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Are there financing constraints for R&D and investment in German manufacturing firms?

Harhoff, Dietmar - 1996

Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the … time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to … account, but a significant positive relationship between cash flow and investment remains for relatively small firms. In the …

Persistent link: https://www.econbiz.de/10011621855

Are there financing constraints for R&D and investment in German manufacturing firms?

Harhoff, Dietmar - 1996

Persistent link: https://www.econbiz.de/10000647702

R&D investment under financing constraints

Giebel, Marek; Kraft, Kornelius - 2020

This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...

Persistent link: https://www.econbiz.de/10012196342

Maturity shortening and market failure

Thierfelder, Felix - 2012

financial firms' expectations about the availability of longer-term liquidity in the future may affect their investment … decisions today, even though they have full access to borrowing at the onset. These investment decisions may in turn impact on … that firms of high credit quality may be particularly prone to choosing inefficient investment decisions for this very …

Persistent link: https://www.econbiz.de/10009509089

Taxation, financing, and corporate investment : a model of the real and financial decisions of the firm

Nadeau, Serge J.; Strauss, Robert P. - 1991

Persistent link: https://www.econbiz.de/10000970175

Size matters : "over"investments in a relational contracting setting

Englmaier, Florian; Fahn, Matthias - 2018

The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...

Persistent link: https://www.econbiz.de/10011895831

Subsidies and innovation in the recent financial crisis

Giebel, Marek; Kraft, Kornelius - 2021

We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing...

Persistent link: https://www.econbiz.de/10012793582

The effect of bank shocks on firm-level and aggregate investment

Amador, João; Nagengast, Arne J. - 2016

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the … are found to impair firm-level investment in all firms in our sample, but in particular for small firms and those with no … 20–40% of aggregate investment dynamics. …

Persistent link: https://www.econbiz.de/10011495499

Financial markets and the allocation of capital : the role of productivity

Di Mauro, Filippo; Hassan, Fadi; Ottaviano, Gianmarco I. P. - 2018

Persistent link: https://www.econbiz.de/10011883870

Financial constraints for R&D and innovation : new evidence from a survey experiment

Czarnitzki, Dirk; Giebel, Marek - 2021

We utilize a new survey experiment to evaluate the existence and degree of financial constraints for R&D in the economy. The experiment does not only allow to deduct the presence of financial constraints, but also to evaluate their economic significance. Using data on German companies, we find...

Persistent link: https://www.econbiz.de/10012671880