Innovare nel distretto. Il ruolo del mercato del credito
AbstractInformational frictions between borrowers and lenders are particularly acute for innovative firms undertaking high-risk projects. As a consequence, banks may end up denying credit to them. However, the literature on relationship finance predicts that a closer relationship between credit suppliers and obligors is deemed to alleviate information asymmetries, hence preventing credit rationing from occurring. The question of whether such situations also apply to innovative firms have so far remained relatively unexplored. Using a cross-section of Italian manufacturing firms, I investigate whether credit rationing occurs for firms undertaking innovative activities, and to what extent financial constraints can be smoothed in Italian industrial districts. Results show that credit constraints appear to be more severe for innovative firms. The empirical analysis also shows that firms located in an industrial district have easier access to external finance. If I move to consider firms engaged in substantial R&D activities located in a district area, results suggest that they can benefit from better financial conditions.
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Bibliographic InfoArticle provided by Rosenberg & Sellier Editori in Torino srl in its journal Sviluppo Locale.
Volume (Year): 12 (2006-07)
Issue (Month): 28 ()
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Web page: http://www.rosenbergesellier.it/
industrial districts; credit rationing; innovation;
Find related papers by JEL classification:
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- D45 - Microeconomics - - Market Structure and Pricing - - - Rationing; Licensing
- R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
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