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A bit of basic, a bit of applied? R&D strategies and firm performance

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  • Alex Coad

    (Waseda University)

  • Agustí Segarra-Blasco

    (Universitat Rovira I Virgili)

  • Mercedes Teruel

    (Universitat Rovira I Virgili)

Abstract

Most studies analysing the relationship between R&D and firm growth focus on total R&D investment. This paper aims to analyse separately each component of R&D investment (basic research, applied research and technological development) and evaluate how these types of R&D investment are related to firm growth. Using a sample of 3972 Spanish manufacturing firms during 2004–2015, our empirical results are the following. First, firms have heterogeneous R&D strategies. The common wisdom that young firms invest in basic research, while old firms invest in applied research, is not supported in our data. Second, we investigate the characteristics and dynamics of firms with different R&D strategies. We observe complementarities between applied research and technological development due to their positive associations with firm growth. Finally, our results show that there is a tendency for firms to transition from basic research to applied research.

Suggested Citation

  • Alex Coad & Agustí Segarra-Blasco & Mercedes Teruel, 2021. "A bit of basic, a bit of applied? R&D strategies and firm performance," The Journal of Technology Transfer, Springer, vol. 46(6), pages 1758-1783, December.
    • Handle: RePEc:kap:jtecht:v:46:y:2021:i:6:d:10.1007_s10961-020-09826-1
    DOI: 10.1007/s10961-020-09826-1
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    4. Cao, Qinwei & Li, Yi & Peng, Huatao, 2023. "From university basic research to firm innovation: diffusion mechanism and boundary conditions under a U-shaped relationship," Technovation, Elsevier, vol. 123(C).
    5. Kox, Henk L.M., 2023. "Testing an extended knowledge-capital model of foreign direct investment," MPRA Paper 117266, University Library of Munich, Germany.
    6. Parui, Pintu, 2023. "Health, basic research, human capital accumulation, and R&D-based economic growth," MPRA Paper 118769, University Library of Munich, Germany.
    7. Shao, Jiyou & Hua, Lei, 2023. "Research on government subsidy policy for firms’ R&D investment considering spillover effects: A Stackelberg game approach," Finance Research Letters, Elsevier, vol. 58(PB).
    8. Kox, Henk L.M., 2022. "Linking the knowledge-capital model of foreign direct investment with national knowledge systems," EconStor Preprints 266495, ZBW - Leibniz Information Centre for Economics.
    9. Dumont, Michel, 2022. "Public support to business research and development in Belgium: fourth evaluation," MPRA Paper 115418, University Library of Munich, Germany.
    10. Sebastiano Cattaruzzo & Agustí Segarra-Blasco & Mercedes Teruel, 2024. "Firm-level contributions to the R&D intensity distribution: evidence and policy implications," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 33(1), pages 45-65, January.

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