R&D and Growth: Does Age Play a Role? - Evidence from Taiwanese Manufacturing Firms
碩士 === 國立臺灣大學 === 經濟學研究所 === 107 === This study draws on the data of Taiwanese manufacturers for the period of 2005 to 2017. The analysis applies a panel quantile regression method to explore the relationship between firm R&D and firm growth in sales and productivity and whether this relationshi...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/qsqwyh |
| Summary: | 碩士 === 國立臺灣大學 === 經濟學研究所 === 107 === This study draws on the data of Taiwanese manufacturers for the period of 2005 to 2017. The analysis applies a panel quantile regression method to explore the relationship between firm R&D and firm growth in sales and productivity and whether this relationship differs between younger firms and older firms. The empirical results show that firm age does play a crucial role in the relationship between firm R&D and firm growth and the relationship changes with different quantiles. Specifically, we show that the R&D investment by younger firms has a lager effect on firm growth at all quantiles and the difference between the effects of younger and older firms increases when the quantile rises. The above results are still valid for the subsample of high-tech and non- high-tech industries and with different measurements of firm age and productivities. The above results suggest that ordinary least squares method (OLS) not only fails to see the different effects of R&D for firms at different stages of growth, but may also overestimate or underestimate the R&D effects for younger and older firms.
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