en pl
en pl

Central European Management Journal

Show issue
Year 2018 
Volume 26 
Issue 2

Estimating R&D Returns In Health Care Industry

Waldemar Karpa
Kozminski University

Jakub Nowakowski
Kozminski University

2018 26 (2) Central European Management Journal

DOI 10.7206/jmba.ce.2450-7814.227

Article contents

Abstract

Purpose: This paper provides an empirical evaluation of R&D returns for a series of global companies who lead in innovation within the health care industry.

Methodology: The estimation procedure bases on two specifications: the parametric production function setting, and finite distributed lag model (FDL).

Findings: Using the most recent data on R&D investment by health care equipment and services along pharmaceuticals and biotechnology companies, we confirm the positive albeit mitigated impact of R&D efforts on performance indicators (levels of sales). Moreover, we comment on the current phenomena observed in health care industry and offer a policy view for ongoing and future challenges in the sector.

Added value: Since there is a dearth of recent empirical evidence on R&D returns in the broad health industry, this paper offers the evaluation of economic incentives for companies to invest in R&D. These incentives embrace the induced increase in sales and profits levels. The authors participate in a public debate concerning the optimal levels of R&D rewards required to sustain the innovation within the sector.

References

  1. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  2. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  3. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  4. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  5. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  6. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  7. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  8. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  9. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  10. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  11. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  12. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  13. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  14. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  15. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  16. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  17. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  18. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  19. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  20. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  21. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  22. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  23. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  24. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  25. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  26. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  27. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  28. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  29. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  30. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  31. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  32. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  33. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  34. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  35. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  36. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  37. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  38. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  39. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  40. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  41. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  42. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  43. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  44. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  45. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  46. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  47. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  48. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  49. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  50. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]
  51. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  52. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  53. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  54. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  55. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  56. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  57. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  58. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  59. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  60. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  61. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  62. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  63. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  64. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  65. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  66. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  67. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  68. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  69. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  70. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  71. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  72. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  73. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  74. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  75. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  76. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  77. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  78. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  79. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  80. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  81. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  82. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  83. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  84. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  85. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  86. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  87. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  88. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  89. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  90. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  91. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  92. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  93. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  94. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  95. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  96. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  97. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  98. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  99. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  100. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]
  101. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  102. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  103. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  104. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  105. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  106. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  107. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  108. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  109. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  110. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  111. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  112. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  113. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  114. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  115. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  116. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  117. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  118. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  119. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  120. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  121. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  122. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  123. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  124. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  125. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  126. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  127. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  128. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  129. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  130. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  131. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  132. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  133. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  134. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  135. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  136. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  137. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  138. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  139. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  140. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  141. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  142. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  143. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  144. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  145. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  146. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  147. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  148. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  149. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  150. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]
  151. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  152. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  153. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  154. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  155. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  156. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  157. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  158. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  159. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  160. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  161. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  162. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  163. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  164. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  165. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  166. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  167. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  168. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  169. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  170. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  171. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  172. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  173. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  174. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  175. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  176. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  177. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  178. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  179. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  180. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  181. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  182. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  183. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  184. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  185. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  186. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  187. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  188. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  189. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  190. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  191. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  192. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  193. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  194. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  195. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  196. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  197. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  198. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  199. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  200. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]
  201. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  202. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  203. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  204. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  205. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  206. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  207. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  208. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  209. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  210. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  211. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  212. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  213. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  214. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  215. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  216. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  217. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  218. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  219. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  220. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  221. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  222. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  223. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  224. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  225. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  226. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  227. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  228. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  229. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  230. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  231. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  232. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  233. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  234. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  235. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  236. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  237. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  238. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  239. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  240. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  241. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  242. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  243. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  244. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  245. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  246. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  247. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  248. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  249. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  250. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]
  251. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  252. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  253. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  254. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  255. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  256. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  257. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  258. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  259. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  260. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  261. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  262. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  263. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  264. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  265. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  266. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  267. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  268. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  269. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  270. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  271. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  272. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  273. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  274. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  275. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  276. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  277. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  278. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  279. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  280. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  281. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  282. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  283. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  284. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  285. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  286. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  287. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  288. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  289. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  290. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  291. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  292. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  293. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  294. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  295. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  296. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  297. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  298. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  299. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  300. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]
  301. Al-Horani, A., Pope, P.F. and Stark, A.W. (2003). Research and development activity and expected returns in the United Kingdom. European Finance Review, 7: 27–46, https://doi.org/10.1023/A:1022504029943 [Google Scholar]
  302. Arrow, K. (1962). Economic welfare and the allocation of resources for invention. In The rate and direction of inventive activity: Economic and social factors. Princeton: Princeton University Press, https://doi.org/10.1515/9781400879762-024 [Google Scholar]
  303. Artz, Kendall W. et al. (2005). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance, Journal of Product Innovation Management, 27(5): 725–740, https://doi.org/10.1111/j.1540-5885.2010.00747.x [Google Scholar]
  304. Aw, B.Y., Roberts, M.J. and Yi Xu, D. (2011). R&D investment, exporting, and productivity dynamics. The American Economic Review, 101(4): 1312–1344, https://doi.org/10.1257/aer.101.4.1312 [Google Scholar]
  305. Ballester, M., Garcia-Ayuso, M. and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4): 605–633, https://doi.org/10.1080/09638180310001628437 [Google Scholar]
  306. Barth, M., Kasznik, R. and McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1): 1–34, https://doi.org/10.1111/1475-679X.00001 [Google Scholar]
  307. Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M. (2015). Decline in economic returns from new drugs raises questions about sustaining innovations. Health Affairs, 34(2): 245–252, https://doi.org/10.1377/hlthaff.2014.1029 [Google Scholar]
  308. Bilbao-Osorio, Be-at and Rodríguez-Pose, A. (2004). From R&D to innovation and economic growth in the EU. Growth and Change, 35(4): 434–455, https://doi.org/10.1111/j.1468-2257.2004.00256.x [Google Scholar]
  309. Bloom, N., Schankerman, M. and Van Reenen, J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, 81(4): 1347–1393, https://doi.org/10.3982/ECTA9466 [Google Scholar]
  310. Blundell, R., Griffith, R. and Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies, 66(3): 529–554, https://doi.org/10.1111/1467-937X.00097 [Google Scholar]
  311. Bogliacino, F. and Vivarelli, M. (2012). The job creation effect of R&D expenditures, Australian Economic Papers, 51(2): 96–113. [Google Scholar]
  312. Bosworth, D. and Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239): 323–337, https://doi.org/10.1111/1475-4932.t01-1-00026 [Google Scholar]
  313. Bowonder, B. et al. (2010). Innovation strategies for creating competitive advantage. Research-technology management, 53(3): 19–32, https://doi.org/10.1080/08956308.2010.11657628 [Google Scholar]
  314. Canibano, L., Garcia-Ayuso, M. and Sanchez, P. (2000). Accounting for intangibles: a literature review, Journal of Accounting Literature, 19: 102–130. [Google Scholar]
  315. Chambers, D., Ross, J. and Thompson, R.B. (2002). Excess returns to R&D-intensive firms, Review of Accounting Studies, 7(2): 133–158, https://doi.org/10.1023/A:1020217817156 [Google Scholar]
  316. Cockburn, I.M. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock markets valuation of R&D and patents. The American Economic Review, 78(2): 419–423. [Google Scholar]
  317. Deloitte (2014). Measuring the return from pharmaceutical innovation 2014: Turning the corner? Deloitte Centre for Health Solutions. [Google Scholar]
  318. García-Manjón, J.V. and Romero-Merino, M.E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6): 1084–1092. [Google Scholar]
  319. Doraszelski, U. and Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4): 1338–1383, https://doi.org/10.1093/restud/rdt011 [Google Scholar]
  320. Fleming, J.J. (2015). The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation. Health Affairs, 34(2): 271–276, https://doi.org/10.1377/hlthaff.2014.1051 [Google Scholar]
  321. Griliches, Z. (1979). Issues in assessing the contribution of research and development to productivity growth. The Bell Journal of Economics, 10(1): 92–116, https://doi.org/10.2307/3003321 [Google Scholar]
  322. Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  323. Griliches, Z. (1986). Productivity, R&D, and Basic Research at the Firm Level in the 1970’s. American Economic Review, 76(1): 141–154. [Google Scholar]
  324. Griliches, Z. (1998). Market value, R&D, and patents. Economics letters, 7(2): 183–187, https://doi.org/10.1016/0165-1765(87)90114-5 [Google Scholar]
  325. Hall, B.H. (1993). The stock market’s valuation of R&D investment during the 1980’s. The American Economic Review, 83(2): 259–264. [Google Scholar]
  326. Hall, B.H. and Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5): 971–993, https://doi.org/10.1016/j.ijindorg.2005.12.001 [Google Scholar]
  327. Hall, H.B. and Mairesse, J. (2009). Measuring corporate R&D returns. Presentation to the Knowledge for Growth Expert Group, Directorate General for Research, European Commission, Brussels, January. [Google Scholar]
  328. Harhoff, D. (1998). R&D and Productivity in German Manufacturing Firms. Economics of Innovation and New Technology, 6(1): 29–50, https://doi.org/10.1080/10438599800000012 [Google Scholar]
  329. Health Affairs (2015). Biomedical innovation, 34(2): 193–360. [Google Scholar]
  330. Hitt, M.A. et al. (1991). Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34(3): 693–706 [Google Scholar]
  331. Hsieh, Ping-Hung, Mishra, Ch.S. and Gobeli, D.H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2): 141–150, https://doi.org/10.1109/TEM.2003.810828 [Google Scholar]
  332. JRC (2015). The 2015 EU Industrial R&D Investment Scoreboard. Publication Office of the European Union, Luxembourg. doi:10.2791/15792 [Google Scholar]
  333. Lai, Ming-Fong, and Gwo-Guang Lee (2007). Risk-avoiding cultures toward achievement of knowledge sharing. Business Process Management Journal, 13(4): 522–537, https://doi.org/10.1108/14637150710763559 [Google Scholar]
  334. Li, Dongmei (2011). Financial constraints, R&D investment, and stock returns. Review of Financial Studies, 24(9): 2974–3007, https://doi.org/10.1093/rfs/hhr043 [Google Scholar]
  335. Lichtenberg, F.R. (1992). R&D investment and international productivity differences, 4161, National Bureau of Economic Research, https://doi.org/10.3386/w4161 [Google Scholar]
  336. Lichtenberg, F.R. (2003). The economic and human impact of new drugs. The Journal of Clinical Psychiatry, 64(suppl 17): 15–18. [Google Scholar]
  337. Lichtenberg, F.R. and Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2): 203–229, https://doi.org/10.1111/j.1465-7295.1991.tb01267.x [Google Scholar]
  338. Mairesse, J. and Sassenou, M. (1991). R&D and Productivity: A Survey of Econometric Studies at the Firm Level. Science-Technology-Industry Review, 8: 317–348. [Google Scholar]
  339. Mairesse, J. and Mohnen, P. (2005). The importance of R&D for innovation: a reassessment using French survey data. Springer US, https://doi.org/10.1007/0-387-25022-0_10 [Google Scholar]
  340. Milbergs, E. and Vonortas, N. (2004). Innovation metrics: Measurement to insight. Center for Accelerating Innovation and George Washington University, National Innovation, Initiative 21st Century Working Group 22. [Google Scholar]
  341. Morbey, G.K. and Reithner, R.M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3): 11–14, https://doi.org/10.1080/08956308.1990.11670656 [Google Scholar]
  342. Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2): 155–176, https://doi.org/10.1016/j.jjie.2005.07.001 [Google Scholar]
  343. Nissim, D. and Thomas, J. (2000). R&D costs and accounting profits. University of Haifa, Zimmerman Foundation Discussion Paper ZF-01-01. [Google Scholar]
  344. Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R. and Schacht, A.L. (2010). How to improve R&D productivity: the pharmaceutical industry’s grand challenge. Nature Reviews Drug discovery, 9(3): 203–214, https://doi.org/10.1038/nrd3078 [Google Scholar]
  345. Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69(1): 44–68. [Google Scholar]
  346. Thomson-Reuters (2016). Disruptive, game-changing innovation. 2016 State of Innovation. Reuters. [Google Scholar]
  347. Toivanen, O., Stoneman, P. and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1): 39–61, https://doi.org/10.1111/1468-0084.00002 [Google Scholar]
  348. Tubbs, M. (2007). The relationship between R&D and company performance. Research-Technology Management, 50(6): 23–30, https://doi.org/10.1080/08956308.2007.11657470 [Google Scholar]
  349. Wang, J. and Chung-Yu Yang (2012). Flexibility planning for managing R&D projects under risk. International Journal of Production Economics, 135(2): 823–831, https://doi.org/10.1016/j.ijpe.2011.10.020 [Google Scholar]
  350. Yunkui, Xue and Wang Zhitai (2001). The Importance of R&D and the Improvement of Its Disclosure. Accounting Research, 3. [Google Scholar]

Full metadata record

Cite this record

APA style

Karpa, Waldemar & Nowakowski, Jakub (2018). Karpa, W. , & Nowakowski, J. . (2018). Estimating R&D Returns In Health Care Industry. Central European Management Journal, 26(2), 34-46. https://doi.org/10.7206/jmba.ce.2450-7814.227 (Original work published 2018)

MLA style

Karpa, Waldemar and Nowakowski, Jakub. Karpa, W. , and J. Nowakowski. “Estimating R&d Returns In Health Care Industry”. 2018. Central European Management Journal, vol. 26, no. 2, 2018, pp. 34-46.

Chicago style

Karpa, Waldemar and Nowakowski, Jakub. Karpa, Waldemar , and Jakub Nowakowski. “Estimating R&d Returns In Health Care Industry”. Central European Management Journal, Central European Management Journal, 26, no. 2 (2018): 34-46. doi:10.7206/jmba.ce.2450-7814.227.

People also read: