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
收藏
页码：303 / 318
页数：16
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