Abstract
Recent research has shown a positive correlation between exports and R&D, however very little is known about their adoption sequence. The aim of this paper is to gain further insight into the causal direction of their adoption and the possible impact of the recent economic and financial crisis. For this purpose, we use the Spanish manufacturing data drawn from the Spanish Technological Innovation Panel for the period 2004-2013. This is a period of time where Spain went through an entire business cycle as well as the crisis. By using both a probabilistic and a performance based approach, the results suggest that sequential adoption is as important as simultaneous adoption and that the adoption sequence matters. We also find that, the crisis has changed the strength of this relationship. The scarce funds available have induced companies to choose between the two activities but with different intensity depending on the strategy already in place. Overall the export propensity of firms has increased while the likelihood of joint adoption has increased more for firms already performing R&D than for those companies already exporting (asymmetry in adoption strategy).
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