Firm characteristics and the cyclicality of R&D investments
研究了企业特征和市场条件如何影响研发投资在经济周期中的顺周期、逆周期或非系统性行为，并归纳出三类行为的企业画像。
The aim of this study is to combine micro-aspects of firm behavior with macro aspects of business development and identify market conditions (e.g. price competition) and firm characteristics (e.g. type of R&D partners) that enable a firm to have a pro-cyclical, anti-cyclical, or non-systematic R&D investment behavior. The empirical results confirm to large extent a series of hypotheses as to innovation-relevant firm characteristics that underline the three different behavior categories and allow us to make profiles of the three types of R&D behavior.