This paper investigates the impact of the financial crisis on investment decisions in
innovative versus non-innovative firms. Firms are defined as being innovative if they
have introduced a new product to the market. The empirical test is based on data for
the years before and after the recent financial crisis. Probit estimations show that
innovative firms are more likely to suffer from the financial crisis and to reduce their
investment expenditures in general. To some extent these reductions are due to
problems in the acquisition of external capital. Using difference-in-differences
methods, it turns out that innovative firms realize the same reduction in growth rates
in turnover, but a stronger reduction in investment growth than non-innovative firms.
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