The purpose of project is to investigate the effect of corporate debt-related restructuring (that is, mergers, acquisitions, leverage buyouts) on research and development in the U.S. over the period 1977-86. The extent of merger activity in high- versus low-technology industries will be evaluated. Four large data bases will be integrated and refined as part of the research effort: the Census Quarterly Financial Report, the Census Longitudinal Research Data (Survey of Manufacturers), the National Science Foundation/Census Research and Development data, and a comprehensive list of LBOs and other restructurings (derived largely from Mergers & Acquisitions data). The project will provide statistical data, definitional rigor, and the methodological approach for analyzing the relationship between R&D funding and other economic variables. The results should provide further understanding of the role of industrial R&D activity in promoting national economic growth and competitiveness, and thereby contribute to the Foundation's responsibility to provide for the collection and interpretation of data for science and technology policy formulation.
