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Financial Constraints on Innovation: A European Cross Country Study

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

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Abstract

In this paper we use responses to the second Community Innovation Survey (CIS II) to investigate the relative importance of finance as a constraint to innovation in Europe and also explore differences across industries, countries and firm sizes in the importance of any finance constraints. The findings are related to theoretical propositions and existing empirical literature. It is found that financial constraints are of more importance than other internal and external factors in terms of impacts on projects not starting, being delayed or postponed. It also shown that in market based systems finance is more of a constraint than in bank based systems, and that riskier, newer industries are more constrained by finance. The results on the importance of firm size are less conclusive

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Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 11.

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Date of creation: 2002
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Handle: RePEc:dgr:unutaf:eifc02-11

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Related research
Keywords: Innovation; Finance; R&D; Industry;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  2. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June. [Downloadable!] (restricted)
  4. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July. [Downloadable!] (restricted)
  5. 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)
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  6. Bronwyn H. Hall., 1992. "Investment and Research and Development at the Firm Level: Does the Source of Financing Matter?," Economics Working Papers 92-194, University of California at Berkeley.
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  7. Steve Bond & Julie Elston & Jacques Mairesse & Benoit Mulkay, 1997. "Financial factors and investment in Belgium, France, German and the UK: A comparison using company panel data," IFS Working Papers W97/08, Institute for Fiscal Studies.
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  8. Benoit Mulkay & Bronwyn H. Hall & Jacques Mairesse, 2001. "Firm Level Investment and R&D in France and the United States: A Comparison," Economics Papers 2001-W2, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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  9. Stoneman, Paul, 2001. "Heterogeneity and Change in European Financial Environments," EIFC - Technology and Finance Working Papers 7, United Nations University, Institute for New Technologies. [Downloadable!]
  10. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Winker, Peter, 1999. " Causes and Effects of Financing Constraints at the Firm Level," Small Business Economics, Springer, vol. 12(2), pages 169-81, March. [Downloadable!] (restricted)
  12. 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. [Downloadable!] (restricted)
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  13. Schiantarelli, Fabio, 1996. "Financial Constraints and Investment: Methodological Issues and International Evidence," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 70-89, Summer.
  14. Stoneman, Paul, 2001. "Technological Diffusion and the Financial Environment," EIFC - Technology and Finance Working Papers 3, United Nations University, Institute for New Technologies. [Downloadable!]
  15. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
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(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. Juan de Dios Tena & A. R. Tremayne, 2006. "Modelling Monetary Transmission In Uk Manufacturing Industry," Statistics and Econometrics Working Papers ws062911, Universidad Carlos III, Departamento de Estadística y Econometría. [Downloadable!]
  2. Mark Freel, 2007. "Are Small Innovators Credit Rationed?," Small Business Economics, Springer, vol. 28(1), pages 23-35, January. [Downloadable!] (restricted)
  3. Sybrand Schim van der Loeff & Pierre Mohnen & Franz Palm & A. Tiwari, 2008. "Financial Constraints and other Obstacles: Are they a Threat to Innovation Activity?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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