In this thesis, we will analyze the effect of IPOs on R&D investment and argue a change in the role of VC in the pre- and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC mitigates the financial constraints of firms and is positively correlated with their R&D...

This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for R&D than...

The purpose of this paper is to provide empirical analysis of the two-way causal relationship between some important investment and performance indicators at the firm level, in particular controlling for differences in these relationships between two cohorts of small and middle-sized firms and...