Title: Financing constraints and R&D investments of large corporations in Europe and the USA - IPTS WORKING PAPER on CORPORATE R&D AND INNOVATION - No. 3/2010
Authors: CINCERA MICHELERAVET Julien
Publisher: Publications Office of the European Union
Publication Year: 2010
JRC N°: JRC56505
ISBN: 978-92-79-15718-9
ISSN: 1018-5593, 1831-872X
Other Identifiers: EUR 24325 EN/3
OP LF-NC-24-325-EN-C
URI: http://iri.jrc.ec.europa.eu/papers.htm
http://publications.jrc.ec.europa.eu/repository/handle/JRC56505
DOI: 10.2791/41316
Type: EUR - Scientific and Technical Research Reports
Abstract: This paper explores the existence and importance of financing constraints for R&D investments in large manufacturing companies representative over the 2000-2007 period of about 80% of the R&D carried out in the business sector worldwide. The main system GMM results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are more important for European firms while US ones do not appear to be financially constrained.
JRC Directorate:Growth and Innovation

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