I expect you would find that companies that historically invest more in R&D or cap-ex tend to hire more in the following two years, regardless of the form of that investment. It doesn't look like the paper made any effort to control for different forms of R&D or cap-ex.
I expect you would find that companies that historically invest more in R&D or cap-ex tend to hire more in the following two years, regardless of the form of that investment. It doesn't look like the paper made any effort to control for different forms of R&D or cap-ex.