Abstract
This paper investigates whether research and development (R&D) capital and firm size affect R&D output, using patent data of 37 Japanese pharmaceutical firms during 1992-2003. In this paper, count data models for panel data are used to estimate the effects of firm size on R&D efficiency. The findings indicate that there is an inverse U-shaped relationship between R&D efficiency and firm size, and R&D efficiency increases to some extent with firm size.
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