Corporate diversification and R&D intensity dynamics

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dc.contributor.author Alonso-Borrego, César
dc.contributor.author Forcadell, Francisco Javier
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned 2007-12-18T08:33:42Z
dc.date.available 2007-12-18T08:33:42Z
dc.date.issued 2007-12
dc.identifier.issn 2340-5031
dc.identifier.uri http://hdl.handle.net/10016/1136
dc.description.abstract We study the dynamic bidirectional relationship between firm R&D intensity and corporate diversification, using longitudinal data of Spanish manufacturing companies. Our empirical approach takes into account the censored nature of the dependent variables and the existence of firm-specific unobserved heterogeneity. Whereas we find a positive linear effect of R&D intensity on related diversification, the evidence about the effect of related diversification on R&D intensity takes the form of an inverted U. Hence, the effect of related diversification on R&D intensity is positive but marginally decreasing for moderate levels of related diversification, but such effect can turn out negative for high levels of related diversification. Additionally, the consequences of the dynamic relation are that the effects are substantially larger in the long-run than in the short-run.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.language.iso eng
dc.relation.ispartofseries UC3M Working papers. Economics
dc.relation.ispartofseries 07-49
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Diversification
dc.subject.other R&D Intensity
dc.subject.other Dynamics
dc.subject.other Organic growth
dc.subject.other Endogeneity
dc.subject.other Panel data
dc.title Corporate diversification and R&D intensity dynamics
dc.type workingPaper
dc.type workingPaper
dc.subject.jel L22
dc.subject.jel M11
dc.subject.jel C33
dc.subject.jel C34
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
dc.identifier.repec we078249
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