The general motivation for this paper is the current interest in globalization as a phenomenon that strongly affects the conditions of local economic development. Our purpose is to contribute to some of the current development aspects, in particular those that foster the evolution of...

The purpose of this paper is to discuss the role of entrepreneurship and innovations for economic development in functional regions and in doing that highlighting the different conditions offered for entrepreneurship and innovations in functional regions of various sizes. In conclusion, the...

Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other investments, yet existing evidence on whether financing constraints limit R&D is decidedly mixed, particularly in studies of non-U.S. firms. We study a large sample of European...

We study a broad sample of firms across 32 countries and find that strong shareholder protections and better access to stock market financing lead to substantially higher long-run rates of R&D investment, particularly in small firms, but are unimportant for fixed capital investment. Credit...