An Empirical Study on the Adjustment of R&D Investment

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01643
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Meijo University (2023); Tezukayama University (2019-2022)
• Principal Investigator: Kani Masayo 名城大学, 経済学部, 教授 (20509187)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 研究開発投資 / 調整費用 / イノベーション戦略

Outline of Final Research Achievements

This study empirically examined the adjustment of firms' R&D investment, considering the heterogeneity of firms' characteristics and strategies. First, focusing on the adjustment associated with changes in financing conditions, we examined how R&D investment is influenced by changes in financing (i.e., the sensitivity of R&D investment to financing) and how the sensitivity varies with uncertainty. Second, I analyzed the persistence of R&D investment. The results showed that although there is a very strong persistence due to R&D smoothing, the degree of persistence can differ according to R&D strategies.

Free Research Field

企業経済学、イノベーションの経済学

Academic Significance and Societal Importance of the Research Achievements

企業がどのように研究開発投資の調整を行うかについて理解することは、経済環境の変化が研究開発投資、延いては経済成長に与える影響を解明する一助となり、大きな意義があると考えられる。特に、近年のイノベーション戦略の進展を考えると、企業属性や戦略の異質性を考慮して研究開発投資を議論する必要がある。本研究では、企業属性や戦略を考慮して現実的に妥当な研究開発投資の調整過程はどのようなものであるかを実証的に検証した。