, it seems that some countries can compensate better than others and thereby achieve higher equity in the educational …

This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use … instrument to control for endogeneity, we find that a higher equity ratio is conducive to more R&D for young but not for old … companies. Equity may be a constraining factor for young companies which have to rely on the original equity investment of their …