O objetivo deste trabalho é contribuir para literatura empírica que avalia o impacto dos incentivos públicos à pesquisa e desenvolvimento (P&D) com dados de firmas brasileiras. Em particular foi avaliado o impacto da Lei do Bem, instrumento de incentivo fiscal à atividade de pesquisa e desenvolvimento privado. Essa avaliação foi conduzida a partir de estimações de modelos econométricos com microdados de empresas industriais brasileiras. Foi aplicado a técnica de matching e realizadas estimações de modelos empíricos de investimento com dados em painel. O impacto foi avaliado considerando toda amostra de empresas industriais e por intensidade tecnológica, adicionalmente foi analisado o efeito de dosagem. Os resultados trazem evidências que existe impacto positivo no dispêndio em P&D nas firmas, rejeitando a hipótese de crowding-out. / The objective of this work is to contribute to the empirical literature that evaluates the effectiveness of public support on private R&D with Brazilian firms data. In particular was evaluated an instrument of fiscal incentive called ,,Lei do Bem\". The evaluation was conducted applying econometric approach using microdata of industrial firms. A matching was conducted and estimated empirical investment equation with panel data. The effect was evaluated in full sample and dividing by technological intensity, the dosage effect was also considered. The results indicate a positive impact on the expenditure in R&D, rejecting the crowding-out hypothesis.

A internacionalização das atividades de P&D permite às empresas multinacionais, dentre outras, acesso à tecnologia, que não seria obtida apenas com atuação no país de origem da companhia. Essa possibilidade pode promover uma maior capacidade de exploração do conhecimento tecnológico, podendo vir a se tornar uma plataforma de desenvolvimento de capacidades dinâmicas. O presente trabalho busca analisar como a internacionalização de P&D contribui para o desenvolvimento dos aspectos da capacidade dinâmica, tendo em vista que os elementos que a compõem podem ser mais facilmente alcançados com a dispersão de subsidiárias de P&D pelo mundo, garantindo, assim, maiores possibilidades de detecção de novas oportunidades mercadológicas e tecnológicas, melhores condições de aproveitamento e gestão adequada de mudanças do ambiente. Quanto à amplitude teórica, compreendem estudos relacionados a estruturas de internacionalização da atividade de P&D, como motivadores e coordenação de P&D e sua relação como os pressupostos inerentes ao desenvolvimento de capacidade dinâmica. Quanto aos procedimentos metodológicos foram adotadas a abordagem qualitativa exploratória, com análise de estudos de caso em empresas multinacionais brasileiras que possuem subsidiárias de P&D internacionalizadas. Com a pesquisa concluiu-se que a internacionalização de P&D motivada para aumento do conhecimento e com estrutura de coordenação de P&D descentralizadas e integradas influencia fortemente no desenvolvimento da capacidade dinâmica. / The internationalization of R & D allows multinational companies, among others, access technology, which would not be obtained only with operations in the home country of the company. This possibility can promote a greater ability to explore technological knowledge and could become a platform for the development of dynamic capabilities. This study aims to analyze how the internationalization of R & D contributes to the development of aspects of dynamic capability, given that the elements that make up the dynamic capability can be more easily achieved with R & D subsidiaries overseas, thus ensuring greater detection of possibilities of new technological and market opportunities, better utilization and proper management of environmental changes. Regarding the theoretical breadth, this work includes studies related to structures for internationalization activity of R&D, as well as the assumptions inherent in the development of dynamic capability. Regarding to the methodological procedures, exploratory qualitative approach will be adopted, through analyzing of case studies in Brazilian multinational companies that have R&D internationalized. Through research it was concluded that the internationalization of R&D motivated to increase knowledge and with decentralized and integrated coordination structure of R&D, influences strongly the development of dynamic capability.

Atualmente, o conhecimento, a técnica e a inovação tornaram-se fatores críticos para o desenvolvimento de vantagens competitivas. O fator tecnológico, com suas rápidas taxas de propagação e obsolescência, apresenta um desafio ímpar para a gestão de uma empresa. Nesse contexto, as empresas utilizam sua função de pesquisa e desenvolvimento (P&D) como forma de tomar conhecimento do ambiente tecnológico global, de suas mudanças e tendências, das inovações em desenvolvimento de produtos e dos impactos destas em relação ao seu negócio. Ao mesmo tempo, com a internacionalização, as empresas ficaram aptas a desenvolver, produzir e comercializar seus produtos em diferentes localidades, o que resultou em um aumento da complexidade gerencial. Assim, o desenvolvimento global de produtos passou a ser um fator-chave para o sucesso da estratégia organizacional, tornando-se imperativo coordenar os avanços tecnológicos globais com as necessidades dos mercados. Todas essas mudanças obrigaram as empresas multinacionais, inclusive as brasileiras, a ampliarem suas fronteiras tecnológicas de ação, pesquisando e desenvolvendo globalmente produtos e processos, tanto para um mercado mundial quanto para cada mercado local. Focando no processo de desenvolvimento de produtos, este trabalho estuda casos desse tipo de internacionalização em seis empresas multinacionais brasileiras. Os resultados mostraram que, em apenas dois caso, essa internacionalização do desenvolvimento de produto ocorreu por decisão da empresa. Em três outros, houve a internacionalização derivada de competências pré-existentes nas empresas, e, no último não houve internacionalização do desenvolvimento. / Nowadays, the knowledge, the technique and the innovation have become critical factors for the development of competitive advantages. The technological factor, with its rapid rate of propagation and obsolescence, represents a challenge for the management of firms. In this context, firms must be aware of the global technological environment, its changes and tendencies, innovations regarding the development of products and also the impacts of those in the firms\' business. At the same time, with the internationalization firms become capable to develop, manufacture and commercialize in different locations increasing the complexity of management. So, the global development of products becomes a key-factor for the success of the organizational strategy, because it has become crucial to coordinate the global technological advancements to the markets\' needs. All these changes lead multinationals, including the Brazilian ones, to extend its technological borders to global research, and to develop products and processes for local and global markets. Researching the process of product development, this dissertation presents a multiple case study of internationalization of the product development on Brazilian multinationals, aiming to answer the following question: how did the process of internationalization of firms motivate the internationalization of the product development? The results shown that for one multinational occurred the internationalization, for four others, this internationalization was \"incidental\" and for the last one there were no internationalization whatsoever.

Financing of research and development, as an important component of innovation, has attracted a renewed attention in academic financing literature. This paper examines the effect of financing constraints on R&D investments of high-tech Swedish companies over the period of 2010 to 2016. Accordingly, balance sheet data related to 49 companies, which has the smaller amount of employees in comparison with the rest of high-tech publicly listed companies is collected. Moreover, a dynamic model based on previous literature about financing constrained is developed to study the relation of both internal and external resources of financing with R&D investments of the selected companies. The result of this study shows that internal resources of financing such as cash holdings have a positive correlation with R&D investments. The coefficient of this financial variable is large enough to conclude that selected firms are financially constrained. However, based on other factors such as consideration of age and occurrence of global financial recession in the period that this study is accomplished, I concluded that dependence of companies to their internal resources for financing their R&D investments is an outcome of the characteristics of their environment.

This thesis explores Thailand's efforts to pursue greater competitiveness in global markets by enhancing the effectiveness of its National System of Innovation. The concept of national system of innovation (NSI) has been employed widely to study and describe the development of science, technology and innovation in a national context. NSI studies seek to explain systematic differences between national economies in their innovation performance in terms of the flow of knowledge among actors/players and the impacts of institutions and factors on their relationships or interactions. The concept was formally introduced into Thai policies in 2001 and it was adopted widely by the organisations directed to build up a strong national innovation system. However, the Thai innovation system has been identified by previous studies as a weak and fragmented system. This study investigates the current situation of the Thai NSI by exploring the relationships and the patterns of knowledge flows among actors in the Thai innovation system; heavily focusing on exploitation of public sector research. A comparative study was undertaken of innovations arising as a result of initiatives arising through the Thai NSI policy. Eighteen case studies were undertaken including 6 that were seen as successful and 12 failures. The study was carried out using in-depth interviews with relevant staff in both public and private sectors together with secondary analysis of science and technology policy implementation in Thailand. The interviews show that there are still many problems hindering the attempt to build up an effective relationship between the public and private sectors; many of them fail to construct R&D collaboration and to conduct technology transfer. The influential factors are analysed and identified from the cases. Those found repeatedly among successes, but largely absent in the failure cases include technological readiness, R&D capability, good management skills, and positive attitude towards R&D while some external factors are found specific to the individual case. Some of them can be contingent factors for particular features of the case resulting in diversity among the cases especially successful ones. The analysis of science and technology policy implementation is also integrated to explore the case studies in order to investigate the impact of those policies on the pattern of the Thai innovation system. Particularly, the policy that has been implemented after the introduction of the NSI concept which was intended to fix the linear model of innovation in Thailand. However, the analysis from this research demonstrates that there is a shortcoming in the adoption of the NSI policy in Thailand as it still follows the 'linear plus' model of innovation (Tait and Williams, 1999) revolving around promoting knowledge flows from research. The development of ST&I is embedded in the advanced science (most in the public sector) not for building up the competitive firms. The centre of development is not on firm capability development to create learning economies but on a science push model. To summarise from the empirical findings, the concept of NSI adopted in Thailand is used as a tool to briefly analyse the big picture of science and technology development at the national level and to identify the problems facing the country. However, this concept alone is not enough to stimulate a country's innovation process. The NSI concept has been understood in two broad ways: the Science, Technology and Innovation (STI) mode and the Doing, Using and Interacting (DUI) mode. In Thailand the former has prevailed. Secondly, the concept itself is too broad and vague to be used as the main guideline for building up innovative capacity; it only tells what should be done not how to do it. The NSI helps Thailand to initiate change in its ST&I development process although greater attention should be given to the DUI mode. However, the process requires other frameworks to support and translate the NSI concept into the level of action plans. As a result this research suggests that the factors that determine the success of technology/knowledge transfer are not only from the policy level but also other factors from the bottom up level such as social factors determining the relationships among actors.

This study examines the relationship between R&D intensity (R&D/sales) and firm value. Additionally, both the moderating effect of endogenous firm characteristics (i.e. firm size, leverage and the interaction between size and leverage) and institutional quality are considered. By employing a sample of 1,833 firms throughout 49 countries, this study finds evidence supporting a positive association between R&D and firm value in its cross-national sample. Moreover, the results support the positive moderating effect of leverage on the relationship between R&D and firm value, in favour of the disciplining role of debt. Furthermore, a negative moderating effect of firm size is found, suggesting that smaller firms possess a superior ability to appropriate value from their R&D investments. Lastly, the size-leverage interaction reveals that small firms with high leverage reap the greatest firm value from their R&D investments.

Economia / MASTERS IN ECONOMICS / The relationship between patents and R&D involves different levels besides the ones most obvious to us. Throughout the history of economics, patents have arisen as the core of a system of incentives to private pursue of R&D investments, providing the mechanism that guaranteed the appropriability of the output of the knowledge produced. The seminal work of Romer (1990) demonstrated the need to develop a system to assure the necessary return on innovative efforts and thus privately sustain a model of continuous technological improvement and economic growth. Patenting would result in imperfect competition and legally establish the monopoly over the use of the knowledge produced. This led to patents being perceived as an intermediate output of R&D efforts. Though this relationship has been subject of intensive study by economists, the reverse causality issue remains to be thoroughly analyzed, particularly in a negative sense. Can more patents have a negative effect on R&D investment? In the present thesis we address this question, synthesizing the theoretical and empirical studies concerning both the conventional R&D-patents relationship and the reverse causality, in particular, the potential for a negative impact of patents over R&D. The theoretical survey on this issue uncovered several gaps in the literature, specifically in terms of availability of empirical analysis at the country level. Despite the literature on reverse causality direction being scarce; the macroeconomic perspective on this issue is even more unexplored. In fact, there is no evidence that ruled out the possibility of asymmetric effects of patents on R&D in accordance to the level of GDP and technology in general, and to `convergence clubs in particular. Using panel data econometric estimation methods on a sample of 88 countries, over a eight-year period (1996-2003), and controlling for clubs of convergence to account for differences among countries in stages of economic development, we found mix support to the negativity of patent on R&D investment. Stratifying the sample by convergence clubs we obtain that accumulated patents positively impact on R&D intensity for the set of less developed countries whereas no statistically significant effect emerges in the case of higher developed converge clubs. Interestingly, when we restrict the highest developed convergence club down to countries with a R&D intensity above 3%, the negativity reverse causality arises, corroborating the asymmetric impact of patents on R&D investment depending on countries development and technological stage. Finally, we demonstrate that albeit causality appears to be stronger in the most intuitive appealing traditional direction, there is evidence supporting the theoretical conveyed double causality between R&D and Patent. JEL-codes: O31, O34

Economia e Gestão Internacional / Master in International Economics and Management / Os estudos que se debruçam sobre a influência e o impacto de organizações geradores de conhecimento (e.g., universidades ou instituições de I&D) têm sido, normalmente, abordados por meio da análise estritamente económica, enfatizando o seu impacto económico no âmbito local, regional ou nacional. No presente estudo, avança-se com uma metodologia alternativa de modo a avaliar a influência e o impacto científico internacional de uma instituição geradora e difusora de conhecimento. São assim estudados dois ramos da literatura que tratam, por um lado, da mensurabilidade do impacto económico de organizações de I&D, e por outro lado, dos fluxos de conhecimento: nomeadamente, estudos económicos tradicionais e análises cienciométricas e bibliométricas. Consequentemente, apresentamos aqui uma metodologia complementar, baseada na cienciometria e bibliometria, por considerar a influência de uma instituição de I&D através da análise da produção científica desenvolvida e por via do reconhecimento da sua relevância pela comunidade científica internacional. Concretamente, tendo como caso de estudo o INESC Porto, analisamos a dinâmica da sua produção científica durante os últimos doze anos, dando especial relevo à evolução das suas co-autorias científicas internacionais, delineando a arquitectura da sua network de conhecimento, bem como da sua estrutura (provavelmente) mutável. Adicionalmente, dando um enfoque especial às suas áreas científicas mais prolíficas, e atendendo ao trabalho científico registado no Science Citation Index (SCI), mapeamos as citações e inferimos sobre a sua influência e o seu impacto científico internacional. Desta forma, somos capazes de quantificar e mapear a rede científica internacional de uma organização produtora de conhecimento, através do uso de métodos estatísticos descritivos e geográficos, bem como por meio de modelos logit, que permitem a visualização do âmbito e a avaliação da importância da estrutura de influência internacional do INESC Porto. Os resultados demonstram que o INESC Porto tem vindo a expandir a sua rede científica internacional. De facto, a sua rede de influência ao nível do conhecimento chega aos cinco continentes. Para além disso, as estimações econométricas levam-nos a concluir que a influência geográfica alargada da investigação científica do INESC Porto não é resultado do seu posicionamento internacional em termos de co-autorias, mas antes sim da qualidade intrínseca da sua produção científica.

This dissertation analyzes the contracting problem between a firm and the research employees in its R&D department. The dissertation consists of two chapters. The first chapter addresses a simplified problem in which the R&D unit has only one agent. The second chapter studies a scenario in which the R&D unit consists of a team. In the first chapter, I look at problem in which a principal hires an agent to do a multi-stage R&D project. The transition from one stage to the next is modeled by a Poisson-type process, whose arrival rate depends on the agents choice of effort. I assume that effort choice is binary and unobservable by the principal. To overcome the repeated moral-hazard problem, the principal offers the agent a long-term contract which specifies a flow of payments based on his observation of the outcome of the project. The optimal contract combines rewards and punishments: the payment to the agent decrease over time in case of failure and jumps up to a higher level after each success. I also show that the optimal contract can be implemented by using a risky security that has some of the features of the stocks of these firms, thereby providing a theoretical justification for the wide-spread use of stock-based compensation in firms that rely on R&D. In the second chapter, I look at a scenario in which the R&D unit consists of a team, which I assume, for simplicity, comprises two risk-averse agents. Now, the Poisson arrival rate is jointly determined by the actions of both agents with the action of each remaining unobservable by both the principal and the other agent. I assume that when success in a phase occurs the principal can identify the agent who was responsible for it. In this model, incentive compatibility means that each agent is willing to exert effort conditional on his coworker putting in effort, and thus exerting effort continuously is a Nash-equilibrium strategy played by the agents. In this multiagent problem, each agents payment depends not only on his own performance, but is affected by the other agents performance as well. Similar to the single-agent case, an agent is rewarded when he succeeds, and his payment decreases over time when both agents fail. Regarding how an agents payment relates to his coworkers performance, I find that the optimal incentive regime is a function of the way in which agents efforts interact with one another: relative-performance evaluation is used when their efforts are substitutes whereas joint-performance evaluation is used when their efforts are complements. This result sheds new light on the notion of optimal incentive regimes, an issue that has been widely discussed in multi-agent incentive problems.

本研究同時考量代理理論及資源依賴理論之觀點，認為內部董事雖因任職於公司而造成其獨立性受損，監督誘因較低，但內部董事因具備有企業特定知識與內部有用資訊，故可有效評估策略並作成適當決策，尤以在高R&D投入之企業中，更需要具備企業特定知識之人，因此，本研究探討R&D支出與內部董事席次比率間之關係，並進一步分析R&D對內部董事與經營績效關聯性之影響。 實證結果顯示，高R&D投入與內部董事席次比率間呈顯著正相關，表示在R&D密度高的公司中，其公司的董事會中會有較高的內部董事席次。在高R&D密度的公司，內部董事席次比率與公司經營績效呈顯著正向關係。表示在高研發投入公司，公司特定專業知識之需求較高，內部董事資源提供之功能強於監督之需求，因而有較多內部董事席次之公司會有較佳之經營績效。 / This paper considered both agency theory and resource-dependence theory. Although hired by the firm, inside directors may have lower monitoring incentives, they have firm-specific knowledge and useful information and can evaluate strategies effectively and make better decisions. Especially in those high-R&D firms need firm-specific knowledge, therefore, this paper examines the relationship between R&D and the percentage of inside director, and also examines the relationship between inside director and firm performance in high-R&D firms. The empirical results finds that R&D and inside director are significantly positive. It shows that high-R&D firms will have higher percentage of inside directors in their boards. And the empirical results also finds that in high-R&D firms, they will have more specific professional knowledge need, and inside directors’ resource-provision function is stronger than the monitoring function, therefore, firms with higher percentage of inside directors will have better firm performance.