R&D plans, expectations, and uncertainty: Evidence from the COVID-19 shock in Italy

被引：0

作者：

Brancati, Emanuele ^{[1
,2
]}

机构：

[1] Sapienza Univ Rome, Dept Econ & Law, Rome, Italy

[2] IZA Inst Lab Econ, Bonn, Germany

来源：

STRUCTURAL CHANGE AND ECONOMIC DYNAMICS | 2023年 / 67卷

关键词：

Firms; R&D; Expectations; Uncertainty; COVID-19; SCHUMPETERIAN PATTERNS; REAL OPTIONS; INVESTMENT; INNOVATION; FIRMS; DEMAND; IMPACT; VARIABLES; SELECTION; CRISIS;

D O I：

10.1016/j.strueco.2023.08.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper takes advantage of the COVID-19 outbreak to explore the determinants of firms' R&D choices around an exogenous shock. We make use of unique panel data on 7,800 Italian companies between January -right before the pandemic- and March 2020 -amid lockdown policies. We exploit the short-run revision in firms' research plans to test the impact of deteriorating expectations and uncertainty on firms' R&D. In addition to the significant role played by firms' expectations, we find that preexisting innovative activities significantly shaped the reaction to the general uncertainty shock.

引用

页码：303 / 318

页数：16

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