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Technological Diffusion and the Financial Environment

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  • Stoneman, Paul

    ()
    (University of Warwick, Warwick Business School)

Abstract

This paper considers reasons why financial factors may impact upon the diffusion of new technology and potential means of furthering research upon this topic. The main aim of this paper is to undertake some preliminary discussion of how and why financial factors may impinge upon the diffusion process. Given that there is a close relation between the analysis of diffusion and the analyses of investment and R&D we proceed by first exploring the arguments that have been presented as to why financial factors may play a role in the determination of these. We then discuss the parallels with diffusion. This leads to some conclusions as to how the financial environment within which firms operate may impact upon the diffusion process. In a final section we discuss how this issue may be further researched.

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File URL: http://www.intech.unu.edu/publications/eifc-tf-papers/eifc01-3.pdf
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Bibliographic Info

Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 3.

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Date of creation: 2001
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Handle: RePEc:dgr:unutaf:eifc01-3

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Web page: http://www.intech.unu.edu

Related research

Keywords: New Technologies; R&D; Diffusion of Innovations; Investment; Finance;

This paper has been announced in the following NEP Reports:

References

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  1. Himmelberg, Charles P & Petersen, Bruce C, 1994. "R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 38-51, February.
  2. Stephen Bond & Julie Elston & Jacques Mairesse & Benoit Mulkay, 1997. "Financial Factors and Investment in Belgium, France, Germany and the UK:A Comparison Using Company Panel Data," NBER Working Papers 5900, National Bureau of Economic Research, Inc.
  3. R. Glenn Hubbard, 1997. "Capital-Market Imperfections and Investment," NBER Working Papers 5996, National Bureau of Economic Research, Inc.
  4. Steve Bond & Jason Cummins, 2001. "Noisy share prices and the Q model of investment," IFS Working Papers W01/22, Institute for Fiscal Studies.
  5. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
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Cited by:
  1. Stoneman, Paul, 2001. "Financial Factors and the Inter Firm Diffusion of New Technology: A Real Options Model," EIFC - Technology and Finance Working Papers 8, United Nations University, Institute for New Technologies.
  2. Erumban, Abdul Azeez & Jong, Simon B. de, 2005. "Cross-country differences in ICT adoption. A consequence of Culture?," Research Report 05C01, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  3. Stoneman, Paul, 2001. "Heterogeneity and Change in European Financial Environments," EIFC - Technology and Finance Working Papers 7, United Nations University, Institute for New Technologies.
  4. Bronwyn H. Hall & Beethika Khan, 2003. "Adoption of New Technology," NBER Working Papers 9730, National Bureau of Economic Research, Inc.
  5. Gomez, Jaime & Vargas, Pilar, 2009. "The effect of financial constraints, absorptive capacity and complementarities on the adoption of multiple process technologies," Research Policy, Elsevier, vol. 38(1), pages 106-119, February.
  6. Stoneman, Paul & Canepa, Alessandra, 2002. "Financial Constraints on Innovation: A European Cross Country Study," EIFC - Technology and Finance Working Papers 11, United Nations University, Institute for New Technologies.

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