R&;D investment and financing constraints of small and medium-sized firms |
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Authors: | Dirk Czarnitzki Hanna Hottenrott |
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Institution: | (1) K. U. Leuven, Leuven, Belgium |
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Abstract: | 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 for capital investment. For external constraints, we find a monotonic relationship
between the level of constriction and firm size for both types of investment. Thus, external constraints turn out to be more
binding with decreasing firm size. On the contrary, we do not find such monotonic relationships for internal constraints.
Differentiation by firms’ age does not support lower constraints for older firms. |
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