In today's dynamic marketplace, manufacturing companies are under strong pressure to introduce new products for long-term survival with their competitors. Nevertheless, every company cannot cope up progressively or immediately with the market requirements due to knowledge dynamics being...

Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for...