| Summary: | 碩士 === 真理大學 === 財經研究所 === 99 === This paper examines the long-run relationship between R&D and productivity growth for a panel of 21 industries over the period 1982-2001. Using time trend graph and panel cointegration techniques, we find that compared with the steadily increasing trend of productivity, the accelerating trend on the R&D expenditure seems to suggest R&D investment is relevant to productivity growth. Moreover, the results of Pedroni’s test show that R&D and productivity growth are cointegrated. However, after controlling the cross-sectional dependence, the results of Westerlund’s test show that R&D has no long-run effect on productivity growth.
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