IDEAS home Printed from https://ideas.repec.org/a/cpn/umkeip/v18y2019i4p413-423.html
   My bibliography  Save this article

The role of financing innovative technological investments with credit for technological innovations

Author

Listed:
  • Agnieszka Czajkowska

    (University of Lodz)

Abstract

Motivation: Credit for technological innovations is implemented under competition projects in Submeasure 3.2.2 of Innovation support for enterprises of Smart Growth Operational Programme 2014–2020. It is a follow-up to the measure implemented under the Innovative Economy pro-gramme. The support granted in the form of so-called ‘technology bonus’ allows to partially repay a credit for technological innovations granted by a commercial bank. It is an instrument of financial support aimed at increas-ing the innovativeness and competitiveness of micro-, small and medium-sized enterprises (MSME). The innovativeness of Polish MSME is at a very low level, compared to other EU countries., Therefore, it seems necessary to implement various instruments of support and stimulation of investment in innovative technologies. Aim: assessment of credit procedures and possibili-ties of financial support MSME activity from a credit for technological in-novations. To do this, an analysis is needed of the procedure and funding rules for technological investments with POIR resources. Besides, the litera-ture of the subjects as well as the most important findings and statistics have been reviewed and evaluated. Results: presentation of the specificity of the credit in the case of technological innovations, including the obtain-ment of a technology bonus, assessment of the innovative activity of MSME, as well as the state of financing innovations and technological in-vestments of MSME, including indication of limitations in this respect.

Suggested Citation

  • Agnieszka Czajkowska, 2019. "The role of financing innovative technological investments with credit for technological innovations," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(4), pages 413-423, December.
    • Handle: RePEc:cpn:umkeip:v:18:y:2019:i:4:p:413-423
    DOI: 10.12775/EiP.2019.027
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.12775/EiP.2019.027
    Download Restriction: no
    File URL: https://libkey.io/10.12775/EiP.2019.027?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. repec:zbw:bofrdp:urn:nbn:fi:bof-201512141480 is not listed on IDEAS
    2. Ramana Nanda & William R. Kerr, 2015. "Financing Innovation," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 445-462, December.
    3. repec:zbw:bofrdp:2015_028 is not listed on IDEAS
    4. Massimo Colombo & Luca Grilli, 2007. "Funding Gaps? Access To Bank Loans By High-Tech Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 25-46, June.
    5. Giudici, Giancarlo & Paleari, Stefano, 2000. "The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-Based Small Firms," Small Business Economics, Springer, vol. 14(1), pages 37-53, February.
    6. Alicia M. Robb & David T. Robinson, 2014. "The Capital Structure Decisions of New Firms," The Review of Financial Studies, Society for Financial Studies, vol. 27(1), pages 153-179, January.
    7. Gilles Duranton & J. V. Henderson & William C. Strange (ed.), 2015. "Handbook of Regional and Urban Economics," Handbook of Regional and Urban Economics, Elsevier, edition 1, volume 5, number 5.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ana Venâncio & João Jorge, 2022. "The role of accelerator programmes on the capital structure of start-ups," Small Business Economics, Springer, vol. 59(3), pages 1143-1167, October.
    2. Francesco Manaresi & Carlo Menon & Pietro Santoleri, 2021. "Supporting innovative entrepreneurship: an evaluation of the Italian “Start-up Act” [The effects of entry on incumbent innovation and productivity]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(6), pages 1591-1614.
    3. Vaznyte, Egle & Andries, Petra, 2019. "Entrepreneurial orientation and start-ups' external financing," Journal of Business Venturing, Elsevier, vol. 34(3), pages 439-458.
    4. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    5. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    6. Sarah Armitage & Noël Bakhtian & Adam B. Jaffe, 2023. "Innovation Market Failures and the Design of New Climate Policy Instruments," NBER Chapters, in: Environmental and Energy Policy and the Economy, volume 5, pages 4-48, National Bureau of Economic Research, Inc.
    7. Colombelli, Alessandra & Grilli, Luca & Minola, Tommaso & Mrkajic, Boris, 2020. "To what extent do young innovative companies take advantage of policy support to enact innovation appropriation mechanisms?," Research Policy, Elsevier, vol. 49(10).
    8. Mukesh Kumar & Suruchi Pandey & Vinita Sinha & Anugamini Priya Srivastava, 2019. "Influence Of Leadership Styles Of Bankers In Decision Making On Loans To Start-Up Entrepreneurs," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 24(04), pages 1-13, December.
    9. Demeulemeester, Sarah & Hottenrott, Hanna, 2015. "R&D subsidies and firms' cost of debt," DICE Discussion Papers 201, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    10. Andrea Bellucci & Ilario Favaretto & Germana Giombini, 2014. "Does Innovation Affect Credit Access? New Empirical Evidence from Italian Small Business Lending," IAW Discussion Papers 104, Institut für Angewandte Wirtschaftsforschung (IAW).
    11. Bjuggren, Per-Olof & Elmoznino Laufer, Michel, 2015. "Startups, Financing and Geography– Findings from a survey," Ratio Working Papers 255, The Ratio Institute.
    12. Massimo G. Colombo & Kourosh Shafi, 2021. "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism," Small Business Economics, Springer, vol. 56(4), pages 1507-1529, April.
    13. Epure, Mircea & Guasch, Martí, 2020. "Debt signaling and outside investors in early stage firms," Journal of Business Venturing, Elsevier, vol. 35(2).
    14. Ross Brown & José M. Liñares-Zegarra & John O.S. Wilson, 2022. "Innovation and borrower discouragement in SMEs," Small Business Economics, Springer, vol. 59(4), pages 1489-1517, December.
    15. Da Rin, Marco & Di Giacomo, M. & Sembenelli, A., 2018. "Corporate Income Taxation, Leverage at Entry, and the Growth of Entrepreneurial Companies," Other publications TiSEM 4a62ae1b-5817-4a73-8635-e, Tilburg University, School of Economics and Management.
    16. Susan Coleman & Alicia M. Robb, 2011. "Financing Strategies of New Technology-based Firms," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 01-18, August.
    17. de Faria, Aline Mariane & Oliveira Junior, Moacir de Miranda & Borini, Felipe Mendes, 2019. "Pubic funding for innovation: The importance of individual resources of the entrepreneur and the relational resources of the firm," Technology in Society, Elsevier, vol. 59(C).
    18. Valérie Revest & Sandro Sapio, 2008. "Financing Technology-Based Small Firms in Europe: a review of the empirical evidence," LEM Papers Series 2008/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    19. Neville, Conor & Lucey, Brian M., 2022. "Financing Irish high-tech SMEs: The analysis of capital structure," International Review of Financial Analysis, Elsevier, vol. 83(C).
    20. Pavlova, Elitsa & Signore, Simone, 2019. "The European venture capital landscape: an EIF perspective. Volume V: The economic impact of VC investments supported by the EIF," EIF Working Paper Series 2019/55, European Investment Fund (EIF).

    More about this item

    Keywords

    credit for technological innovations; micro; small and medium-sized enterprises; technology investment; technology bonus;
    All these keywords.

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpn:umkeip:v:18:y:2019:i:4:p:413-423. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miroslawa Buczynska (email available below). General contact details of provider: http://www.wydawnictwoumk.pl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.