This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We … analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as … identify the effect of innovation, alongside the size of the firm, its age and its human capital, on the order of directly …

Order Theory, we study how the pursuit of innovation influences the reliance of firms on different types of internal and … external finance. Panel analyses of data on 7,394 German start-ups show that innovation activities are relevant predictors of …

research has not found conclusive evidence of a ‘finance gap'. Moreover, it is not clear to what extent innovation aggravates … financial constraints and what role innovation inputs, processes and outputs play in the market for external capital. In this … paper we analyze how firm-level innovation affects 1) the likelihood of seeking external finance and 2) the likelihood of …

of financial systems around the world. We conjecture that a country's financial system, both in terms of its structure …