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Given that there is ample evidence that firms have social concerns, in this paper, we analyse their influence on firms’ R&amp;D cooperation with spillovers. We find that social concerns encourage firms to invest more in R&amp;D when they do not cooperate than when they do. Moreover, when the social concern is great enough firms invest more under non-cooperative R&amp;D independently of the spillover value. We also find that firms may prefer not to cooperate on R&amp;D, which does not happen when they do not care about social concerns. Regarding the preference of the government, cooperative R&amp;D agreements generate greater social welfare than non-cooperative R&amp;D in two cases: if the spillover is high enough and the concern of firms about social issues is low enough, and if firms care enough about social issues. Finally, under non-cooperative R&amp;D firms may invest more than the socially efficient level.

Cooperative and non-cooperative R&D with spillovers under consumer-friendly firms