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Financing constraints and R&D investments of large corporations in Europe and the US

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  • Michele Cincera
  • Julien Ravet

Abstract

This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the period 2000–2007. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are important for European firms while US firms do not appear to be financially constrained. In terms of policy implications, these results suggest improving the conditions for access to external capital to finance R&D activities in the EU. Copyright , Beech Tree Publishing.

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  • Michele Cincera & Julien Ravet, 2010. "Financing constraints and R&D investments of large corporations in Europe and the US," Science and Public Policy, Oxford University Press, vol. 37(6), pages 455-466, July.
    • Handle: RePEc:oup:scippl:v:37:y:2010:i:6:p:455-466
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    File URL: http://hdl.handle.net/10.3152/030234210X508642
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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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