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Unlocking Innovation: Exploring the Determinants of Research and Development Using Panel Data Analysis

In: Navigating Economic Uncertainty - Vol. 1

Author

Listed:
  • Elisabete Neves

    (Coimbra Business School, Quinta Agrícola – Bencanta
    Polytechnic Institute of Coimbra, Bencanta
    Polytechnic of Porto)

  • Beatriz Neves

    (Coimbra Business School, Quinta Agrícola – Bencanta)

  • Lara Tavares

    (Coimbra Business School, Quinta Agrícola – Bencanta)

Abstract

Due to the strong evolution of technology, this research focuses on the determinants of research and development (R&D) in Western Europe, using a sample of 548 companies. To achieve this purpose, the panel data methodology was used, specifically the generalized method of moments (GMM) system estimation method proposed by Arellano and Bover (1995) and Blundell and Bond (1998). The results obtained allow us to conclude that the intangible assets, specifically the satisfaction of human resources, are crucial in R&D, as well as the use of synergies due to the larger dimension, which can lead the largest companies to take advantage of better and differentiated sources of financing. This result is corroborated by the significant and negative sign of financial leverage, which suggests that R&D has to be achieved with alternative sources of financing to bank loans, such as venture capital or via the capital market.

Suggested Citation

  • Elisabete Neves & Beatriz Neves & Lara Tavares, 2025. "Unlocking Innovation: Exploring the Determinants of Research and Development Using Panel Data Analysis," Springer Proceedings in Business and Economics, in: Veland Ramadani & Abdylmenaf Bexheti & Hyrije Abazi-Alili & Carmem Leal & Carlos Peixeira Marques (ed.), Navigating Economic Uncertainty - Vol. 1, pages 19-33, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-73506-6_2
    DOI: 10.1007/978-3-031-73506-6_2
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    Keywords

    R&D; Innovation; GMM system;
    All these keywords.

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