New Perspectives on the Modern Corporation series
Edited by Bernhard Dachs, Robert Stehrer and Georg Zahradnik
Chapter 13: R & D Internationalisation and the Global Financial Crisis
In 2008, the global financial crisis hit the world economy, causing a sharp decline in economic growth and even more severe reductions in FDI and international trade. Export volumes decreased from 2008 to 2009 by 25 percent in Japan, 18 percent in Canada, 15 percent in the European Union, 14 percent in the United States, 11 percent in China, 8 percent in South and Central America, and by 3 percent in India (WTO 2010, p. 8). This chapter asks if ñ and how ñ the global financial crisis has affected the internationalisation of business R & D. The first section discusses possible linkages between business R & D internationalisation and the crisis. The crisis may have reduced the level of R & D performed abroad, but may have also changed the distribution of R & D expenditure of multinational firms between countries. In a second step, the chapter reviews the existing empirical evidence on the development of R & D internationalisation during and after the crisis. This section is based on patent data, data on outward BERD of US firms and data on inward BERD in various European countries. The chapter closes with some general remarks on future directions of R & D internationalisation.
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