PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2021 | 10 | nr 2 | 27--43
Tytuł artykułu

Reexaming the Economic Recovery Tax Act of 1981: Evidence from Innovative Efficiency

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The research objective of this article is to examine the Economic Recovery Tax Act of 1981 (ERTA) on innovative efficiency, which measures how effectively firms convert research spending and existing human capital into new patents and products. Research method- wise, this study measures innovative efficiency by dividing the number of new patents to average R&D expenses and analyses how innovative efficiency changed after the ERTA using regression. The main conclusion is that the ERTA tax credit decreased innovative efficiency and competitions for research resources could explain this reduction. These findings provide new insights on the effectiveness of R&D tax policies from the efficiency perspective. Policy makers should consider these findings when designing R&D tax policies in the future. (original abstract)
Rocznik
Tom
10
Numer
Strony
27--43
Opis fizyczny
Twórcy
autor
  • University of Michigan, USA
Bibliografia
  • Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and institutional ownership. American Economic Review, 103(1), 277-304. http://dx.doi.org/10.1257/aer.103.1.277.
  • Almeida, H., Hsu, P., Li, D., & Tseng, K. (2021). More cash, less innovation: The effect of the American Jobs Creation Act on patent value. Journal of Financial and Quantitative Analysis, 56(1), 1-28. http://dx.doi.org/10.1017/S0022109019000954.
  • Atanassov, J. (2013). Do hostile takeovers stifle innovation? Evidence from antitakeover legislation and corporate patenting. Journal of Finance, 68(3), 1097-1131. http://dx.doi.org/10.1111/jofi.12019.
  • Berger, P. (1993). Explicit and implicit tax effects of the R&D tax credit. Journal of Accounting Research, 31(2), 131-171. http://dx.doi.org/10.2307/2491268.
  • Cappelen, A., Raknerud, A., & Rybalka, M. (2011). The effects of R&D tax credits on patenting and innovations. Research Policy, 41(2), 334-345. http://dx.doi.org/10.1016/j.respol.2011.10.001.
  • Cazrnitzki, D., Hanel, P., & Rosa, J.M. (2010). Evaluating the impact of R&D tax credits on innovation: a microeconometric study on Canadian firms. Research Policy, 49(2),217-229. http://dx.doi.org/10.1016/j.respol.2010.09.017.
  • Chang, X., Hilary, G., Kang, H., & Zhang, W. (2015). Innovation, Managerial Myopia, and Financial Reporting. INSEAD Working Paper, 2013/35/AC. http://dx.doi.org/10.2139/ssrn.2189938.
  • Chircop, J., Collins, D.W., Hass, L.H., & Nguyen, N.Q. (2020). Accounting comparability and corporate innovative efficiency. The Accounting Review, 95(4), 127-151. http://dx.doi.org/10.2308/accr-52609.
  • Edler, J., & Fagerberg, J. (2017). Innovation policy: what, why, and how. Oxford Review of Economic Policy, 33(1), 2-23. http://dx.doi.org/10.1093/oxrep/grx001.
  • Eng, J.J., & Shackell, M. (2001). The implications of long-term performance plans and institutional ownership for firms' research and development (R&D) investments. Journal of Accounting, Auditing, and Finance, 16(2), 117-139. http://dx.doi.org/10.1177/0148558X0101600204.
  • Ernst and Young (2008). Supporting innovation and economic growth: the broad impact of the R&D tax credit in 2005. London: Ernst and Young.
  • Fang, V., Tian, X., & Tice, S. (2014). Does stock liquidity enhance or impede firm innovation? Journal of Finance, 69(5), 2085-2125. http://dx.doi.org/10.1111/jofi.12187.
  • Francis, J., & Smith, A. (1995). Agency Costs and Innovation: Some Empirical Evidence. Journal of Accounting and Economics, 19(2-3), 383-409. http://dx.doi.org/10.1016/0165-4101(94)00389-M.
  • Gaessler, F., Hall, B.H., & Harhoff, D. (2021). Should there be lower taxes on patent income? Research Policy, 50(1), 104-129. http://dx.doi.org/10.1016/j.respol.2020.104129.
  • Griliches, Z., Pakes, A., & Hall, B.H. (1987). The value of patents as indicators of inventive activity. Economic policy and technological performance. In P. Dasgupta, P. Stoneman (Eds.). Economic Policy and Technological Performance. Cambridge: Cambridge University Press. http://dx.doi.org/10.1017/CBO9780511559938.006.
  • Hall, B.H. (1993). R&D tax policy during the eighties: success or failure? In J. Poterba (Ed.). Tax Policy and the Economy. Cambridge: MIT Press. http://dx.doi.org/10.3386/w4240.
  • Hall, B.H., & Lerner, J. (2010). The financing of R&D and innovation. In B.H. Hall, N. Rosenberg (Eds.). Handbook of the Economics of Innovation. New York: Elsevier. http://dx.doi.org/10.1016/S0169-7218(10)01014-2.
  • Hall, B.H., & Van Reenen, J. (2000). How effective are fiscal incentives for R&D? A review of the evidence. Research Policy, 29(4-5), 449-470. http://dx.doi.org/10.1016/S0048-7333(99)00085-2.
  • Hall, B.H., Jaffe, A., & Trajtenberg, M. (2001). The NBER patent citation data file: lessons, insights and methodological tools. NBER Working Paper Series, 8498. http://dx.doi.org/10.3386/w8498.
  • Hall, B.H., Jaffe, A., & Trajtenberg, M. (2005). Market value and patent citations. The RAND Journal of Economics, 36(1), 16-38.
  • He, J., & Tian, X. (2013). The dark side of analyst coverage: the case of innovation. Journal of Financial Economics, 109(3), 856-878. http://dx.doi.org/10.1016/j.jfineco.2013.04.001.
  • Kahn, K. (2018). Understanding innovation. Business Horizons, 61(3), 453-460. http://dx.doi.org/10.1016/j.bushor.2018.01.011.
  • Manso, G. (2011). Motivating innovation. Journal of Finance, 66(5), 1823-1860. http://doi.org/10.1111/j.1540-6261.2011.01688.x.
  • McCutchen, W.M. (1993). Estimating the impact of the R&D tax credit on strategic groups in the pharmaceutical industry. Research Policy, 22(4), 337-351. http://dx.doi.org/10.1016/0048-7333(93)90004-2.
  • Merz, M. (2021). Innovative efficiency as a lever to overcome financial constraints in R&D contests. Economics of Innovation and New Technology, 30(3), 284-294. http://dx.doi.org/10.1080/10438599.2019.1695946.
  • Mohnen, P., Vankan, A., & Verspagen, B. (2017). Evaluating the innovation box tax policy instrument in the Netherlands, 2007-2013. Oxford Review of Economic Policy, 33(1), 141-156. http://dx.doi.org/10.1093/oxrep/grw038.
  • Stewart, L.A., Warda, J., & Atkinson, R. (2012). We're
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171629724

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.