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Linkages between R&D, innovation, investment and export performance: evidence from European manufacturing firms

ABSTRACT This work explores the interrelations between a firm’s export performance and innovation and tangible investments. We lay emphasis on the role played by R&D in stimulating both innovation and the accumulation of physical assets. Our study is novel in proposing an integrated model with investment, innovation and R&D, in a framework of simultaneous equations which take into account their mutual correlations. Econometric results suggest that both product innovation and tangible investments are significantly and jointly linked to the export intensity of European manufacturing firms. This has significant implications from the managerial perspective. Managers are asked to capitalise on R&D and, while trying to improve their export performance, they should focus on tangible investments and innovative activities which are strictly linked to research activity.