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R&D investment and financing constraints of small and medium-sized firms
Czarnitzki, Dirk (contributor); Binz, Hanna L. (contributor) - 2008
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...
Persistent link: https://www.econbiz.de/10003728587
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R&D and firm performance in a transition economy
Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 2006
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 negative impact in Eastern Germany. We also consider future … financial distress, and find that R&D in Eastern German firms leads to higher default risk, in contrast to Western Germany …
Persistent link: https://www.econbiz.de/10003328090
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Dynamic R&D choice and the impact of the firm's financial strength
Peters, Bettina; Roberts, Mark J.; Vuong, Van Anh - 2015
This article investigates how a firm's financial strength affcts its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its...
Persistent link: https://www.econbiz.de/10011404565
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Are credit ratings valuable information?
Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 2004 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001898447
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Measuring the impact of innovation on firm value : a new approach
Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 2002
Persistent link: https://www.econbiz.de/10001735363
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How do banks screen innovative firms? : Evidence from start-up panel data
Brown, Martin; Degryse, Hans; Höwer, Daniel; Penas, … - 2012
Start-up firms often face difficulties in raising external funds. Employing a unique panel dataset covering 9,715 start-up firms over the period 2007-2009, we find that high-tech startups are less likely to use bank finance and face more difficulties in raising bank finance than low-tech...
Persistent link: https://www.econbiz.de/10009540878
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Innovation success of non-R&D-performers : substituting technology by management in SMEs
Rammer, Christian (contributor);  … - 2008
This paper investigates the impact of in-house R&D and innovation management practices on innovation success in small and medium-sized firms (SMEs). While there is little doubt about the significance of technology competence for generating successful innovations, inhouse R&D activities may be a...
Persistent link: https://www.econbiz.de/10003777851
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The impact of innovation on employment in small and medium enterprises with different growth rates
Zimmermann, Volker (contributor) - 2008
This article examines the impact of innovation on employment growth in innovating small and medium enterprises using a quantile regression approach. The key findings are that innovation has a positive effect on employment in both growing and shrinking firms. The impact of innovation on employee...
Persistent link: https://www.econbiz.de/10003806158
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The importance of equity finance for R&D activity : are there differences between young and oldcompanies?
Müller, Elisabeth (contributor);  … - 2008
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/10003888735
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Do direct R&D subsidies lead to the monopolization of R&D in the economy?
Czarnitzki, Dirk; Ebersberger, Bernd - 2010
This paper explores the impact of R&D subsidies on the concentration of R&D in an economy. First, governments are often criticized of subsidizing predominantly larger firms and thus contribute to persistence of leadership in markets and higher barriers to entry, and, hence, reduced competition...
Persistent link: https://www.econbiz.de/10008701446