The Decision Between Internal and External R&D

Abstract

The purpose of this paper is to identify those factors shaping the decision to engage in external R & D. We use the lens of institutional economics to link the decision to engage in external R & D to both firm-and industry-specific characteristics. In particular, we find that internal and external R & D tend to be complements in high-technology industries but substitutes in low-technology industries. (JEL: O 3).

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