f
R&D, Innovation and Competitiveness in the
European Chemical Industry
Edited by
Fabrizio Cesaroni
Laboratory of Economics and Management, St. Anna School of Advanced Studies, Pisa, Italy
Alfonso Gambardella
Laboratory of Economics and Management, St. Anna School of Advanced Studies, Pisa, Italy
and
Walter Garcia-Fontes
Universitat Pompeu Fabra,
and Centre de Referenda d'Economia Analitica, Barcelona, Spain
KLUWER ACADEMIC PUBLISHERS
BOSTON / DORDRECHT / LONDON
Contents
Preface xiii-xiv INTRODUCTION
Fabrizio Cesaroni*, Alfonso Gambardella*
and Walter Garcia-Fontes* * 1 -21 1. Objective 1 2. How this book is organised 5 3. Policy concerns 11 3.1 Public research 11 3.2 Innovation policies and the large chemical firms 13 4. References 21 Part 1:
MARKET STRUCTURE AND INNOVATION
MARKET STRUCTURE, COMPETITION, AND INNOVATION IN THE EUROPEAN AND US CHEMICAL INDUSTRIES.
Pedro L. Marin and Georges Siotis 25-43 1. Introduction 25
VI
2. Theoretical motivation 27 3. Data and variables from the chemical industry 31 4. Empirical findings 38 5. Conclusions 42 6. References 43 MERGERS AND ACQUISITIONS IN THE CHEMICAL
INDUSTRY: SIMILARITIES AND DISSIMILARITIES ACROSS THE ATLANTIC
Carmine Ornaghi*, Pedro L. Marin** and Georges Siotis* 45- 68 1. Introduction 45 2. The data 47 3. Overview of M&As flows 49 4. Analysis of investment flows by sector 54 5. Diversification strategies 61 6. Conclusions 67 7. References 68 CORPORATE RESTRUCTURING AND R&D: A PANEL
DATA ANALYSIS FOR THE CHEMICAL INDUSTRY
Ashish Arora, Marco Ceccagnoli and Marco Da Rin 69-90 1. Introduction 70 2. Data description 73 3. R&D and corporate restructuring 78 3.1 A Model of R&D Expenditure 78 3.2 The Impact of Restructuring on Firm-Level R&D 83
R&D, innovation and competitiveness in the European chemical industry vii
4. Conclusions 88 5. References "" 89 Part 2:
TECHNOLOGY DEVELOPMENT AND DIFFUSION WATCHING PAINT DRY?
Stefano Brusoni 93-118 1. Introduction 93 2. Some Definitions 95 3. Industry structure in the 1990s 97 4. Innovation: Sources, Trends, and Appropriability 100 4.1 The drivers 101 4.2 Appropriability and innovation 103 5. Environmental regulation and innovation 104 6. The development of low solvents and solvent-free coatings 106 7. The adoption of waterborne formulations 108 7.1 The vehicle coatings sector: proactive customers 109 7.2 JThe decorative coatings sector. I l l 7.3 Sources and organization 112 7.4 The impact of regulation 115 8. Discussion and conclusions ; 116 9. References 118
