Authors

• Nadia Ayari (nayari@alumni.unav.es)
  Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra
• Szabolcs Blazsek (sblazsek@unav.es)
  Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra
• Pedro Mendi (pmendi@unav.es)
  Facultad de Ciencias Económicas y Empresariales, Universidad de Navarra

Abstract
We investigate the determinants of renewable energy R&D intensity and the impact of renewable energy innovations on firm performance, using several dynamic panel data models. We estimate these models using a large dataset of European firms of 19 different countries, with some patenting activity in areas related with renewable energies during the 1987-2007 period. The results that we obtain confirm our a prioris on the determinants of the rapid development of renewable energy R&D intensity during the last decades. Additionally, we find evidence that renewable patent intensity has significant dynamic impact on the stock market value of firms.

Classification JEL:C15, C31, C32, C33, C41

Keywords:R&D intensity, Stock market value, Patents, Count data, Dynamic panel data

Number of Pages:41

Creation Date:2009-11-01

Number:null/09