R&D Investment and Financing Constraints of Small and Medium-Sized Firms


Czarnitzki, Dirk ; Binz, Hanna L.


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URL: https://ub-madoc.bib.uni-mannheim.de/2052
URN: urn:nbn:de:bsz:180-madoc-20520
Document Type: Working paper
Year of publication: 2008
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O31 O32 ,
Subject headings (SWD): Forschungsfinanzierung , Schulden , Forschung und Entwicklung , Investition , Kreditwürdigkeit , Deutschland
Keywords (English): R&D Investment , Capital Investment , Financial Constraints , Panel Data , Censored Regression Models
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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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Czarnitzki, Dirk ; Binz, Hanna L. (2008) R&D Investment and Financing Constraints of Small and Medium-Sized Firms. Open Access Mannheim [Working paper]
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