The aim of this paper is to investigate the effect of internal R&D factors and external R&D cooperation with universities on the innovativeness level of firms using Spanish data collected from the Surveys of Technological Innovation of the Spanish Statistics Institute (INE). The results show that, while firms, specifically those introducing more advanced innovations, are relying to a higher extent on cooperation with universities, both R&D strategies are shown to be important determinants of firms� innovativeness level. Moreover, firms endowed with higher absorptive capacity have greater propensities to develop new knowledge. I also find that when associated to R&D cooperation, internal R&D capacity is likely to reduce the influence of the cooperation strategy on the innovativeness level of the firm.
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