This paper examines the financing structure of small and medium-sized enterprises (SMEs) in Germany and questions … whether an equity gap - or, more generally, a financing gap -exists. Reviewing the literature and available data sources, we … find that financing constraints seem to affect, if at all, only a very small subgroup among highly growth-oriented firms …

systems provide constrained firms with easier access to external financing. -- Financial constraints ; financial system ; cash …

Previous literature provided evidence on financing constraints for investment in R&D activities due to capital market … for financing their research compared to development activities. Moreover, we find that (basic) research subsidy …