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Do financial constraints hold back innovation and growth?: Evidence on the role of public policy

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Hyytinen, Ari
Toivanen, Otto

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File URL: http://www.sciencedirect.com/science/article/B6V77-4GX64N0-1/2/04fd29d67a512bb981c97c13cdd99318
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Article provided by Elsevier in its journal Research Policy.

Volume (Year): 34 (2005)
Issue (Month): 9 (November)
Pages: 1385-1403
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Handle: RePEc:eee:respol:v:34:y:2005:i:9:p:1385-1403

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Adam B. Jaffe, 2002. "Building Programme Evaluation into the Design of Public Research-Support Programmes," Oxford Review of Economic Policy, Oxford University Press, vol. 18(1), pages 22-34, Spring.
  2. Core, John E., 2001. "A review of the empirical disclosure literature: discussion," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 441-456, September. [Downloadable!] (restricted)
  3. Bronwyn Hall, 2002. "The Financing of Research and Development," Department of Economics, Working Paper Series 1004, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  4. Titman, Sheridan & Trueman, Brett, 1986. "Information quality and the valuation of new issues," Journal of Accounting and Economics, Elsevier, vol. 8(2), pages 159-172, June. [Downloadable!] (restricted)
  5. Tor Jakob Klette & Jarle Moen & Zvi Griliches, 1999. "Do Subsidies to Commercial R&D Reduce Market Failures - Microeconomic Evaluation Studies?," Harvard Institute of Economic Research Working Papers 1861, Harvard - Institute of Economic Research.
    Other versions:
  6. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-86, June. [Downloadable!] (restricted)
    Other versions:
  7. Zvi Griliches, 1992. "The Search for R&D Spillovers," NBER Working Papers 3768, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March. [Downloadable!] (restricted)
  9. Mitchell A. Petersen & Raghuram G. Rajan, 2002. "Does Distance Still Matter? The Information Revolution in Small Business Lending," Journal of Finance, American Finance Association, vol. 57(6), pages 2533-2570, December. [Downloadable!] (restricted)
    Other versions:
  10. Paul A. David & Bronwyn H. Hall & Andrew A. Toole, 2000. "Is Public R&D a Complement or Substitute for Private R&D? A Review of the Econometric Evidence," Development and Comp Systems 9912002, EconWPA. [Downloadable!]
    Other versions:
  11. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March. [Downloadable!] (restricted)
    Other versions:
  12. Robert E. Carpenter & Bruce C. Petersen, 2002. "Is The Growth Of Small Firms Constrained By Internal Finance?," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 298-309, May. [Downloadable!] (restricted)
  13. Lach, Saul, 2002. "Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel," Journal of Industrial Economics, Blackwell Publishing, vol. 50(4), pages 369-90, December. [Downloadable!] (restricted)
    Other versions:
  14. Carlin, Wendy & Mayer, Colin, 1999. "Finance, Investment and Growth," CEPR Discussion Papers 2233, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  15. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2002. "Funding growth in bank-based and market-based financial systems: evidence from firm-level data," Journal of Financial Economics, Elsevier, vol. 65(3), pages 337-363, September. [Downloadable!] (restricted)
    Other versions:
  16. Sapienza, Paola, 2004. "The effects of government ownership on bank lending," Journal of Financial Economics, Elsevier, vol. 72(2), pages 357-384, May. [Downloadable!] (restricted)
  17. Scott J. Wallsten, 2000. "The Effects of Government-Industry R&D Programs on Private R&D: The Case of the Small Business Innovation Research Program," RAND Journal of Economics, The RAND Corporation, vol. 31(1), pages 82-100, Spring.
  18. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2002. "Government Ownership of Banks," Journal of Finance, American Finance Association, vol. 57(1), pages 265-301, 02. [Downloadable!] (restricted)
    Other versions:
  19. Ari Hyytinen & Iikka Kuosa & Tuomas Takalo, 2003. "Law or Finance: Evidence from Finland," European Journal of Law and Economics, Springer, vol. 16(1), pages 59-89, July. [Downloadable!] (restricted)
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  20. Aghion, Philippe & Tirole, Jean, 1994. "The Management of Innovation," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 1185-1209, November. [Downloadable!] (restricted)
  21. Asli Demirgüç-Kunt & Vojislav Maksimovic, 1998. "Law, Finance, and Firm Growth," Journal of Finance, American Finance Association, vol. 53(6), pages 2107-2137, December. [Downloadable!] (restricted)
  22. Ari Hyytinen & Mika Pajarinen, 2002. "Small Business Finance in Finland. A Descriptive Study," Discussion Papers 812, The Research Institute of the Finnish Economy. [Downloadable!]
  23. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
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  24. Bhattacharya Sudipto & Chiesa Gabriella, 1995. "Proprietary Information, Financial Intermediation, and Research Incentives," Journal of Financial Intermediation, Elsevier, vol. 4(4), pages 328-357, October. [Downloadable!] (restricted)
  25. Lerner, Josh, 1999. "The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program," Journal of Business, University of Chicago Press, vol. 72(3), pages 285-318, July. [Downloadable!] (restricted)
  26. Lichtenberg, Frank R, 1988. "The Private R&D Investment Response to Federal Design and Technical Competitions," American Economic Review, American Economic Association, vol. 78(3), pages 550-59, June. [Downloadable!] (restricted)
  27. Nicola Cetorelli, 2001. "Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data," Journal of Finance, American Finance Association, vol. 56(2), pages 617-648, 04. [Downloadable!] (restricted)
    Other versions:
  28. Aghion, Philippe & Tirole, Jean, 1994. "On the Management of Innovation," IDEI Working Papers 36, Institut d'Économie Industrielle (IDEI), Toulouse.
    Other versions:
  29. Moshe Buchinsky & Jinyong Hahn, 1998. "An Alternative Estimator for the Censored Quantile Regression Model," Econometrica, Econometric Society, vol. 66(3), pages 653-672, May.
  30. Powell, James L., 1984. "Least absolute deviations estimation for the censored regression model," Journal of Econometrics, Elsevier, vol. 25(3), pages 303-325, July. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kari Alho, 2002. "Stabilization Inside and Outside EMU," Discussion Papers 821, The Research Institute of the Finnish Economy. [Downloadable!]
  2. Tomi Hussi, 2003. "Reconfiguring Knowledge Management. Combining Intellectual Capital, Intangible Assets and Knowledge Creation," Discussion Papers 849, The Research Institute of the Finnish Economy. [Downloadable!]
  3. Lööf, Hans & Heshmati, Almas, 2004. "The Impact of Public Funding on Private R&D investment: New Evidence from a Firm Level Innovation Study," Working Paper Series in Economics and Institutions of Innovation 6, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies, revised 01 Mar 2005. [Downloadable!]
  4. Lotta Väänänen, 2003. "Does Public Funding Have a Halo Effect?," Discussion Papers 853, The Research Institute of the Finnish Economy. [Downloadable!]
  5. Giannetti, C., 2009. "Relationship Lending and Firm Innovativeness," Discussion Paper 2009-08, Tilburg University, Center for Economic Research. [Downloadable!]
  6. Jyrki Ali-Yrkkö, 2004. "Impact of Public R&D Financing on Private R&D - Does Financial Constraint Matter?," Discussion Papers 943, The Research Institute of the Finnish Economy. [Downloadable!]
  7. Ari Hyytinen & Tuomas Takalo, 2002. "Enchancing Bank Transparency : A Re-assessment," Discussion Papers 828, The Research Institute of the Finnish Economy. [Downloadable!]
    Other versions:
  8. Pekka Sulamaa & Mika Widgrén, 2002. "EU-Enlargement and the Opening of Russia: Lessons from the GTAP Reference Model," Discussion Papers 825, The Research Institute of the Finnish Economy. [Downloadable!]
  9. Jyrki Ali-Yrkkö, 2005. "Impact of Public R&D Financing on Private R&D: Does Financial Constraint Matter?," Economics Working Papers 030, European Network of Economic Policy Research Institutes. [Downloadable!]
  10. Kari Alho, 2003. "The Impact of Regionalism on Trade in Europe," Discussion Papers 843, The Research Institute of the Finnish Economy. [Downloadable!]
  11. Meuleman, M. & De Maeseneire, W., 2008. "Do R&D subsidies affect SME's: access to external financing," Vlerick Leuven Gent Management School Working Paper Series 2008-12, Vlerick Leuven Gent Management School. [Downloadable!]
  12. Pablo D'Este & Simona Iammarino & Maria Savona & Nick von Tunzelmann, 2008. "What hampers innovation? Evidence from the UK CIS4," SPRU Electronic Working Paper Series 168, University of Sussex, SPRU - Science and Technology Policy Research. [Downloadable!]
  13. Czarnitzki, Dirk & Toole, Andrew A., 2006. "Business R&D and the Interplay of R&D Subsidies and Market Uncertainty," ZEW Discussion Papers 06-55, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  14. Marianne Paasi, 2002. "Economics of Collective Benchmarking - Learning in Research and Innovation Policy," Discussion Papers 836, The Research Institute of the Finnish Economy. [Downloadable!]
  15. Heli Koski & Carolina Sierimo, 2003. "Entry and Exit in the ICT Sector - New Markets, New Industrial Dynamics?," Discussion Papers 847, The Research Institute of the Finnish Economy. [Downloadable!]
  16. Ebersberger, Bernd & Czarnitzki, Dirk & Fier, Andreas, 2004. "The Relationship between R&D Collaboration, Subsidies and Patenting Activity : Empirical Evidence from Finland and Germany," ZEW Discussion Papers 04-37, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  17. Heshmati, Almas & Loof, Hans, 2005. "The Impact of Public Funds on Private R&D Investment: New Evidence from a Firm Level Innovation Study," Discussion Papers 11862, MTT Agrifood Research Finland. [Downloadable!]
  18. Markku Stenborg, 2002. "Economics of Joint Dominance," Discussion Papers 834, The Research Institute of the Finnish Economy. [Downloadable!]
  19. Pekka Mannonen, 2002. "The Strategic Response of Banks to an Exogenous Positive Information Shock in the Credit Markets," Discussion Papers 830, The Research Institute of the Finnish Economy. [Downloadable!]
  20. Kari Alho, 2002. "The Equilibrium Rate of Unemployment and Policies to Lower It: The Case of Finland," Discussion Papers 839, The Research Institute of the Finnish Economy. [Downloadable!]
  21. Dirk Czarnitzki & Andrew Toole, 2007. "Business R&D and the Interplay of R&D Subsidies and Product Market Uncertainty," Review of Industrial Organization, Springer, vol. 31(3), pages 169-181, November. [Downloadable!] (restricted)
  22. Esa Viitamo, 2003. "Knowledge-intensive Services and Competitiveness of the Forest Cluster," Discussion Papers 845, The Research Institute of the Finnish Economy. [Downloadable!]
  23. Simona Iammarino & Francesca Sanna-Randaccio & Maria Savona, 2007. "The perception of obstacles to innovation. Multinational and domestic firms in Italy," Working Papers of BETA 2007-12, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  24. Gregory Amacher & Erkki Koskela & Markku Ollikainen, 2003. "Quality Competition and Social Welfare in Markets with Partial Coverage: New Results," Discussion Papers 851, The Research Institute of the Finnish Economy. [Downloadable!]
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