The impact of the financial crisis on investments in innovative firms


Giebel, Marek ; Kraft, Kornelius


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URL: https://ub-madoc.bib.uni-mannheim.de/39820
URN: urn:nbn:de:bsz:180-madoc-398201
Document Type: Working paper
Year of publication: 2015
The title of a journal, publication series: ZEW Discussion Papers
Volume: 15-069
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: G01 , G30 , O16 , O30,
Keywords (English): Financial crisis , innovation , investment , credit constraints , difference-in-differences
Abstract: 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.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Giebel, Marek ; Kraft, Kornelius (2015) The impact of the financial crisis on investments in innovative firms. Open Access ZEW Discussion Papers Mannheim 15-069 [Working paper]
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