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Drawing on data from more than 3000 small and microChinese firms, this paper studies the determinants of R&amp;D spending, focusing on the entrepreneurs’ attributes. The characteristics of an entrepreneur can be crucially relevant in determining investment by small and micro firms in a risky undertaking like R&amp;D. Results show that male owners and college graduates are more likely to invest in R&amp;D, while older owners are less likely to do so. Previous work and entrepreneurial experience contributed to the propensity to invest in R&amp;D but work experience in the government do not matter. Regarding ownership attributes, individual owners are less likely to invest in R&amp;D, whereas the effect of private ownership is statistically insignificant. Other than that, we find that higher firm sales spur R&amp;D spending, with the influences of leverage and return on assets being statistically insignificant.

How do entrepreneurs’ characteristics affect R&D expenditure? Evidence from small and micro Chinese firms