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Financial constraints and public funding of eco-innovation: empirical evidence from European SMEs

Author

Listed:
  • Grazia Cecere

    (IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris])

  • Nicoletta Corrocher

    (CRIOS - Center for Research on Innovation, Organization and Strategy (University of Bocconi))

  • Maria Luisa Mancusi

    (Unicatt - Università cattolica del Sacro Cuore [Milano])

Abstract

Financial constraints have an important impact on the development of eco-innovations but their effect varies according to the type of funding. This article studies the interaction between public funding on the one hand, and internal and external lack of funding on the other. The empirical analysis is based on a sample of European small- and medium-sized enterprises, and exploits information on firms' involvement in eco-innovation activities, their drivers, and obstacles. Our results show that, even accounting for demand-pull effects and regulatory interventions, access to public funds and fiscal incentives is effective for improving the firm's ability to introduce eco-innovations, particularly if the company has ample funds from either internal or external sources. Our findings suggest also that public funding is perceived by firms as complementary to other external finance.

Suggested Citation

  • Grazia Cecere & Nicoletta Corrocher & Maria Luisa Mancusi, 2020. "Financial constraints and public funding of eco-innovation: empirical evidence from European SMEs," Post-Print hal-02404497, HAL.
    • Handle: RePEc:hal:journl:hal-02404497
    DOI: 10.1007/s11187-018-0090-9
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