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How firms finance innovation. Further empirics from European SMEs

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  • Francesco Aiello
  • Graziella Bonanno
  • Stefania P. S. Rossi

Abstract

This paper aims to evaluate the role played by different sources of financing when analyzing firms' attitudes towards innovating. The empirical investigation is based on a large sample of European small and medium‐sized enterprises (SMEs) observed over the period 2012–2017. Different measures of finance and several robustness checks are used to select a well‐behaved probit model. The results show that the probability to innovate increases when firms use internal financing and grants. The same applies when funds come from family and friends, while no conclusive evidence is found for bank loans. Recommendations for public policy to encourage firm‐tailored policies to promote investment in intangibles allow firms to benefit from innovation activities. European SMEs will also benefit from capital market developments and the advancement of new financial tools devoted to supporting innovation.

Suggested Citation

  • Francesco Aiello & Graziella Bonanno & Stefania P. S. Rossi, 2020. "How firms finance innovation. Further empirics from European SMEs," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 689-714, November.
    • Handle: RePEc:bla:metroe:v:71:y:2020:i:4:p:689-714
    DOI: 10.1111/meca.12298
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    1. Bischoff, Thore Sören & Hipp, Ann & Runst, Petrik, 2023. "Firm innovation and generalized trust as a regional resource," Research Policy, Elsevier, vol. 52(8).
    2. Bischoff, Thore Sören & Hipp, Ann & Runst, Petrik, 2022. "Firm innovation and generalized trust as a regional resource," ifh Working Papers 32/2022, Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh).
    3. Farid Ullah & Ma Degong & Muhammad Anwar & Saddam Hussain & Rizwan Ullah, 2021. "Supportive tactics for innovative and sustainability performance in emerging SMEs," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-31, December.
    4. Bernardina Algieri & Antonio Aquino & Marianna Succurro, 2020. "The Impact of Cash-Flow and the Main Components of the Capital Structure on Innovative Performances of European Firms," Review of Economics and Institutions, Università di Perugia, vol. 11(1-2).

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