This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for R&D than...

We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a...

The real options investment theory shows that greater uncertainty about market revenues reduces current R&D investment by increasing the value of waiting. This paper presents empirical evidence that patent protection mitigates the effect market uncertainty on R&D investment.

Young firms with the ability to internationalize early and decisively have received much attention in recent academic discussion. However, relatively little is known about the underlying processes that enable them to skip several stages of the internationalization process. We contribute to this...

Previous literature provided evidence on financing constraints for investment in R&D activities due to capital market imperfections and special features of R&D investments. Moreover, it has been shown that a shift in capital structure towards more debt, results in a reduction of R&D investments....

The concept of knowledge has gained in interest since industrialized economics have induced a shift in importance from labor, capital and natural resources towards intellectual resources. This study investigates how the management of knowledge influences the innovation performance of a firm....

The increasing commercialization of university discoveries has initiated a controversy on the impacts for future scientific research. It has been argued that an increasing orientation towards commercialization may have a negative impact on more fundamental research efforts in science. Several...

Knowledge spillovers to competitors are regarded as an important aspect of the innovation process. While a company possibly benefits from incoming information on successful R&D conducted by other companies, a generally high probability of leakage of knowledge in an industry will negatively...

Wir diskutieren die Faktoren für eine erfolgreiche Umsetzung eines Systems des betrieblichen Vorschlagswesens und anderer Maßnahmen zur Stimulierung des Innovationserfolgs. Im Anschluss wird die Wirkung des betrieblichen Vorschlagswesens auf den Innovationserfolg empirisch überprüft. Als...