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Financial Factors and the Inter Firm Diffusion of New Technology: A Real Options Model

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Author Info
Stoneman, Paul () (University of Warwick, Warwick Business School)

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Abstract

In this paper it is argued that although relatively ignored in the literature, on theoretical grounds, financial factors, in terms of the national financial environment and the cost and availability of external finance, will impact significantly upon the diffusion of new technologies in uncertain worlds. An inter firm model of diffusion built upon a real options approach to a decision making under uncertainty is developed and it is shown how the model predicts that the hazard of technology adoption can differ across firms, industries and countries. The model is then extended to reflect a role for financial factors. Some indication is provided as to how that model may be applied to pre existing data sets upon diffusion in order to test the embodied hypotheses.

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File URL: http://www.intech.unu.edu/publications/eifc-tf-papers/eifc01-8.pdf
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Publisher Info
Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 8.

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Date of creation: 2001
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Handle: RePEc:dgr:unutaf:eifc01-8

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

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Related research
Keywords: Diffusion of Innovations; Technology Transfer; Industry;

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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. Timothy H. Hannan & John M. McDowell, 1984. "The Determinants of Technology Adoption: The Case of the Banking Firm," RAND Journal of Economics, The RAND Corporation, vol. 15(3), pages 328-335, Autumn. [Downloadable!] (restricted)
  2. 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:
  3. Stoneman, Paul, 2001. "Technological Diffusion and the Financial Environment," EIFC - Technology and Finance Working Papers 3, United Nations University, Institute for New Technologies. [Downloadable!]
  4. Stoneman, Paul & Kwon, Myung Joong, 1996. "Technology Adoption and Firm Profitability," Economic Journal, Royal Economic Society, vol. 106(437), pages 952-62, July. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
    Other versions:
  6. Saltari, Enrico, 2001. "Financial Structure and Investment Decisions: A Survey of Theoretical and Empirical Work," EIFC - Technology and Finance Working Papers 2, United Nations University, Institute for New Technologies. [Downloadable!]
  7. Battisti, Giuliana & Stoneman, Paul, 2005. "The intra-firm diffusion of new process technologies," International Journal of Industrial Organization, Elsevier, vol. 23(1-2), pages 1-22, February. [Downloadable!] (restricted)
  8. Wendy Carlin & Colin Mayer, 1999. "How Do Financial Systems Affect Economic Performance?," OFRC Working Papers Series 1999fe08, Oxford Financial Research Centre. [Downloadable!]
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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. Bronwyn Hall & Beethika Khan, 2003. "Adoption of New Technology," Department of Economics, Working Paper Series 1055, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  2. Zhang, T. & Nuttall, W.J., 2008. "Evaluating Government’s Policies on Promoting Smart Metering in Retail Electricity Markets via Agent Based Simulation," Cambridge Working Papers in Economics 0842, Faculty of Economics, University of Cambridge. [Downloadable!]
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