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European Collaboration in Research and Development

Business Strategy and Public Policy

Edited by Yannis Caloghirou, Nicholas S. Vonortas and Stavros Ioannides

The contributions collected in this volume focus explicitly on cooperative R & D in Europe. The first part of the book offers empirical evidence on the extent, scope and direction of this collaboration and explores the motives and problems of the participating firms, as well as the perceived benefits they have enjoyed. The second part deals with the difficult policy issues that diverse national R & D regimes create for successful cooperative research and international convergence. The extensive survey results of European firms allow the authors to compare collaborative research policies in various EU countries and contrast the policy design that has emerged in the EU with that of the USA.
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Chapter 6: Determinants of RJV Formation – RJV Returns

Yannis Caloghirou and Nicholas S. Vonortas


Yannis Caloghirou and Nicholas S. Vonortas As mentioned in Chapter 1, a key methodological component of the research project underlying the results reported in this book was extensive empirical analysis utilizing the various forms of data created specifically for this purpose (STEP-TO-RJVs Databank). This step included statistical analysis of RJVs and RJV participants’ characteristics, objectives and strategies, and econometric analysis of the determinants and impacts of RJVs.1 This chapter summarizes the results of econometric work on three important issues: ● ● ● The determinants of RJV formation; RJV performance; The impact of RJVs on industries and on regional economies. DETERMINANTS OF RJV FORMATION The econometric analysis of the incentives to form an RJV developed at two levels: 1. 2. The first level addressed the question of why firms enter into an RJV. The second level addressed the interaction between partners: why two or more firms decide to enter an RJV together. The paper by Hernan, Marin, and Siotis (1999) addressed the first question. Their review of the theoretical economics literature showed that the mechanisms underlying RJV participation are complex. More specifically, strategic interactions in the product market affect the decision to participate in RJVs both directly and indirectly (for example, when RJVs are simply used as a vehicle to enhance the feasibility of product market collusion). Second, RJVs involve internalization of technological spillovers, 121 122 Theory and practice R&D cost sharing and the gathering of information that may be of strategic importance. Third, the degree of asymmetry between participating...

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