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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;

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References

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  1. 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.
  2. Charles P. Himmelberg & Bruce C. Petersen, 1991. "R&D and internal finance: a panel study of small firms in high-tech industries," Working Paper Series, Macroeconomic Issues 91-25, Federal Reserve Bank of Chicago.
  3. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  4. Stephen Bond & Julie Ann Elston & Jacques Mairesse & BenoƮt Mulkay, 1999. "Financial Factors and Investment in Belgium, France, Germany and the UK : A Comparison using Company Panel Data," Working Papers 99-64, Centre de Recherche en Economie et Statistique.
  5. Stephen Bond, 2000. "Noisy Share Prices and the Q Model of Investment," Econometric Society World Congress 2000 Contributed Papers 1320, Econometric Society.
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Cited by:
  1. Erumban, Abdul Azeez & de Jong, Simon B., 2006. "Cross-country differences in ICT adoption: A consequence of Culture?," Journal of World Business, Elsevier, vol. 41(4), pages 302-314, December.
  2. Bronwyn H. Hall & Beethika Khan, 2003. "Adoption of New Technology," NBER Working Papers 9730, National Bureau of Economic Research, Inc.
  3. 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.
  4. 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.
  5. 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.
  6. Stoneman, Paul, 2001. "Heterogeneity and Change in European Financial Environments," EIFC - Technology and Finance Working Papers 7, United Nations University, Institute for New Technologies.

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