Title: Financing Constraints and R&D Investments of Large Corporations in Europe and the US
Citation: SCIENCE AND PUBLIC POLICY vol. 37 no. 6 p. 455-466
Publication Year: 2010
JRC N°: JRC57667
ISSN: 0302-3427
URI: http://www.ingentaconnect.com/content/beech/spp
DOI: 10.3152/030234210X508642
Type: Articles in periodicals and books
Abstract: This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the 2000 ¿ 2007 period. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are important for European firms while US ones do not appear to be financially constrained. In terms of policy implications, these results suggest improving the conditions for access to external capital to finance R&D activities in the EU.
JRC Institute:Institute for Prospective Technological Studies

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