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We investigate the extent to which financial constraints hamper the firms’ investment in intangibles. Drawing on the extant literature, we maintain that a distinction should be kept between innovators and non-innovators. Moreover, we argue that such a distinction should be investigated along...
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The document sets out how intangible assets can be relevant for SMEs to obtain external funding; the challenges and opportunities in this area; and the rationale for policy intervention. It provides some policy trends from a selected group of countries and concludes with some issues to be...
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and lower pledgeability, financing the purchase of intangible assets is more difficult than that of tangible assets. As a … intangible intensity as a new dimension to proxy the relative exposure of industries to financing frictions. …
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compensation contracts, and financial leverage. Employee financing is achieved by delaying wage payments in the form of future … claims. We document that intangible capital investment is highly correlated with employee financing, but not with debt … issuance or regular equity refinancing. In the quantitative analysis, we show that this new channel of employee financing can …
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