caa a22 4500 467930171 CHVBK 20180406152941.0 cr unu---uuuuu 170328e20060301xx s 000 0 eng 10.1007/s11151-006-0010-z doi (NATIONALLICENCE)springer-10.1007/s11151-006-0010-z The Determinants of Pharmaceutical R&D Expenditures: Evidence from Japan [Elektronische Daten] [Jörg Mahlich, Thomas Roediger-Schluga] During the past 20years, the world pharmaceutical industry has experienced a dramatic increase in R&D intensity. We apply and extend a model developed by Grabowski and Vernon (2000, Journal of Evolutionary Economics, 10, 201-215) with a pooled data sample of the 15 publicly listed Japanese drug firms for the period 1987-1998. As in the original study, we find expected returns to be an important determinant of R&D spending in the Japanese drug industry, albeit considerably smaller than in the U.S., which is particularly obvious in the case of returns from newly introduced drugs. However, our results are sensitive to econometric model specification, in particular to controlling for serial correlation and to a dynamic specification of the baseline model. Likewise, estimates on financial constraints are sensitive to model specification, indicating that Japanese drug firms face small or no financial constraints. Our results are consistent with the general literature on R&D investment behaviour, yet raise some methodological questions with regard to the original study. Springer, 2006 investment nationallicence Japan nationallicence panel data estimation nationallicence pharmaceuticals nationallicence R&D nationallicence Mahlich Jörg Economic Policy Department, Austrian Federal Economic Chamber, Wiedner Hauptstrasse 63, A-1045, Vienna, Austria aut Roediger-Schluga Thomas Department of Technology Policy, ARC systems research, Donau-City-Strasse 1, A-1220, Vienna, Austria aut Review of Industrial Organization Kluwer Academic Publishers 28/2(2006-03-01), 145-164 0889-938X 28:2<145 2006 28 11151 https://doi.org/10.1007/s11151-006-0010-z text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11151-006-0010-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Mahlich Jörg Economic Policy Department, Austrian Federal Economic Chamber, Wiedner Hauptstrasse 63, A-1045, Vienna, Austria aut NATIONALLICENCE 700 1- Roediger-Schluga Thomas Department of Technology Policy, ARC systems research, Donau-City-Strasse 1, A-1220, Vienna, Austria aut NATIONALLICENCE 773 0- Review of Industrial Organization Kluwer Academic Publishers 28/2(2006-03-01), 145-164 0889-938X 28:2<145 2006 28 11151 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer