Resumen de Determinants of r&d on European high technology industry: Panel data evidence
Elisabete Duarte Neves, João Ricardo Branco
Brown et al. (2017) showed that the size of a country's high-tech sector is positively related to subsequent Gross Domestic Product (GDP), productivity rates and the development of the capital market (but not the credit market). The results are consistent with the idea that capital markets are adequate to finance risky and intangible activities, while credit financing is important for activities with substantial guarantee. As high-tech industries are the main responsible for research and development (R&D), we propose to investigate some of the possible determinants of R&D investment on these industries. Our analysis based on a sample of 155 high-tech European industries in the period between 2011 and 2016. Our results point out that there are differences in the explanation of the R&D ratio depending on civil system origin and that the intangible assets, contrary to the expect result, have a negative influence on R&D in this recovery time.
