Authors:
Arnold Verbeek K.U. Leuven, Steunpunt O&O Statistieken; IDEA Consult Steunpunt O&O Statistieken, Dekenstraat 2, B-3000, Leuven , Belgium; Congresstraat 37-41, bus 3, 1000 Brussels (Belgium) Steunpunt O&O Statistieken, Dekenstraat 2, B-3000, Leuven , Belgium; Congresstraat 37-41, bus 3, 1000 Brussels (Belgium)

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Koenraad Debackere Faculty of Economics and Applied Economics and Steunpunt O&O Statistieken, K. U. Leuven; Research Division INCENTIM, Faculty of Economics and Applied Economics, K. U. Leuven Leuven (Belgium); Leuven (Belgium);

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Summary  

In this paper we analyze the (historical) co-evolution of technological development and economic progress (by relating public and private R&D investment, patenting, and corporate profitability). We relate to the work ofSchmookler(1966),Griliches(1990),Pakes&Griliches(1980) andPakes(1986) who all have studied the techno-economic interplay by considering patents as in indicator of technological performance. We use United States industry and government data over the period 1953-1998 (45 years). Co-evolution analysis over this period reveals a strong interdependency among the variables. Patent evolution is strongly related to the development of private R&D and corporate profitability; the levels of public and private R&D expenditure in combination with the level of technological output (i.e. patents) have a strong predictive and explanatory power towards corporate profitability (R2 value of 94.9%). Causality tests reveal a joint determination between R&D investment and corporate profitability (L=2; p<0.01).

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Scientometrics
Language English
Size B5
Year of
Foundation
1978
Volumes
per Year
1
Issues
per Year
12
Founder Akadémiai Kiadó
Founder's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Publisher Akadémiai Kiadó
Springer Nature Switzerland AG
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
CH-6330 Cham, Switzerland Gewerbestrasse 11.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0138-9130 (Print)
ISSN 1588-2861 (Online)