[It is widely acknowledged that firms performing R&D investments are very likely to undergo financial constraints (FC) due to their specific characteristics, which make external debt an imperfect substitute for internal finance,especially for small sized enterprises. This situation calls into...

Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set...