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This paper examines the association between firm-level research and development (RD a negative association was found with the capital to labor ratio. Macroeconomic growth had a positive impact on R&D expenses in each country but was statistically significant only for firms located in Germany, Great Britain, and the US. Equity capital is found to be a significant source of R&D funding for US firms. However, estimates for non-US firms indicate that capital intensity nor net equity issuance was a consistently significant predictor of R&D expenditures. The latter result may be due to cross-country differences in financial and institutional relationships between capital market and bank-based systems of corporate finance. Finally, this study underscores the importance of including macroeconomic growth in microeconometric panel models of R&D investment.

Is Equity Finance, Macroeconomic Growth and Capital Intensity Relevant to Firm-Level R&D Expenditures?