NDLI: Back to Basics : Why do Firms Invest in Scientific Research ? ∗

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Back to Basics : Why do Firms Invest in Scientific Research ? ∗

Content Provider	Semantic Scholar
Author	Arora, Ashish Belenzon, Sharon Sheer, Lia
Copyright Year	2019
Abstract	Large firms appear to be shifting away from research and towards development. To understand this shift, we explore why firms invest in scientific research, especially in the presence of spillovers. Using data on 800,000 scientific publications of 4,090 American firms between 1980 and 2015, and patent citations to these articles, we document the relationship between corporate publications and their use in invention by the sponsoring firm and by rivals. Our analysis implies that corporate research can be both privately valuable and socially useful. Firms produce more publications when they are used internally, but fewer publications when they are used by rivals. Over our sample period spillovers have increased, while internal use has remained stable. Up to 45% of the decline in publication rate can be explained by an increase in the incidence and importance of spillovers to rivals. ∗We thank Nick Bloom, Tim Bresnahan, Wesley Cohen, Dietmer Harhoff, David Hounshell, Richard Freeman, Alfonso Gambardella, Shane Greenstein, Brian Lucking, Petra Moser, David Mowery, Mark Schankerman, Scott Stern, John Van Reenen, and seminar participants at NBER summer institute, Harvard, Stanford, Berkeley, Maryland, Munich, and Bocconi for helpful comments. We thank Honggi Lee and JK Suh for excellent research assistance. All remaining errors are ours. †Duke University, Fuqua School of Business and NBER ‡Duke University, Fuqua School of Business and NBER §Duke University, Fuqua School of Business
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://static1.squarespace.com/static/593d9b08be65945a2e878544/t/5d4303007060d70001638161/1564672769533/B2B_AUG_1_2019_combined.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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