Firm characteristics and the cyclicality of R&D investments

S. Arvanitis, M. Woerter
2013 Industrial and Corporate Change  
The aim of this study is to combine micro-aspects of firm behavior with macro aspects of business development and identify market conditions (e.g. price competition) and firm characteristics (e.g. type of R&D partners) that enable a firm to have a pro-cyclical, anti-cyclical, or non-systematic R&D investment behavior. The empirical results confirm to large extent a series of hypotheses as to innovationrelevant firm characteristics that underline the three different behavior categories and allow
more » ... us to make profiles of the three types of R&D behavior. JEL classification: E32, L23, O31.
doi:10.1093/icc/dtt013 fatcat:o2yy4tbya5a6zf2wzcyg2k5rnq