mainly due to confidentiality reasons cross-country comparisons of CIS data are still rare. The contribution of this paper is its unique approach of pooling original firm observations from Germany and Sweden. Applying a knowledge production function that gives the relationship between innovation input, innovation output and productivity, we find to a very large extent a common cross-country story for knowledge intensive manufacturing firms. Some interesting country-specific effects are reported as well.
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Innovation is regarded as a key driver of productivity and market growth and thus has a great potential for increasing wealth. Surveying innovation activities of firms is an important contribution to a better understanding of the process... more
Innovation is regarded as a key driver of productivity and market growth and thus has a great potential for increasing wealth. Surveying innovation activities of firms is an important contribution to a better understanding of the process of innovation and how policy may intervene to maximise the social returns of private investment into innovation. Over the past three decades, research has developed a detailed methodology to collect and analyse innovation activities at the firm level. The Oslo Manual, published by OECD and Eurostat (2005) is one important outcome of these efforts. In 1993 both organisations have started a joint initiative, known as the Community Innovation Survey (CIS), to collect firm level data on innovation across countries in concord (with each other). The German contribution to this activity is the so-called Mannheim Innovation Panel (MIP), an annual survey implemented with the first CIS wave in 1993. The MIP fully applies the methodological recommendations lai...
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This paper studies the impact of environmental innovation on employment growth using firm-level data for 16 European countries and the period 2006-2008. It extends the model by Harrison et al (2008) in order to distinguish between... more
This paper studies the impact of environmental innovation on employment growth using firm-level data for 16 European countries and the period 2006-2008. It extends the model by Harrison et al (2008) in order to distinguish between employment effects of environmental and non-environmental product as well as process innovation. By looking at country and sector level differences, it also generates new insights into the heterogeneity of the environmental innovation-employment growth link along different dimensions. The results demonstrate that both environmental and non-environmental product innovations are conducive to employment growth in European firms. We estimate a gross employment effect of product innovation for both types of product innovators that is very similar in nearly all countries and sectors. That is, in most cases a one-percent increase in the sales due to new products for environmental product innovators also increases gross employment by one percent. This implies that...
The exchange of knowledge between science and industry has been a focus of innovation research and policy for many decades. New developments in the way technologies are generated, shared, and transferred into new products, services, and... more
The exchange of knowledge between science and industry has been a focus of innovation research and policy for many decades. New developments in the way technologies are generated, shared, and transferred into new products, services, and business models are currently re-emphasising science-industry interactions. Main drivers are the emergence of open innovation models, the increased internationalisation of innovation processes, the rise of digital platforms, new modes of governance in public research, and the enlarged role of disruptive innovations. At the same time, the measurement of knowledge flows is still limited, and indicators on recent trends in science-industry interaction are lacking. This limits innovation policy in monitoring changes and addressing challenges. A conference in October 2019 in Berlin brought together industry representatives, researchers, and policy makers to discuss these developments and how the measurement of science-industry links could be improved. Thi...
The theoretical literature provides different arguments of why and how innovation success may substantiate further success. Using an innovation panel data set on German manufacturing firms covering the period 1994–2005, this paper... more
The theoretical literature provides different arguments of why and how innovation success may substantiate further success. Using an innovation panel data set on German manufacturing firms covering the period 1994–2005, this paper investigates the hypothesis whether success breeds success. The econometric results, based on a dynamic pooled and random effects tobit model and a new estimator recently proposed by Wooldrigde (2005), confirm the hypothesis that past innovation success is an important key for subsequent success. First, successful product innovators are more likely to introduce new products in the future and second, they achieve a higher share of sales with these product novelties.
Der Beitrag untersucht, inwieweit hinter der oft konstatierten Investitionsschwache der europaischen Wirtschaft eine Strukturverschiebung von materiellen zu immateriellen Investitionen steht. Da letztere nur zum Teil unter den... more
Der Beitrag untersucht, inwieweit hinter der oft konstatierten Investitionsschwache der europaischen Wirtschaft eine Strukturverschiebung von materiellen zu immateriellen Investitionen steht. Da letztere nur zum Teil unter den Investitionsbegriff der Volkswirtschaftlichen Gesamtrechnung fallen, konnte der beobachtbare Ruckgang der Investitionsquote nur ein scheinbarer sein, da ihm steigende Ausgaben fur die Bildung von immateriellem Kapital wie z.B. unternehmerischen Kompetenzen (u.a. Markenwerte, Humanund Organisationskapital) oder anderen Formen nichttechnischen neuen Wissens gegenuberstehen. Auf Basis von Daten der gewerblichen Wirtschaft Deutschlands zeigen wir zum einen, dass in der Tat Ausgaben fur immaterielle Kapitalguter im vergangenen Jahrzehnt deutlich starker angestiegen sind als die Investitionen fur Sachkapital. Zweitens belegen mikrookonometrische Panelanalysen, dass diese Investitionen hohere Produktivitatsbeitrage leisten als Sachkapitalinvestitionen und somit fur d...
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In this article we study differences in the returns to R&D investment between firms that sell in international markets and firms that only sell in the domestic market. We use German firm-level data from the high-tech manufacturing... more
In this article we study differences in the returns to R&D investment between firms that sell in international markets and firms that only sell in the domestic market. We use German firm-level data from the high-tech manufacturing sector to estimate a dynamic structural model of a firm's decision to invest in R&D and use it to measure the difference in expected long-run benefit from R&D investment for exporting and domestic firms. The results show that R&D investment leads to a higher rate of product and process innovation among exporting firms and these innovations have a larger impact on productivity improvement in export market sales. As a result, exporting firms have a higher payoff from R&D investment, invest in R&D more frequently than firms that only sell in the domestic market, and, subsequently, have higher rates of productivity growth. The endogenous investment in R&D is an important mechanism that leads to a divergence in the long-run performance of firms that differ in their export market exposure. Simulating the introduction of trade tariffs we find a substantial reduction in firms' productivity growth and incentive to invest in R&D.