Can government R&D expenditure promote innovation? New evidence from 37 OECD countries
Abstract
This research employs a fixed effect model to empirically estimate panel data from 37 OECD countries spanning 2000 to 2021, revisiting the influence of government R&D expenditure on innovation within the theory of marginal diminishing effect. Results reveal a significant positive effect of government R&D expenditure on national innovation capacity, and this influence remains robust under robustness checks. Then, quantile regression uncovers a nuanced pattern, indicating that as a country’s innovation capacity strengthens, the stimulative effect of government R&D expenditure initially rises and subsequently declines. Additionally, incorporating lags of the independent variable at different periods affirms the time lag effect of government R&D expenditure on national innovation capacity. Deeper scrutiny using two fixed effect models including interaction terms reveals a multifaceted mechanism, where government R&D expenditure fosters innovation by promoting bank credit, yet simultaneously suppresses innovation by hindering non-governmental R&D intensity. Lastly, heterogeneity analysis affirms that government efficiency, democracy, ruling party ideology, political stability, and economic freedom moderate the link between government R&D expenditure and national innovation capacity. These insights offer new references for governments to promote innovation.
First published online 23 October 2024
Keyword : government R&D expenditure, innovation, OECD, bank credit, government efficiency
How to Cite
Ding, Y., Yin, F., Chin, L., Zhou, K., Taghizadeh-Hesary, F., & Li, Y. (2024). Can government R&D expenditure promote innovation? New evidence from 37 OECD countries. Technological and Economic Development of Economy, 1-25. https://doi.org/10.3846/tede.2024.22293
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Li, B., Chang, C. P., & Zheng, M. (2021). Assessment of innovation and foreign direct investment: An investigation of OECD countries. Pacific Economic Review, 26(3), 392–403. https://doi.org/10.1111/1468-0106.12346
Li, Z., Chen, H., & Mo, B. (2023). Can digital finance promote urban innovation? Evidence from China. Borsa Istanbul Review, 23(2), 285–296. https://doi.org/10.1016/j.bir.2022.10.006
Liu, J., Chang, H., Forrest, J. Y. L., & Yang, B. (2020). Influence of artificial intelligence on technological innovation: Evidence from the panel data of China’s manufacturing sectors. Technological Forecasting and Social Change, 158, Article 120142. https://doi.org/10.1016/j.techfore.2020.120142
Lovett, K. (2011). Institutional design and economic growth: the relationship between bureaucracy and economic performance in a global economy (Working Paper).
Lööf, H., & Heshmati, A. (2007). The impact of public funds on private R&D investment: New evidence from a firm level innovation study (MTT Discussion Paper, No. 3). MTT Agrifood Research Finland.
Morita, H., & Nguyen, X. (2021). FDI and quality-enhancing technology spillovers. International Journal of Industrial Organization, 79, Article 102787. https://doi.org/10.1016/j.ijindorg.2021.102787
Nakano, M., & Nguyen, P. (2012). Board size and corporate risk taking: Further evidence from Japan. Corporate Governance: An International Review, 20(4), 369–387. https://doi.org/10.1111/j.1467-8683.2012.00924.x
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Omri, A. (2020). Technological innovation and sustainable development: Does the stage of development matter?. Environmental Impact Assessment Review, 83, Article 106398. https://doi.org/10.1016/j.eiar.2020.106398
Parrotta, P., Pozzoli, D., & Pytlikova, M. (2014). The nexus between labor diversity and firm’s innovation. Journal of Population Economics, 27, 303–364. https://doi.org/10.1007/s00148-013-0491-7
Pradhan, R. P., Arvin, M. B., Hall, J. H., & Nair, M. (2016). Innovation, financial development and economic growth in Eurozone countries. Applied Economics Letters, 23(16), 1141–1144. https://doi.org/10.1080/13504851.2016.1139668
Ren, Y. (2022). Industrial investment funds, government R&D subsidies, and technological innovation: Evidence from Chinese companies. Frontiers in Psychology, 13, Article 890208. https://doi.org/10.3389/fpsyg.2022.890208
Syed, Q. R., Bouri, E., Zafar, R. F., & Adekoya, O. B. (2022). Does geopolitical risk mitigate inbound tourism? Evidence from panel quantile regression. Journal of Public Affairs, 22, Article e2784. https://doi.org/10.1002/pa.2784
Tan, J., Zhang, Y., & Cao, H. (2023). The FDI-spawned technological spillover effects on innovation quality of local enterprises: Evidence from industrial firms and the patents in China. Applied Economics, 55(49), 5800–5815. https://doi.org/10.1080/00036846.2022.2140765
Tang, D., Li, Y., Zheng, H., & Yuan, X. (2022). Government R&D spending, fiscal instruments and corporate technological innovation. China Journal of Accounting Research, 15(3), Article 100250. https://doi.org/10.1016/j.cjar.2022.100250
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Wang, H., Xue, C., Li, Y., & Zhao, P. (2023). The impact of government subsidies on the human resources and innovation output of makerspaces according to signal theory. International Journal of Technology Management, 92(3), 139–158. https://doi.org/10.1504/IJTM.2023.128835
Wang, Q. J., Feng, G. F., Chen, Y. E., Wen, J., & Chang, C. P. (2019). The impacts of government ideology on innovation: What are the main implications?. Research Policy, 48(5), 1232–1247. https://doi.org/10.1016/j.respol.2018.12.009
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