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

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  • Michele Cincera
  • Julien Ravet

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 ā€“ 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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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/105617.

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Date of creation: 01 Jul 2010
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Publication status: Published in: Science & public policy (2010) v.37 nĀ° 6,p.455-466
Handle: RePEc:ulb:ulbeco:2013/105617

Note: This is a translation of: Financing constraints and R&D investments of large corporations in Europe and the US
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Keywords: Financial constraints; R&D investments; 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," JRC-IPTS Working Papers on Corporate R&D and Innovation 2011-05, Institute of Prospective Technological Studies, Joint Research Centre.

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