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%T Productivity and R&D: An econometric evidence from Spanish firm-level data %A Maté-García, Jorge-Julio %A Rodríguez-Fernández, José-Miguel %J Applied Economics %N 14 %P 1827-1837 %V 40 %D 2008 %K Productivity; R&D expenditures; Firm panel data; Spanish manufacturing firms; Generelized methods of moments; GMM %= 2011-04-08T12:38:00Z %~ http://www.peerproject.eu/ %> https://nbn-resolving.org/urn:nbn:de:0168-ssoar-243175 %X This paper analyses the relationship between productivity growth and R&D investments of Spanish manufacturing firms during the 1990s. The theoretical model is a version of the Cobb-Douglas production function in its growth rate form. The purpose is to estimate the rate of return to R&D expenditures. The econometric specification is a distributed lag model. The estimation applies the GMM method. The main empirical finding is that a positive and significant role is played by R&D expenditures on productivity growth. The rate of return to R&D expenditures is 26.598 per cent. %C GBR %G en %9 journal article %W GESIS - http://www.gesis.org %~ SSOAR - http://www.ssoar.info