||Governance and Performance of Publicly Funded R&D Consortia
OKAMURO, HiroyukiNISHIMURA, Junichi
2015-10 , Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University
R&D consortia have been regarded as an effective means of promoting innovation, and several R&D consortia obtain public financial support, which may affect its governance structure and performance. This study investigates the governance mechanisms of publicly funded R&D consortia and their effects on innovation. Regarding R&D consortia, few studies have empirically addressed the effect of project monitoring by the government. Moreover, the role of project leadership in R&D consortia remains poorly explored. Focusing on a major support program for R&D consortia in Japan and using a sample of 315 firms that participated in publicly funded R&D consortia from 2004 to 2009, we empirically confirm that project leadership by a private firm, especially its coordination capability, significantly increases the probability of project success (early commercialization of innovation outcomes). We also find that project performance is positively affected by the strictness of project monitoring and evaluation by the government. Finally, we find no complementarity between project leadership and government monitoring with regard to the effects on project performance.