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Political and institutional drivers of business enterprise R&D expenditures in the electrical equipment division of the manufacturing sector
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This study empirically examines the political and institutional drivers of privately financed
R&D investment behavior in the electrical equipment division of the manufacturing (EEM)
sector with an emphasis on the roles of intellectual property protection, human capital
formation, international trade openness, and direct government funding using rich unbalanced
panel data of industry-specific business enterprise R&D expenditures of 12 OECD economies
spanning the period 2000 to 2016. Unlike previous work, the effectiveness of a specific set of
European Union (EU) policy initiatives targeted at the EEM-sector is also subject to
investigation by applying a difference-in-differences approach. Consistent with theoretical
predictions, empirical evidence advocates the conventional view that intellectual property
rights protection, as well as human capital formation, have a spurring effect on business R&D
intensity irrespective of the type of specification, thus, being important institutional predictors.
Interestingly, the econometric analysis unambiguously indicates a significantly negative
association of direct government funding with industry-specific R&D activity suggesting an
inducement of crowding-out rather than additionality effects. Adding to this, no statistical
confirmation has been found in terms of the difference-in-differences estimator providing no
evidence in favor for a significant effect of the EU research funding initiatives on EEM sector
business R&D spending. Against expectations, the research was incapable of drawing explicit
conclusions on the relationship of international trade openness to R&D activity, and ultimately,
to find empirical support for trade openness to be an essential and robust determinant.
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Palavras-chave
R&D Innovation Intellectual property protection Government support Trade openness Endogenous growth National innovation systems Electrical equipment manufacturing sector