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عنوان فارسی مقاله:
آیا چرخه های تجاری بر ثبت اختراع تاثیر می گذارد؟ شواهد از دفتر ثبت اختراع اروپا
عنوان انگلیسی مقاله:
Do business cycles affect patenting? Evidence from European Patent Office filings
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Previous literature
The existing literature has identified two opposing effects of business cycles on innovation activity: the resource effect and the opportunity cost effect. The resource effect is that, in a booming economy, firms have more resources, or access to resources, for innovation. Firms typically rely mostly on internal resources, such as cash flow or retained earnings, to fund research projects, and secondarily on external sources, such as venture capital financing or subsidies and grants from the public sector. Both internal and external resources are more easily available when the economy is in an expansionary phase than in a contractionary one. Under the resource effect, innovation is pro-cyclical; that is, it increases when the economy is growing and decreases when it is declining. The opportunity cost effect states that innovation will increase when the economy is in a downturn. The reasons are two-fold. First, the cost of conducting research is lower during a recession. Research input costs, such as the price of materials and labor, will be lower. Second, the opportunity cost of conducting research is lower during a recession. Allocating resources to innovation will require diverting resources and effort away from production and marketing activities, but when the economy is in a downturn, the loss in sales is not too high. In contrast, when the economy is booming, firms face a higher opportunity cost of diverting time and resources away from production in order to engage in innovation. Under the opportunity cost effect, therefore, innovation is counter-cyclical – falls when the economy is growing and rises when the economy is contracting. Few studies have tested the effects of business cycles on innovation. As a typology, they consist of both microeconomic studies using firm or industry level data and macroeconomic studies using country level data. Studies vary as to whether the dependent variable is R&D or patenting. Most of these focus on R&D as the measure of innovation. Rafferty and Funk (2008), for example, use firm level data for U.S. manufacturing industries from 1973–1990 and find that the opportunity cost effect is weak so that, overall, R&D is pro-cyclical. Their dependent variable is the growth rate of R&D, which they regress on measures of business cycles, such as sales rising (or falling), and cash flow rising (or falling). A limitation of these measures is that part of the movement in sales and cash flow can be due to shifts in the long term trend as well as to short term cycles. Another issue is whether it is appropriate to measure business cycle shocks using firm level variables, rather than say macroeconomic or industrial level variables. Fluctuations in firm sales, for example, need not be the outcome of business cycle shocks. Lopez-Garcia et al. (2012), in contrast, find support for the opportunity cost effect. Using a large sample of Spanish firms from 1991– 2009, the authors find R&D to be counter-cyclical, provided that credit constraints are absent. They argue that firms utilize economic downturns to invest in productivity-enhancing activities, such as R&D and on-the-job training. Their regression equation relates changes in R&D to changes in GDP, changes in cash flow, and other variables. Again, mere changes in GDP and cash flow are not good measures of the business cycle, as they consist of changes in both the trend and cyclical components of income. A study that does focus on patenting and business cycles is Martinsson and Lf (2009). They study a sample of Swedish firms in the manufacturing industry from 1997–2005 in order to examine how a firm’s patenting is affected by its cash flow. Fluctuations in cash flow are their proxy for business cycles (the limitation of which was discussed above). The authors find that cash flow shocks affect patenting only during economic downturns, but not during expansions. Hence, they find partial support for the resource effect, suggesting that patenting is pro-cyclical only when there is a recession. Giedeman et al. (2006) also study the effects of business cycles on patenting but for U.S. firms. They find that patenting by small firms in the semiconductor industry is pro-cyclical, while that in the automobile industry is countercyclical. The former industry tends to manufacture high-tech goods of relatively low durability whereas the latter industry produces durable consumer goods. In earlier work, Geroski and Walters (1995) examined counts of major U.K. innovations (namely, those that were commercial successes), as well as the patent filings of U.K. firms in the U.S., and found innovation activity to be procyclical.
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کلمات کلیدی:
Selected Papers from the Asia Conference on Economics & Business ... https://books.google.com/books?isbn=9811009864 Stanley Soh - 2016 - Business & Economics There is an annual cycle that proceeds from the forecasts via the business plan that is ... How lasting are the effects of business cycle shocks on patenting? [PDF]Business cycles and investment in intangibles - Banco de España www.bde.es/f/webbde/SES/Secciones/Publicaciones/.../12/Fich/dt1219e.pdf on how business cycles affect long-term productivity growth. .... Lastly, investment in other intangibles, such as the purchase of patents, is much less sensitive to ... [PDF]Heterogeneous Innovation over the Business Cycle* web.business.queensu.ca/faculty/jdebettignies/Docs/MansoEtAl16.pdf Keywords: Exploration, Exploitation, Patents, Innovation, Business Cycles, ... the effect of business cycles is thus crucial for macroeconomic policy and economic ... [PDF]Technology Transfer and the Business Cycle: Evidence from Patent ... homes.chass.utoronto.ca/~serrano/eco2404/RBCpatent.pdf by CJ Serrano - 2007 - Cited by 4 - Related articles output is affected, but not necessarily when the R&D and the patent ... business-cycle effects, but also on the specific characteristics of the stock of active patents. OECD Science, Technology and Industry Scoreboard 2009 https://books.google.com/books?isbn=9264075437 OECD - 2009 Patent intensity over the business cycle Changes in patenting ... Patenting is more rapidly affected by the economic situation than R&D expenditures funded by ... The Long-Term Impact of Business Cycles on Innovation: Evidence ... www.hbs.edu/faculty/Pages/item.aspx?num=45356 Other Unpublished Work | 2012. The Long-Term Impact of Business Cycles on Innovation: Evidence from the Massachusetts Institute of Technology. by Pian Shu ...
