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Financial constraints for investors and the speed of adaptation: Are innovators special?
von Kalckreuth, Ulf - 2004
?s Investment Tests (IT) during the years 1988-1998, we create a panel with information on investment, innovation activity and … self-selected on the basis of their being able to overcome the special difficulties of financing innovation. …
Persistent link: https://www.econbiz.de/10010295647
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Loan availability and investment: Can innovative companies better cope with loan denials?
Mueller, Elisabeth; Reize, Frank - 2010
This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The...
Persistent link: https://www.econbiz.de/10010300385
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Robust cyclical growth
Mukherji, Anjan - 2003
The stability of cyclical growth within the context of a model in Matsuyama (1999) is examined. It is shown that but for an extreme situation, the two-cycles are unique and a range of parameter values which imply the stability of such cyclical growth is derived. The growth enhancing property of...
Persistent link: https://www.econbiz.de/10010332291
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Why Germany has such a weak growth performance
Siebert, Horst - 2003
Germany has had an extremely low growth performance since 1995. The paper looks at the long-run reasons for this loss of economic dynamics besides German unification: These include leaving labor idle, a declining share of investment in GDP, a weaker innovative activity, an ineffective system for...
Persistent link: https://www.econbiz.de/10010265594
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Banks and innovation: microeconometric evidence on Italian firms
Benfratello, Luigi; Schiantarelli, Fabio; Sembenelli, … - 2006
set on innovation for a large number of Italian firms over the 1990's. There is evidence that banking development affects … the probability of process innovation, particularly for small firms and for firms in high(er) tech sectors and in sectors … more dependent upon external finance. The evidence for product innovation is weaker. There is also some evidence that …
Persistent link: https://www.econbiz.de/10010267494
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Management Control and Innovative Activity
Czarnitzki, Dirk; Kraft, Kornelius - 2000
This paper discusses theoretically the different incentives of managers versus firm owners to invest in innovative activities. There are opposing effects concerning R&D intensity in the manager-controlled firm. Our study on the determinants of R&D intensity presents empirical results concerning...
Persistent link: https://www.econbiz.de/10010297732
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Durable Goods, Innovation and Network Externalities
Cerquera Dussán, Daniel - 2007
We develop a model of R&D competition between an incumbent and a potential entrant with network externalities and durable goods. We show that the threat of entry eliminates the commitment problem that an incumbent may face in its R&D decision due to the goods? durability. Moreover, a potential...
Persistent link: https://www.econbiz.de/10010297985
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The effect of subsidies on R&D investment and success: do subsidy history and size matter?
Aschhoff, Birgit - 2009
This study provides insights into the effects of public R&D grants on R&D input and output of firms from Germany. Previous research has shown that the allocation of R&D project grants is rather stable regarding the pool of beneficiaries. The question is whether this participation pattern can be...
Persistent link: https://www.econbiz.de/10010298803
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Firm-specific productivity risk over the business cycle: facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
Is time-varying firm-level uncertainty a major cause or amplifier of the business cycle? This paper investigates this question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital adjustment, where cyclical changes in uncertainty...
Persistent link: https://www.econbiz.de/10010298831
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The cross-section of firms over the business cycle: new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The...
Persistent link: https://www.econbiz.de/10010298833