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R&D investment under financing constraints
Giebel, Marek; Kraft, Kornelius - 2020
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10012196342
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R&D Investment under Financing Constraints
Giebel, Marek; Kraft, Kornelius - 2020
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10014100103
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R&D Investment and Financing Constraints of Small and Medium-Sized Firms
Hottenrott, Hanna - 2013
This study tests for financial constraints on Ramp;D investment and how they differ from capital investment. To … constraints, measured by mark-ups, are more decisive for Ramp;D than for capital investment. For external constraints, we find a … monotonic relationship between the level of constriction and firm size for both types of investment. Thus, external constraints …
Persistent link: https://www.econbiz.de/10012711028
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Subsidies and innovation in the recent financial crisis
Giebel, Marek; Kraft, Kornelius - 2021
We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing...
Persistent link: https://www.econbiz.de/10012793582
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Erklärungsansätze des realen Wechselkurses
Pfadt, Rainer - 2009
Persistent link: https://www.econbiz.de/10003811946
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What Finances R&D? R&D, Cash Flow Sensitivities, and Financing Constraints
Zhuang, Zhong - 2013
-equation model in which firms make interdependent decisions in financing, investment, and distribution, under the constraint that … and debt for R&D financing. R&D and physical capital investment are likely to be complementary for mature, but not for …
Persistent link: https://www.econbiz.de/10013091799
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Financing constraints and R&D investments of large corporations in Europe and the USA
Cincera, Michele; Ravet, Julien - 2010
This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the 2000-2007 period. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow...
Persistent link: https://www.econbiz.de/10011980362
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Strategic information disclosure and competition for an imperfectly protected innovation
Jansen, Jos - 2009
The imperfect appropriability of revenues from innovation affects the incentives of firms to invest, and to disclose information about their innovative productivity. It creates a free-rider effect in the competition for the innovation that countervails the familiar business-stealing effect....
Persistent link: https://www.econbiz.de/10003862257
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An empirical test of the asymmetric models on innovative activity : who invests more into R&D - the incumbent or the challenger?
Czarnitzki, Dirk; Kraft, Kornelius - 2000
The theoretical discussion concerning the question whether the incumbent or the (potential) entrant invests more into R&D has attracted considerable interest. This paper reports the results of an empirical study on this question using data of about 3500 German firms over the years 1992 to 1995....
Persistent link: https://www.econbiz.de/10011444512
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Empirical patterns of firm growth and R&D investment : a quality ladder model interpretation
Klette, Tor Jakob; Griliches, Zvi - 1998
We present a model of endogenous firm growth with R&D investment and stochastic innovation as the engines of growth …
Persistent link: https://www.econbiz.de/10011518444