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Financing constraints and the R&D decision in the Caribbean

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  • Tracey Broome
  • Winston Moore
  • Philmore Alleyne

Abstract

The Caribbean has one the lowest rates of Research and Development (R&D) investment intensity by firms. This characteristic can limit the growth and sustainability of Caribbean businesses given the role that this type of investment plays in firm growth and competitiveness. Using the World Bank’s Enterprise Survey database, which provides firm-level data on 13 Caribbean nations, this paper evaluates the decision to engage in R&D amongst Caribbean firms. Using cross-sectional regression analysis to estimate R&D models, the results suggest firms that participate in trade, are technologically-inclined and have access to bank financing, are more likely to make the decision to invest in R&D. Small firms, especially those facing financing obstacles, however, are less likely to engage in R&D. Our findings also provide insights into the financing of R&D investment and could be used by policymakers to encourage greater innovation in the region.

Suggested Citation

  • Tracey Broome & Winston Moore & Philmore Alleyne, 2018. "Financing constraints and the R&D decision in the Caribbean," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 30(9-10), pages 964-986, October.
    • Handle: RePEc:taf:entreg:v:30:y:2018:i:9-10:p:964-986
    DOI: 10.1080/08985626.2018.1515820
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    Cited by:

    1. Shuanglian Chen & Benhuan Nie & Xiaohua Huang, 2024. "Nonlinear Impact of Corporate Financialization on Sustainable Development Ability: Evidence from Listed Companies in China," Sustainability, MDPI, vol. 16(8), pages 1-23, April.
    2. Yabin Yu & Qian Xu, 2022. "Influencing Factors of Enterprise R&D Investment: Post-Subsidy, Sustainability, and Heterogeneity," Sustainability, MDPI, vol. 14(10), pages 1-14, May.
    3. Anh Tuan Bui & Susan Lambert & Tung Duc Phung & Giao Reynolds, 2021. "The Impact of Business Obstacles on Firm Growth and Job Stability in East Asia and Pacific Nations," Sustainability, MDPI, vol. 13(19), pages 1-19, October.
    4. Marco Túlio Dinali Viglioni & Mozar José Brito & Cristina Lelis Leal Calegario, 2020. "Innovation and R&D in Latin America and the Caribbean countries: a systematic literature review," Scientometrics, Springer;Akadémiai Kiadó, vol. 125(3), pages 2131-2167, December.
    5. Ganotakis, Panagiotis & Angelidou, Sofia & Saridakis, Charalampos & Piperopoulos, Panagiotis & Dindial, Miguel, 2023. "Innovation, digital technologies, and sales growth during exogenous shocks," Technological Forecasting and Social Change, Elsevier, vol. 193(C).

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