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WISSENSCHAFTSZENTRUM BERLIN FÜR SOZIALFORSCHUNG

discussion papers SOCIAL SCIENCE RESEARCH CENTER BERLIN

FS IV 98 - 15

The Incentives to Form Research Joint Ventures: Theory and Evidence

Lars-Hendrik Röller*

Mihkel M. Tombak**

Ralph Siebert*

* Wissenschaftszentrum Berlin für Sozialforschung

** Helsinki School of Economics

December 1998

ISSN Nr. 0722 - 6748

Forschungsschwerpunkt Marktprozeß und Unter- nehmensentwicklung Research Area

Market Processes and Corporate Development

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Zitierweise/Citation:

Lars-Hendrik Röller, Mihkel M. Tombak, Ralph Siebert, The Incentives to Form Research Joint Ventures: Theory and Evidence, Discussion Paper FS IV 98 - 15, Wissenschaftszentrum Berlin, 1998.

Wissenschaftszentrum Berlin für Sozialforschung gGmbH, Reichpietschufer 50, 10785 Berlin, Tel. (030) 2 54 91 - 0

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ABSTRACT

The Incentives to Form Research Joint Ventures: Theory and Evidence by Lars-Hendrik Röller, Mihkel M. Tombak and Ralph Siebert^*

The literature on research joint ventures (RJVs) has emphasized internalizing spillovers and cost-sharing as motives for RJV formation. In this paper we develop two additional explanations: product market complementarities and firm heterogeneity. We analyze a model of RJVs with asymmetric firms and differentiated products. We then test these various explanations for RJV formation by estimating an endogenous switching model using data now available through the U. S. National Cooperative Research Act.

ZUSAMMENFASSUNG

Anreize, ein Forschungs-Joint Venture zu gründen

Die Literatur über Forschungs-Joint-Ventures (FJV) hat bisher die Internalisierung von Spillovers und die Kostenaufteilung als primäre Motive, ein FJV zu gründen, hervor- gebracht. In diesem Beitrag werden zwei weitere Gründe angeführt: Produktmarkt- komplementaritäten und Unternehmensheterogenitäten. Wir analysieren ein Modell über FJV mit asymmetrischen Unternehmen und differenzierten Produkten. Anschließend testen wir die verschiedenen Erklärungen, ein FJV zu gründen. Hierbei wird ein endo- genes „switching“ Modell geschätzt, in dem Daten von „U.S. National Cooperative Research Act“ benutzt werden.

* We would like to thank Pedro P. Barros, Dietmar Harhoff, Morton Kamien, Ariel Pakes, F. Michael Scherer, and Konrad Stahl for helpful comments and suggestions on a previous version of the paper.

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24

Tables and Figures

Table 1a: Variable Definitions and Summary Statistics

(pair-matches between firm i and firm j)

Variables Description N Mean Minimum Maximum

Pij Binary Variable indicating a RJV between firm i and firm j.

20,942 0.024 0 1

MEMBERS Number of members in a RJV (see the text for precise definition)

20,942 3.101 0.693 4.927

RJVS Number of further RJVs undertaken by firms.

20,942 14.213 0 35.5

DASSET Measure of firms‘ difference in assets prior to forming an RJV.

20,942 1.242 0 1.667

r&d1 The change in firm-level R&D intensities by forming an RJV.

502 -0.359 -19.050 8.936

r&d0 The average change in firm-level R&D intensities (see the text for precise definition).

20,440 0.095 -2.006 3.804

The Standard Industrial Classifications refer to the 1987 SIC-Revision. The monetary data are measured in million $-US in current prices and are deflated by the producer price index taken from the Main Economic Indicators (OECD).

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25

Table 1b: Sample Frequencies of Industry-Pairs (in percent)

INDUSTRIES (2-digit SIC-Codes)

13 Oil and Gas

Extraction

28 Chemicals and Allied Products

29 Petroleum and Coal Products

32 Stone, Clay,

and Glass Products

35 Industrial Machinery and Equipmt.

36

Electronic and other Electric Equipment

37 Transportation

Equipment

38 Instruments and Related Products 13 Oil and Gas

Extraction

4.24

28 Chemicals and Allied Products

7.62 1.70

29 Petroleum and Coal Products

12.06 5.88 1.31

32 Stone, Clay, and Glass Products

1.36 0.67 0 0

35 Industrial Machinery and Equipment

19.08 0 14.71 1.68 11.0

36 Electronic and other Electric Equipment

0 0 0 0 5.96 0.76

37 Transportation Equipment

2.72 0 0 0.24 3.36 0 0

38 Instruments and Related Products

0 0 0 0.26 3.74 0.90 0.53 0.21

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