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Financing constraints and R&D investments of large corporations in Europe and the USA

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Abstract

This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the 2000 – 2007 period. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are important for European firms while US ones do not appear to be financially constrained. In terms of policy implications, these results suggest improving the conditions for access to external capital to finance R&D activities in the EU.

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File URL: http://iri.jrc.ec.europa.eu/documents/10180/0f6915a4-bd49-441e-875c-925133873fc9
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Bibliographic Info

Paper provided by Institute of Prospective Technological Studies, Joint Research Centre in its series JRC-IPTS Working Papers on Corporate R&D and Innovation with number 2010-03.

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Length: 44 pages
Date of creation: Apr 2010
Date of revision:
Handle: RePEc:ipt:wpaper:201003

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Keywords: Financial constraints; R&D investments; error-correction investment equations; system GMM panel data econometric models;

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Cited by:
  1. Francesco Bogliacino & Matteo Lucchese, 2011. "Access to finance for innovation: the role of venture capital and the stock market," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, FrancoAngeli Editore, vol. 2011(4), pages 165-183.

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