References
- Aghion , P. and Saint-Paul , G. 1998 . Uncovering some causal relationships between productivity growth and the structure of economic fluctuations: A tentative survey . Labour , 12 ( 2 ) : 279 – 303 .
- Aghion, P., Angeletos, G.-M., Banerjee, A. & Manova, K. (2005) Volatility and growth: Credit constraints and productivity-enhancing investment. NBER working papers 11349, NBER, Cambridge, MA.
- Aghion, P., Askénazy, P., Berman, N., Cette, G. & Eymard, L. (2008) Credit constraints and the cyclicity of R&D investment: Evidence from France. Banque de France (ed.), working papers, Notes d'Etudes et de Recherche, n° 193, Paris.
- Archibugi, D. & Filippetti, A. (2009) Is the crisis striking innovation? Evidence from Europe. SSRN. Available at http://ssrn.com/abstract=1475664 (accessed 19 September 2009).
- Arrow , K. 1962 . “ Economic welfare and the allocation of resources for invention ” . In The Rate and Direction of Inventive Activity , Edited by: Nelson , R. 609 – 626 . Princeton , NJ : Princeton University Press .
- Audretsch, D. & Weigand, J. (1999) Does science make a difference? Investment, finance and corporate governance in German industries. CEPR discussion papers 2056, CEPR, London.
- Barrett, C. W., Musso, C. S. & Padhi, A. (2009) Upgrading R&D in a downturn, The McKinsey Quarterly, February.
- Belderbos, R., Sleuwaegen, L. & Veugelers, R. (2010) Market Integration and Technological Leadership in Europe, European Economy Economic Papers #403, European Commission, Directorate General for Economic and Financial Affairs, February 2010, Brussels.
- Bond, S., Harhoff, D. & Van Reenen, J. (1999) Investment, R&D and financial constraints in Britain and Germany. Institute for Fiscal Studies working paper #W99/05, 45 pages, Institute for Fiscal Studies, London.
- Brockhoff , K. 1998 . Internationalization of Research and Development , Heidelberg : Springer .
- Canton , E. and Uhlig , H. 1999 . Growth and the cycle: Creative destruction versus entrenchment . Journal of Economics , 69 ( 3 ) : 239 – 266 .
- Cincera , M. 2003 . “ Financing constraints, fixed capital and R&D investment decisions of Belgian firms ” . In Firms’ Investment and Finance Decisions: Theory and Empirical Methodology , Edited by: Butzen , P. and Fuss , C. 129 – 147 . Cheltenham : Edward Elgar .
- Cincera , M. and Ravet , J. 2010 . Financing constraints and R&D investments of large corporations in Europe and the USA . Science and Public Policy , 37 ( 6 ) : 455 – 466 .
- Cincera, M. & Veugelers, R. (2010) Young leading innovators and EU's R&D intensity gap, IPTS working paper on corporate R&D and innovation, no. 07/2010, IPTS, Seville, Spain.
- Cincera, M., Cozza, C. & Tübke, A. (2010a) Drivers and policies for increasing and internationalising R&D activities of EU MNEs. IPTS working paper on corporate R&D and innovation, No. 2/2010, IPTS, Seville, Spain.
- Cincera, M., Cozza, C., Tübke, A. & Voigt, P. (2010b) Doing R&D or not (in a crisis), that is the question …. IPTS working paper on corporate R&D and innovation, No. 12/2010, IPTS, Seville, Spain.
- Clark , J. , Freeman , C. and Soete , L. 1981 . Long waves, inventions, and innovations . Futures , 13 ( 4 ) : 308 – 322 .
- Diamond , D. W. 1989 . Reputation acquisition in debt markets . Journal of Political Economy , 97 ( 4 ) : 828 – 862 .
- Dunning , J. and Narula , R. 1995 . The R&D activities of foreign firms in the United States . International Studies of Management & Organization , 25 ( 1–2 ) : 39 – 72 .
- Etzkowitz , H. and Ranga , M. 2009 . A trans-Keynesian vision of innovation for the contemporary economic crisis: ‘Picking winners’ revisited . Science and Public Policy , 36 ( 10 ) : 799 – 808 .
- EurActive (2008) Financial crisis is expected to slow R&D investment. Article 176728. Available at http://www.euractiv.com/en/science/financial-crisis-expected-slow-rd-investment/article-176728 (accessed 28 October 2008).
- European Commission (2009a) Economic Crisis in Europe: Causes, Consequences and Responses, Directorate-General for Economic and Financial Affairs (ed.) Brussels.
- European Commission (2009b) The 2008 EU Survey on R&D Investment Business Trends. Available at http://iri.jrc.ec.europa.eu/research/docs/survey/2008/JRC51800.pdf (accessed 23 July 2012).
- European Commission (2010) Directorate-General for Enterprise: Europe 2020 Flagship Initiative Innovation Unions, COM 2010 (546).
- European Innovation Scoreboard (2009) Released annually by PRO INNO EUROPE. Available at http://www.proinno-europe.eu (accessed 23 July 2012).
- EUROSTAT (2008) Science, Technology and Innovation in Europe, 2008 edition (EUROSTAT: Luxembourg).
- Francois , P. and Lloyd-Ellis , H. 2003 . Animal spirits through creative destruction . The American Economic Review , 93 ( 3 ) : 530 – 550 .
- Harhoff , D. 1998 . Are there financing constraints for R&D and investment in German manufacturing firms? . Annales d'Economie et de Statistiques , : 421 – 456 .
- Hatzichronoglou , T. 2008 . The Location of Investment of Multinationals Linked to Innovation , Paris : Organisation for Economic Co-operation and Development .
- Heckman , J. 1979 . Sample selection bias as a specification error . Econometrica , 47 ( 1 ) : 153 – 161 .
- Heshmati, A. & Lööf, H. (2006) R&D investment and performance: Is there correlation or causality? The IUP Journal of Industrial Economics, 3(4), pp. 43–59.
- Kuemmerle, W. (1997) Building effective R&D capabilities abroad, Harvard Business Review, March–April, pp. 61–70.
- Kuemmerle , W. 1999 . Foreign direct investment in industrial research in the pharmaceutical and electronic industries—results from a survey of multinational firms . Research Policy , 28 ( 2–3 ) : 179 – 193 .
- Kumar , N. 2001 . Determinants of location of overseas R&D activity of multinational enterprises: The case of US and Japanese corporations . Research Policy , 30 ( 1 ) : 159 – 174 .
- Le Bas , C. and Sierra , C. 2002 . Location versus home country advantages’ in R&D activities: Some further results on multinationals’ locational strategies . Research Policy , 31 ( 4 ) : 589 – 609 .
- Mensch , G. 1975 . Das technologische Patt: Innovationen überwinden die Depression , Frankfurt : Umschau Verlag .
- Mohandas, P. (2008) Crisis-hit tech firms blink—engineering placements suffer, The Wall Street Journal. Available at http://www.livemint.com/2008/11/12003417/Crisishit-tech-firms-blink-e.html?h=B (11 December 2008).
- Mulkay , B. , Hall , B. H. and Mairesse , J. 2001 . “ Investment and R&D in France and the United States ” . In Investing Today for the World of Tomorrow , Edited by: Heinz , H. and Strauch , R. 229 – 273 . Berlin : Springer Verlag .
- Mundell , R. A. 1961 . A theory of optimum currency areas . American Economic Review , 51 ( 4 ) : 657 – 665 .
- Nelson , R. R. 2000 . “ National innovation systems ” . In Regional Innovation, Knowledge and Global Change , Edited by: Acs , Z. 11 – 26 . London : Pinter .
- NESTA (2008) Attacking the recession—how innovation can fight the downturn. NESTA discussion paper, December 2008. Available at www.nesta.org.uk (accessed 23 July 2012).
- OECD . 1998 . The Internationalisation of Industrial R&D: Patterns and Trends , Paris : OECD Publishing .
- OECD . 2005 . Oslo Manual. Guidelines for Collecting and Interpreting Innovation Data , 3 , Paris : OECD Publishing .
- OECD (2008) Recent Trends in the Internationalisation of R&D in the Enterprise Sector, DSTI/EAS/IND/SWP (2006)1/Final (Paris: OECD Publishing).
- OECD (2010) Measuring Globalisation: OECD Economic Globalisation Indicators 2010 (Paris: OECD Publishing).
- Patel , P. and Vega , M. 1999 . Patterns of internationalisation of corporate technology: Location vs. home country advantages . Research Policy , 28 ( 2–3 ) : 145 – 155 . (Research Day: Europe Issue 3226)
- Rhodes, D. & Stelter, D. (2008) A downturn opens up rare opportunities to outmaneuver rivals, Financial Times, Reports, http://www.ft.com/cms/s/0/9742b570-ba89-11dd-aecd-0000779fd18c.html?nclick_check=1 (accessed 25 November 2008).
- Sainsbury , D. J. 2007 . The Race to the Top: A Review of the Government's Science and Innovation Policies , London : HM Treasury .
- Saint-Paul , G. 1993 . Productivity growth and the structure of the business cycle . European Economic Review , 37 ( 4 ) : 861 – 883 .
- Shleiffer , A. 1986 . Implementation cycles . The Journal of Political Economy , 94 ( 6 ) : 1163 – 1190 .
- Soete, L. (2009) Challenges for making European research an engine of competitiveness. Presented at VINNOVA workshop: How can a future ERA support and stimulate research, innovation, and sustainable economic growth in Europe? Berlin, March 17, 2009.
- Stephan, A. (2004) R&D expenditures of firms over the business cycle: Evidence for Germany. Berlin: Study for the German Ministry of Education and Science.
- Stiglitz, J. (1993) Endogenous growth and cycles. NBER WP N°4286, NBER, Cambridge, MA.
- The Economist Intelligence Unit (2004) Scattering the Seeds of Invention: The Globalisation of R&D. White paper sponsored by Scottish Development International, London.
- Thursby, J. & Thursby, M. (2006) Here or There: A Survey of Factors in Multinational R&D Location. Report to the Government-University-Industry Research Roundtable, Washington, DC: The National Academies Press.
- UNCTAD (2005) World Investment Report 2005: Transnational Corporations and the Internationalization of R&D, New York: UNCTAD.
- Voigt, P. & Moncada Paternò Castello, P. (2009) The global economic and financial downturn: What does it imply for firms’ R&D strategies? IPTS working paper on corporate R&D and innovation, No. 12/2009, IPTS, Seville, Spain.
- von Zedtwitz , M. and Gassmann , O. 2002 . Market versus technology drive in R&D internationalization: Four different patterns of managing research and development . Research Policy , 31 ( 4 ) : 569 – 588 .