On the profitability of innovative assets

Applied Economics

Volumn 42, Issue 15, 2010, Pages 1941-1953

  Czarnitzki, Dirk ^a,c   Kraft, Kornelius ^b,c  

^a UNIVERSITY OF LEUVEN   (Belgium)

^b TU DORTMUND UNIVERSITY   (Germany)

^c CENTRE FOR EUROPEAN ECONOMIC RESEARCH ZEW   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL; COMPETITION (ECONOMICS); DATABASE; EMPIRICAL ANALYSIS; INNOVATION; MANUFACTURING; PROFITABILITY; STOCK MARKET;

GERMANY;

EID: 77953682638     PISSN: 00036846     EISSN: 14664283     Source Type: Journal    
DOI: 10.1080/00036840701749019     Document Type: Article

References (49)

1. Acemoglu, D., Aghion, P. and Zilibotti, F. (2006) Distance to frontier, selection, and economic growth, Journal of the European Economic Association, 4, 37-74.
2. Afonso, O. (2006) Skill-biased technological knowledge without scale effects, Applied Economics, 38, 13-21.
3. Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P. (2005) Competition and innovation: an inverted-U relationship, Quarterly Journal of Economics, 120, 701-28.
4. Aghion, P. and Howitt, P. (1992) A model of growth through creative destruction, Econometrica, 60, 323-52.
5. Aghion, P. and Howitt, P. (1998) Endogeneous Growth Theory, MIT Press, Cambridge, MA.
6. Arrow, K. J. (1962) Economic welfare and the allocation of resources for invention, in The Rate and Direction of Inventive Activity: Economic and Social Factors (Ed.) R. R. Nelson, Princeton University Press, Princeton, NJ, pp. 609-25.
7. Barro, R. and Sala-i-Martin, X. (2004) Economic Growth, 2nd edn, MIT Press, Cambridge, MA.
8. Chen, J. R. and Yang, C. H. (2005) Technological knowledge, spillover and productivity: evidence from Taiwanese firm level panel data, Applied Economics, 37,2361-71.
9. Collins, N. and Preston, L. E. (1969) Price-cost margins and industry structure, Review of Economics and Statistics, 51, 271-86.
10. Connolly, M. (2003) The dual nature of trade: measuring its impact on imitation and growth, Journal of Development Economics, 72, 31-55.
11. Conolly, R. A. and Hirschey, M. (1984) R&D, market structure and profits: a value-based approach, Review of Economics and Statistics, 66, 682-6.
12. Cowling, K. and Waterson, M. (1976) Price-cost margins and market structure, Economica, 43, 87-92.
13. Czarnitzki, D. and Kraft, K. (2004a) Management control and innovative activity, Review of Industrial Organization, 24, 1-24.
14. Czarnitzki, D. and Kraft, K. (2004b) Innovation indicators and corporate credit ratings: evidence from German firms, Economics Letters, 82, 377-84.
15. Dinopoulos, E. and Segerstrom, P. (2006) A theory of north-south trade and globalisation, mimeo, Stockholm School of Economics and CEPR.
16. European Commission (2004) Innovation in Europe - Results for the EU, Iceland and Norway, European Commission, Luxembourg.
17. Eurostat and OECD (1997) Oslo-Manual - Proposed Guidelines for Collecting and Interpreting Technological innovation Data, Eurostat, Paris.
18. Fagerberg, J. (1994) Technology and international differences in growth rates, Journal of Economic Literature, 32,1147-75.
19. Funk, M. (2006) Business cylces and research investment, Applied Economics, 38, 1775-82.
20. Geroski, P., Machin, S. and van Reenen, J. (1993) The profitability of innovating firms, RAND Journal of Economics, 24, 198-211.
21. Grabowski, H. G. and Mueller, D. C. (1978) Industrial research and development, intangible capital stocks and firm profit rates, Bell Journal of Economics, 9, 328-43.
22. Griliches, Z. (1981) Market value, R&D and patents, Economics Letters, 7, 183-7.
23. Griliches, Z. and Mairesse, J. (1984) Productivity and R&D at the firm level, in R&D, Patents and Productivity (Ed.) Z. Griliches, University of Chicago Press, Chicago, pp. 339-74.
24. Grossman, G. M. and Helpman, E. (1991) Innovation and Growth in the Global Economy, MIT Press, Cambridge, MA.
25. Gugler, K., Mueller, D. C. and Yurtoglu, B. B. (2002) The impact of corporate governance on investment returns in developed countries, Economic Journal, 113, F511-39.
26. Hall, B. H. (1990) The manufacturing sector master file: 1959-1987, NBER Working Paper Series No. 3366, Cambridge, MA.
27. Hall, B. H. (2000) Innovation and market value, in Productivity, Innovation, and Economic Performance (Eds) R. Barrell, G. Mason and M. O'Mahony, Cambridge University Press, Cambridge, pp. 177-98.
28. Hall, B. H. (2002) The financing of research and development, Oxford Review of Economic Policy, 18, 35-51.
29. Hall, B. H., Jaffee, A. and Trajtenberg, M. (2005) Market value and patent citations, RAND Journal of Economics, 36, 16-38.
30. Jaffe, A. B. (1986) Technological opportunity and spillovers of R&D: evidence from firms' patents, profits, and market value, American Economic Review, 76, 984-1001.
31. Jensen, M. (1986) Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323-9.
32. Jensen, M. and Meckling, W. (1976) Theory of the firm: managerial behavior, agency costs, and ownership structure, Journal of Financial Economics, 3, 305-60.
33. Lin, H. and Yeh, R. S. (2005) The interdependence between FDI and R&D: an application of an endogenous switching model to Taiwan's electronics industry, Applied Economics, 37, 1789-99.
34. Mansfield, E., Rapoport, J., Romeo, A., Wagner, S. and Beardsley, G. (1977) Social and private return from industrial innovations, Quarterly Journal of Economics, 91, 221-40.
35. Mansfield, E. J., Schwartz, M. and Wagner, S. (1981) Imitation costs and patents: an empirical study, Economic Journal, 91, 907-18.
36. Neumann, M., Bobel, I. and Haid, A. (1979) Profitability, risk and market structure in west German industries, Journal of Industrial Economics, 27,227-42.
37. Neumann, M., Bobel, I. and Haid, A. (1981) Market structure and the labour market in West German industries - a contribution towards interpreting the structure-perfomance relationship, Journal of' Economics/Zeitschriftfür Nationalökonomie, 41,97-109.
38. OECD (Organization for Economic Cooperation and Development) (1993) Frascati Manual The measurement of scientific and technical activities standard practice for surveys of research and experimental development, Paris.
39. Pakes, A. (1986) Patents as options: some estimates of the value of holding European patent stocks, Econometrica, 54, 755-84.
40. Ravenscraft, D. J. (1983) Structure-profit relationships at the line of business and industry level, Review of Economics and Statistics, 65, 22-31.
41. Ravenscraft, D. J. and Scherer, F. M. (1982) The lag structure of returns to research and development, Applied Economics, 14, 603-20.
42. Schankerman, M. and Pakes, A. (1986) Estimates of the value of patent rights in European countries during the post-1950 period, Economic Journal, 96, 1052-77.
43. Schleifer, A. and Vishny, R. W. (1997) A survey of corporate governance, Journal of Finance, 52, 737-83.
44. Schoeffler, S. (1977) Cross-sectional study of strategy, structure and performance, in Strategy+Structure = Performance (Ed.) H. B. Thorelli, Indiana University Press, Bloomington, pp. 108-21.
45. Segerstrom, P. S., Anant, T. C. A. and Dinopoulos, E. (1990) A Schumpeterian model of product life cycle, American Economic Review, 80, 1077-92.
46. Sutton, J. (1998) Technology and Market Structure, MIT Press, Cambridge, MA.
47. Sutton, J. (2007) Market structure: theory and evidence, in Handbook of Industrial Organization (Eds) M. Armstrong and R. Porter, North Holland, Amsterdam, pp. 2301-68.
48. Uri, N. D. (1988) A re-examination of the relationship between industry structure and economic performance, Applied Economics, 20, 1383-400.
49. Verbeek, M. (2000) A Guide to Modern Econometrics, John Wiley & Sons, Chichester.