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Tamaño, restricciones financieras e inversión en i+d

Author

Listed:
  • María Ángeles Marra Domínguez

    (Universidad de Vigo)

Abstract

Este trabajo analiza empíricamente los efectos de restricciones de liquidez en la inversión en actividades de I+D de una muestra de empresas manufactureras españolas clasificada según su tamaño durante el periodo 1991-1999. Las estimaciones confirman que la inversión en I+D emprendida por las empresas de menor tamaño presenta una mayor sensibilidad al cash flow y una relación negativa fuerte con la tasa de endeudamiento, lo que sugiere la posible presencia de restricciones financieras. Por el contrario, para las grandes empresa se muestra que la variable cash flow es significativa, aunque presenta un poder explicativo pequeño, por lo que no se encuentra evidencia de que existan restricciones en el acceso a la financiación externa. Además, también se obtiene evidencia sobre el comportamiento inversor en activos materiales que señalan que no parece existir restricciones en la capacidad de endeudamiento de las empresas de pequeño y mediano tamaño analizadas.

Suggested Citation

  • María Ángeles Marra Domínguez, 2007. "Tamaño, restricciones financieras e inversión en i+d," Revista de Economia Aplicada, Universidad de Zaragoza, Departamento de Estructura Economica y Economia Publica, vol. 15(3), pages 99-123, Winter.
  • Handle: RePEc:rev:reveca:v:15:y:2007:i:3:p:99-123.
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    More about this item

    Keywords

    restricciones financieras; inversión en actividades de I+D; tamaño; pymes y grandes empresas;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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