Cooperative and non-cooperative R&D in product innovation and firm performance
Abstract
The aim of this article is to investigate the impacts of cooperative and non-cooperative R&D strategies on product innovation and firm performance. Based on the industrial economics literature and the optimisation model, R&D competition, R&D cartelisation, and full industry cartelisation strategies of firms operating on a market with differentiated goods and simultaneous price and quality competition are considered. It is showed that R&D cartelisation entails a loss of firm’s product innovation compared with R&D competition. However, profit-maximising firms do not prefer the R&D competition strategy. They prefer to pursue either R&D cartelisation or full industry cartelisation strategies, depending on the elasticity of demand with respect to the firm’s investment in R&D. The social cost of R&D cartelisation is a loss of product innovation, and the social cost of full industry cartelisation is both the loss of product innovation and the loss of consumer surplus due to a relatively high price and low output of the final product. The latter results carry significant implications for the modern business and public policy.
Keyword : R&D, strategy, innovation, firm performance, price competition, quality competition
How to Cite
Karbowski, A. (2019). Cooperative and non-cooperative R&D in product innovation and firm performance. Journal of Business Economics and Management, 20(6), 1121-1142. https://doi.org/10.3846/jbem.2019.11050
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Dosi, G. (1988). Sources, procedures, and microeconomic effects of innovation. Journal of Economic Literature, 26, 1120-1171.
Dwicahyani, A., Rosyidi, C., & Pujiyanto, E. (2019). Minimizing gap of utility between consumer and producer in a duopoly market considering outsourcing decision, price, and product tolerance. Production & Manufacturing Research, 7, 23-43. https://doi.org/10.1080/21693277.2019.1571957
Flath, D. (2012). Are there any cournot industries in Japan?. The Japanese Economy, 39, 3-36. https://doi.org/10.2753/JES1097-203X390201
Geroski, P. (1995). Do spillovers undermine the incentive to innovate? In S. Dowrick (Ed.), Economic approaches to innovation. Aldershot: Edward Elgar.
Goldberg, P. (1995). Product differentiation and oligopoly in international markets: the case of the U.S. automobile industry. Econometrica, 63, 891-951. https://doi.org/10.2307/2171803
Gostkowski, M. (2018). Elasticity of consumer demand: estimation using a quadratic almost ideal de-
mand system. Econometrics, 22, 68-78. https://doi.org/10.15611/eada.2018.1.05
Griliches, Z. (1998). R&D and productivity: the econometric evidence. Chicago: University of Chicago Press. https://doi.org/10.7208/chicago/9780226308906.001.0001
Hinloopen, J. (2000). Strategic R&D cooperatives. Research in Economics, 54, 153-185. https://doi.org/10.1006/reec.1999.0211
Hofman, E., Faems, D., & Schleimer, S. (2017). Governing collaborative new product development: toward a configurational perspective on the role of contracts. Journal of Product Innovation Management, 34, 739-756. https://doi.org/10.1111/jpim.12412
Horvath, R. (2001). Cooperation in research and development. Barcelona: Universitat Autonoma de Barcelona.
Hult, G., Hurley, R., & Knight, G. (2004). Innovativeness: its antecedents and impact on business performance. Industrial Marketing Management, 33, 429-438. https://doi.org/10.1016/j.indmarman.2003.08.015
Hurley, R., & Hult, G. (1998). Innovation, market orientation, and organizational learning: an integration and empirical examination. Journal of Marketing, 62, 42-54. https://doi.org/10.1177/002224299806200303
Inkmann, J. (2000). Horizontal and vertical R&D cooperation. Centre of finance and econometrics at the university of Konstanz, discussion paper 02/2000.
Kaiser, U., & Licht, G. (1998). R&D cooperation and R&D intensity: theory and micro econometric evidence for German manufacturing industries. ZEW discussion paper 98-26.
Kaiser, U. (2002). An empirical test of models explaining research expenditures and research cooperation: evidence for the German service sector. International Journal of Industrial Organization, 20, 747-774. https://doi.org/10.1016/S0167-7187(01)00074-1
Kamien, M., Muller, E., & Zang, I. (1992). Research joint ventures and R&D cartels. American Economic Review, 82, 1293-1306.
Kamien, M., & Zang, I. (2000). Meet me halfway: research joint ventures and absorptive capacity. International Journal of Industrial Organization, 18, 995-1012. https://doi.org/10.1016/S0167-7187(00)00054-0
Karbowski, A. (2016). The elasticity-based approach to enterprise innovation. International Journal of Management and Economics, 49, 58-78. https://doi.org/10.1515/ijme-2016-0004
Karbowski, A., & Prokop, J. (2018). R&D activities of enterprises, product market leadership, and collusion. Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, 36, 735-753.
Katz, M. (1986). An analysis of cooperative research and development. RAND Journal of Economics, 17, 527-543. https://doi.org/10.2307/2555479
Kim, K. (2018). Diminishing returns to R&D investment on innovation in manufacturing SMEs: Do the technological intensity of industry matter? International Journal of Innovation Management, 22, 1850056. https://doi.org/10.1142/S1363919618500561
Kleinknecht, A., van Montfort, K., & Brouwer, E. (2002). The non-trivial choice between innovation indicators. Economics of Innovation and New Technology, 11, 109-121. https://doi.org/10.1080/10438590210899
Klomp, L., & van Leeuwen, G. (2001). Linking innovation and firm performance: a new approach. International Journal of the Economics of Business, 8, 343-364. https://doi.org/10.1080/13571510110079612
Lafay, T., & Maximin, C. (2017). How R&D competition affects investment choices. Managerial and Decision Economics, 38, 109-124. https://doi.org/10.1002/mde.2745
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