The impact of patent protection and financial development on industrial R&amp;D

Maskus, Keith E.; Milani, Suellen Oliveira; Neumann, Rebecca

doi:10.1016/j.respol.2018.09.005

Cited by 86 publications

(38 citation statements)

References 36 publications

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“…x s and r s are measures of industry external finance dependence and exposure to relational risks, respectively. In the baseline regression, I follow Maskus et al (2019) and control for the industry share in GDP computed as industry production divided by GDP. I also account for a country's macroeconomic environment using the country inflation rate.…”

Section: Data and Estimation Equationmentioning

confidence: 99%

“…To minimize losing observations, I extrapolate the observations such that the values, say, in 1990 is the same for 1991 until 1994 while the value in 1995 is the same in 1996 until 1999, and so on. Maskus et al (2019) found that (formal) financial development matters decisively for R&D investments. Accordingly, I use the financial development index from the IMF database to proxy the overall financial development of a country.…”

Section: Data and Estimation Equationmentioning

confidence: 99%

“…This is to minimize potential industry confounding factors that may bias the results. Data on these variables come from Seitz and Watzinger (2017) and Maskus et al (2019).…”

Section: Data and Estimation Equationmentioning

confidence: 99%

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Trust and R&D investments: evidence from OECD countries

Ndubuisi

2020

Journal of Institutional Economics

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This paper examines two potential mechanisms – access to credit and reduction in relational risks – through which social trust can affect R&D investments. Social trust can increase R&D investments by expanding firms' access to external finance with which they can use to fund promising R&D projects. It can also increase R&D investments by reducing relational risks that expose firms to ex-ante and ex-post holdups or expropriation risks. Using industry-level data on R&D investment intensities in 20 OECD countries, I test these mechanisms by evaluating whether more external finance dependent and relational risk vulnerable industries exhibit disproportional higher R&D investment intensities in trust intensive countries. The results indicate that external finance dependent industries and relational risks vulnerable industries experience relatively higher R&D investment intensities in trust-intensive countries. Therefore, the results underline access to external finance and reduction in relational risks as causal pathways linking social trust and R&D investments.

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Section: Data and Estimation Equationmentioning

confidence: 99%

Section: Data and Estimation Equationmentioning

confidence: 99%

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Trust and R&D investments: evidence from OECD countries

Ndubuisi

2020

Journal of Institutional Economics

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“…Several studies use the patent count of a country to analyze its innovation activity (Conti et al, 2013;Hottenrott et al, 2016). Other studies examine R&D allocations along with legal incentives such as patent protection and patent rights (Maskus et al, 2019). Holmstrom (1989) points out that the dissimilar nature of credit and equity markets each have a different impact on encouraging innovation, taking into account the unpredictable nature of innovation process and the difficulties of forecasting degrees of success or possibilities of failure.…”

Section: Introductionmentioning

confidence: 99%

The Effects on Innovation from Financial Sector Development: Evidence from Developing Countries

Kapidani¹,

Luçi²

2019

JOC

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The subject of financial system development is widely studied in the finance literature as an indicator of economic growth and a driver of technological innovation supporting the mobilization of capital for growth. However, varying results are obtained when examining developed countries compared to the emerging countries. Developing countries are characterized by a lower investment in innovation, and lower levels of competitiveness in terms of research and development funding, fewer research academic institutions, but also lower incentives for private innovation by enterprises. The purpose of this paper is to examine the relationship between financial development indicators and innovation by analyzing data for 15 developing countries within the time frame of 1996-2016. The financial system is analyzed in two main pillars: credit institutions and equity markets. The number of innovation patent applications is the dependent variable of the study, i.e. as an indicator of a country's innovative performance. The results of the study show that a higher level of crediting by the banking sector will positively affect the number of patent applications. Credit mobilization by other financial intermediaries in the financial system such as equity markets or non-banking institutions show a lower efficiency in boosting innovation activities, resulting in the opposite effects regarding the number of patent applications. Countries with a higher level of education will show more efforts toward innovation and the development of innovative practices. On the other hand, higher competitiveness among companies in terms of technology innovation and processes is expected to boost the demand for funds in the financial system, leading to the improvement in system development.

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“…(Ziman, , p. 78–79). In a similar vein, Etzkowitz () notes that there is an increasing participation by academics in entrepreneurial activities and the failure to define this participation as deviant suggests that the capitalisation of knowledge (David and Hall, ; Sampat, ; Fabrizio and Di Minin, ; Baldini, ; Larsen, ; Mark et al, ; Maskus et al, ) is beginning to take precedent over the Mertonian norm of disinterestedness. Privatisation attempts on the scientific commons have met opposition from commentators.…”

Section: The Need For a Sociological Perspectivementioning

confidence: 99%

Open Science and Open Innovation in a socio‐political context: knowledge production for societal impact in an age of post‐truth populism

Smart

Holmes

Lettice³

et al. 2019

R & D Management

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This conceptual paper traces the origins and progress of Open Science and proposes its generative coupling to Open Innovation in the contemporary socio-political context; where universities are re-imaging their civic missions in the face of anti-establishment populist politics. This setting is one of changing knowledge production regimes and institutional pressures that create contradictions identifiable through the prism of the series of scientific norms conceptualised by Robert K. Merton. This paper privileges a sociological perspective to proffer scientific knowledge production as a societally embedded process, which is well illustrated by scholarship in the Science and Technology Studies (STS) and Science in Society fields. In doing so, it identifies the co-evolution, co-existence and co-production of Open Science with Open Innovation; and notes how it shares the attributes of other recent diagnoses of changing knowledge production regimes; in particular Mode 2, postnormal science and the Quadruple Helix. It also argues that Open Science can be coupled with Open Innovation to catalyse positive societal change, but that the rise of a populist post-truth era opposed to objectivity, expertise and technocratic political solutions gives the demand for openness and participation a different complexion. Merton's norms provide a useful lens to observe recent shifts in the delivery of science, knowledge and innovation in society towards more inclusive, ethical and sustainable outcomes; and expose the limited reflection on how the appropriation and exploitation of open scientific knowledge encounters industrial R&D and Open Innovation.

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The impact of patent protection and financial development on industrial R&D

Cited by 86 publications

References 36 publications

Trust and R&D investments: evidence from OECD countries

Trust and R&D investments: evidence from OECD countries

The Effects on Innovation from Financial Sector Development: Evidence from Developing Countries

Open Science and Open Innovation in a socio‐political context: knowledge production for societal impact in an age of post‐truth populism

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