Title: Financing constraints, R&D investments and innovative performances: new empirical evidence at the firm level for Europe.
Authors: HALL Bronwyn HughesMONCADA PATERNO' CASTELLO PietroMONTRESOR SandroVEZZANI ANTONIO
Citation: ECONOMICS OF INNOVATION AND NEW TECHNOLOGY vol. 25 no. 3 p. 183-196
Publisher: ROUTLEDGE
Publication Year: 2016
JRC N°: JRC96927
ISSN: 1043-8599
URI: http://www.tandfonline.com/doi/abs/10.1080/10438599.2015.1076194?journalCode=gein20#.Ve_9OfnDWic
http://publications.jrc.ec.europa.eu/repository/handle/JRC96927
DOI: 10.1080/10438599.2015.1076194
Type: Articles in periodicals and books
Abstract: The relationship between financing constraints, R&D investments and innovative performances has recently attracted renewed attention in the aftermath of a financial crisis that has led to problems of access to the credit on which innovation activities crucially rely. In spite of past developments in the theoretical analysis and in the data and methodologies for empirical investigation, some issues have remained unexplored to date. In this introduction to the special issue we examine the contribution of the papers it contains, which provide new conceptualisations and empirical evidence at the firm level for Europe. Most previous research results, which were mainly based on extending models of financing constraints and physical investments to R&D investments, are confirmed, while new insights about this relationship are uncovered, in terms of the structural characteristics of the constrained firms, of the industries in which they operate, of their innovative activities and of the innovation outcomes they achieve.
JRC Directorate:Growth and Innovation

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