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This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find...
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mezzanine capital, when facing a loan denial. -- Investment ; loan availability ; innovation ; private equity …
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higher innovative performance for firms that do not in-license. Furthermore, the effects of fragmentation on innovation also …
Persistent link: https://www.econbiz.de/10003922582
This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find...
Persistent link: https://www.econbiz.de/10003301146