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.
CINCERA Michele;
RAVET Julien;
2010-07-08
Publications Office of the European Union
JRC56505
978-92-79-15718-9,
1018-5593,
1831-872X,
EUR 24325 EN/3,
OP LF-NC-24-325-EN-C,
http://iri.jrc.ec.europa.eu/papers.htm,
https://publications.jrc.ec.europa.eu/repository/handle/JRC56505,
10.2791/41316,
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