Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States |
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| Authors: | Arnold Verbeek Koenraad Debackere |
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| Affiliation: | (1) 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);(2) 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); |
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| Abstract: | 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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