Cross-Country Analysis of the Impact of R&D Expenditures on the Eefficiency of the Eexporting Company

This paper presents the results of a study on the impact of investment in R&D on the efficiency of exporting companies in different countries. The theoretical part of the study is devoted to the analysis of empiric articles, which study the relationship between the costs of research and development and the final indicators of the company. A detailed study of the relevant researches served as a theoretical basis for the hypothesis, tested in the empiric part of the work. The regression analysis has been performed according to data from 3119 different exporting companies and 547 companies not related to export activities though having R & D expenses. The observation period is 5 years (from 2013-2017). The ROA was chosen as an explanatory fluent, which describes the company's earnings. The following indicators were chosen as an explanatory fluent: the company's earnings, the number of full-time employees, leverage, R&D-expenses and a number of macroeconomic indicators, which are characterized by the country's technological development index, level of openness of the economy, GDP growth. For the determination of best model were used econometric models of panel data analysis (fixed, random effects and pool model). As a result, the positive impact of R&D was proved on the efficiency of the exporting company. The results of the study can be applied to open companies in the regions included in the analysis scope.