Martinsson, Gustav () (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology) Lööf, Hans () (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology)
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Based on data from of 2,700 Swedish manufacturing firms, observed through the period 1997-2005, this paper shows that internal finance resources, measured by cash-flow, affect the propensity to apply for a patent as well as the number of patent applications. From a business cycle perspective, cash-flow only plays a role during and after economic contractions. In periods of economic expansion there is no significant association between internal finance and patent applications. Further, the sensitivity of patent applications to cash-flow is limited to firms with low equity-ratio. Among high equity firms the pattern of patent applications are robust over the business cycle.
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Length: 25 pages Date of creation: 09 Oct 2009 Date of revision: Handle: RePEc:hhs:cesisp:0200
Note: This is a substantially revised version of previously published CESIS Working paper (#194) Contact details of provider: Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden Phone: +46 8 790 95 63 Web page: http://www.infra.kth.se/cesis/ More information through EDIRC
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