RT Generic
T1 Corporate diversification and R&D intensity dynamics
A1 Alonso-Borrego, César
A1 Forcadell, Francisco Javier
A2 Universidad Carlos III de Madrid. Departamento de Economía, 
AB We study the dynamic bidirectional relationship between firm R&D intensity and corporatediversification, using longitudinal data of Spanish manufacturing companies. Our empirical approachtakes into account the censored nature of the dependent variables and the existence of firm-specificunobserved heterogeneity. Whereas we find a positive linear effect of R&D intensity on relateddiversification, the evidence about the effect of related diversification on R&D intensity takes the form ofan inverted U. Hence, the effect of related diversification on R&D intensity is positive but marginallydecreasing for moderate levels of related diversification, but such effect can turn out negative for highlevels of related diversification. Additionally, the consequences of the dynamic relation are that theeffects are substantially larger in the long-run than in the short-run.
SN 2340-5031
YR 2007
FD 2007-12
LK https://hdl.handle.net/10016/1136
UL https://hdl.handle.net/10016/1136
LA eng
LA eng
DS e-Archivo
RD 19 may. 2024