Economic Return on R&D Investment: the Case of Russian Manufacturing Companies

Student: Filchakova Ekaterina

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

There is a low interest of companies in innovative activity in the current Russian practice. One of the possible reasons is that the R&D expenditures do not bring the economically effective result and do not justify the investments. This paper analyses the relationship between productivity growth and investments in R&D, based on the Cobb-Douglas production function including R&D intensity. An empirical base for the study is the panel data on 480 Russian manufacturing firms for the period from 2004 to 2013. Even though the assessment of the knowledge capital is low, the hypothesis of the existence of a positive return on investment in R&D was confirmed. The hypothesis of constant returns to scale was not confirmed.

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