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| Titel: |
The relationship between capital investment and R&D spending: a panel cointegration analysis |
| Auteur: |
de Jong, Pieter J. |
| Verschenen in: |
Applied financial economics |
| Paginering: | Jaargang 17 (2007) nr. 11 pagina's 871-880 |
| Jaar: |
2007-07 |
| Inhoud: |
Previous research has shown inconsistent results pertaining to the relationship between capital investment in property, plant and equity and research and development spending (R&D). This study re-examines that relationship between capital investment and R&D in a panel of 36 pharmaceutical firms. This study uses short- and long-run causality methods to capture the connection between the two variables. The short-run causality evidence confirms the research by Mairesse and Siu (1984) documenting that capital investment does not Granger-cause R&D and vice versa. On the other hand, the long-run causality test suggest that R&D and capital investment are cointegrated and the causality runs in both directions. These results imply that capital investment depends on the success of the R&D effort over time. The implementation of breakthroughs created by R&D may require additional capital investment, e.g. facilities and equipment. Moreover, thriving investment activity in one period may stimulate R&D efforts the next period, in order to extend the success of the current products. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 8 van 8 gevonden artikelen
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