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In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. The theoretical section provides an overview of contemporary theories of capital structure. According to the pecking order...
Persistent link: https://www.econbiz.de/10013061329
studies, the focus is on the proportion of bank credits and internal funds as parts of innovation expenditures. The regression … showing high R&D intensity also use bank credits as financial sources for innovation only to a limited extent. As a result of …
Persistent link: https://www.econbiz.de/10013075216
considerations, the focus is on the share of internal funds, bank loans and subsidies on the volume of innovation expenditure …
Persistent link: https://www.econbiz.de/10012977600
This paper aims at investigating the relationship between firms' profit efficiency, access to finance and innovation … efficiency in order to increase profitability. Among firms that have embarked in product innovation, those in the industry and … help to better understand the link between innovation, financial constraints and efficiency, which goes beyond the idea …
Persistent link: https://www.econbiz.de/10012241105
This paper aims at investigating the relationship between firms' profit efficiency, access to finance and innovation … efficiency in order to increase profitability. Among firms that have embarked in product innovation, those in the industry and … help to better understand the link between innovation, financial constraints and efficiency, which goes beyond the idea …
Persistent link: https://www.econbiz.de/10012831402
This article investigates how access to external financing for innovation activities is affected by firm … capital to fund innovation projects. Yet, there is little known about how different combinations of these characteristics … their access to external innovation finance. In line with earlier research we find that indeed the type of innovation …
Persistent link: https://www.econbiz.de/10013007585
This study investigates the impact of innovation support programmes on SME innovation in traditional manufacturing … industries in seven EU regions. Recent literature identifying sources of potential government failure in innovation policy … suggests that the effects of public support measures to increase private innovation may be disappointing. Our results are …
Persistent link: https://www.econbiz.de/10013053864
Persistent link: https://www.econbiz.de/10010484282
Persistent link: https://www.econbiz.de/10014446873
This paper tests the balance sheet theory, where the status of balance sheets affects the economy´s response to monetary and other shocks. The theory predicts a positive effect of cash flow on investment, given fundamental determinants of investment. I use an empirical method developed by...
Persistent link: https://www.econbiz.de/10003833846