G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17467
DP17467 Research Joint Ventures: The Role of Financial Constraints
Philipp Brunner; Igor Letina; Armin Schmutzler
发表日期2022-07-12
出版年2022
语种英语
摘要This paper provides a novel theory of research joint ventures for financially constrained firms. When firms choose R&D portfolios, an RJV can help to coordinate research efforts, reducing investments in duplicate projects. This can free up resources, increase the variety of pursued projects and thereby increase the probability of discovering the innovation. RJVs improve innovation outcomes when market competition is weak and external financing conditions are bad. An RJV may increase the innovation probability and nevertheless lower total R&D costs. RJVs that increase innovation tend to be profitable, but innovation-reducing RJVs also exist. Finally, we compare RJVs to innovation-enhancing mergers.
主题Industrial Organization
关键词Innovation Research joint ventures Financial constraints Mergers Intensity of competition Licensing
URLhttps://cepr.org/publications/dp17467
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/546558
推荐引用方式
GB/T 7714
Philipp Brunner,Igor Letina,Armin Schmutzler. DP17467 Research Joint Ventures: The Role of Financial Constraints. 2022.
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