Firm-Specificity in Corporate Applied R&D

Much corporate research and development (R&D) has characteristics that tie it strongly to the firm in which it takes place, and which may make the process of undertaking R&D or the outcome of the R&D difficult for other firms to duplicate perfectly. That is, the R&D is firm-specific. This is particularly true for more highly applied R&D, which tends to involve incremental technological change and often entails alterations and...