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Financing Constraints of Biotech Firms: An International Pre-Crisis Baseline (1997–2008)
[Contraintes financières des entreprises biotechnologiques : une référence internationale pré-crise (1997-2008)]

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  • Lysiane Tendil

    (Independent Researcher)

Abstract

This paper investigates the financing constraints of biotech firms and their determinants. We propose explanations that combine firm-level characteristics, the capitalism-model dichotomy — market-oriented (MOM) versus bank-oriented (BOM) economies — and the international cyclical context. Using an international panel of listed biotech firms over 1997–2008 drawn from Datastream 4.0, we estimate static and dynamic panel-data specifications, including an Euler-equation model. Our results indicate that biotech firms' financing constraints are jointly shaped by the structural environment (capitalism model), the cyclical environment (the 2000 stock-market downturn) and individual firm characteristics, in particular size. External financing through stock issues plays a central role in both MOM and BOM economies, but the strength of this channel differs systematically across institutional regimes. The findings extend earlier evidence reported in Tendil (2012, 2026).

Suggested Citation

  • Lysiane Tendil, 2026. "Financing Constraints of Biotech Firms: An International Pre-Crisis Baseline (1997–2008) [Contraintes financières des entreprises biotechnologiques : une référence internationale pré-crise (1997-2008)]," Working Papers hal-05624391, HAL.
    • Handle: RePEc:hal:wpaper:hal-05624391
    Note: View the original document on HAL open archive server: https://hal.science/hal-05624391v1
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