Explicando las diferencias en los retornos a la innovación en Argentina. El rol de los factores complementarios

ARZA, VALERIA; CIRERA, XAVIER; COLONNA, AGUSTINA; LÓPEZ, EMANUEL

Buenos Aires

Jornada; Impulsando la productividad de las empresas en Argentina: determinantes y políticas para crecer en el largo plazo; 2019

Ministerio de Producción - Banco Mundial

Argentina?s investments in R&D are well below its peers when it comes to private investments. One key explanation for this phenomenon is related to low and very heterogeneous returns to R&D activities on productivity. This paper uses novel microdata to estimate the returns to R&D and understand the contextual factors that shape their heterogeneity. We group these context-based factors into knowledge complementary factors (i.e. they affect the returns via learning capabilities from external sources of knowledge) and market complementary factors (they act via business capabilities to appropriate the returns to R&D investments). In addition, we hypothesize that context factors effects depend on firms? management capabilities and attitudes (innovative capacity), which determine firms? ability to benefit from the context. Results suggest that the returns are indeed heterogeneous across regions and sectors, and these depend on some context-based factors, which can boost or hold back the returns. Also, certain firm specific characteristics increase their sensitivity towards contextual factors, hence changing their relationship with firm?s productivity, either directly or through R&D returns. The results have important policy implications. Firstly, considering these context-based factors in policy design is critical to enhance the effectiveness of innovation policies. Secondly, since context-based factors are intrinsically associated to regions and sectors, there is a need to design flexible innovation policy that could better adapt to the specific regional and industrial needs. Finally, building managerial capabilities seems to be key for firms to maximize the impact of these factors on the returns to R&D. Given the lack of specific programs regarding these aspects, this may well be an area for public policies to focus on.