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Innovation Capabilities and Financing Constraints of Family Firms

Listed author(s):
  • Schäfer, Dorothea

    ()

    (DIW Berlin and CeFEO at Jönköping International Business School)

  • Stephan, Andreas

    ()

    (Jönköping International Business School and CESIS at KTH Stockholm)

  • Mosquera, Jenniffer Solórzano

    ()

    (Jönköping International Business School)

Using the 2007 Mannheim innovation survey, we investigate whether family firms are more financially constrained than other firms and how this affects both innovation input as well as innovation outcomes such as market and firm novelties or process innovations. Based on the CDM framework, estimation of the recursive system of equations shows that family businesses are more likely to be constrained and have, on average, lower innovation input. Surprisingly, however, this does not reduce their innovation outcomes as, on average, family firms have the same level of innovation outcomes as nonfamily firms.

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File URL: https://static.sys.kth.se/itm/wp/cesis/cesiswp425.pdf
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Paper provided by Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies in its series Working Paper Series in Economics and Institutions of Innovation with number 425.

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Length: 37 pages
Date of creation: 18 Dec 2015
Publication status: Published as Schäfer, Dorothea, Andreas Stephan and Jenniffer Solórzano Mosquera, 'Family Ownership: Does it Matter for Funding and Success of Corporate Innovations? ' in Small Business Economics, 2016.
Handle: RePEc:hhs:cesisp:0425
Contact details of provider: Postal:
CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden

Phone: +46 8 790 95 63
Web page: http://www.infra.kth.se/cesis/

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  1. Andrea Mina & Henry Lahr & Alan Hughes, 2013. "The demand and supply of external finance for innovative firms," Industrial and Corporate Change, Oxford University Press, vol. 22(4), pages 869-901, August.
  2. Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
  3. Andrea Bellucci & Ilario Favaretto & Germana Giombini, 2014. "Does Innovation Affect Credit Access? New Empirical Evidence from Italian Small Business Lending," IAW Discussion Papers 104, Institut für Angewandte Wirtschaftsforschung (IAW).
  4. Jacques Mairesse & Bronwyn H. Hall & Benoît Mulkay, 1999. "Firm-Level Investment in France and the United States: An Exploration of What We Have Learned in Twenty Years," Annals of Economics and Statistics, GENES, issue 55-56, pages 27-67.
  5. Mark Freel, 2007. "Are Small Innovators Credit Rationed?," Small Business Economics, Springer, vol. 28(1), pages 23-35, January.
  6. Andreas Stephan & Christopher BAUM, & Pardis NABAVI & Hans LÖÖF,, 2015. "A New Approach to Estimation of the R&D-Innovation-Productivity Relationship," EcoMod2015 8868, EcoMod.
  7. Filipe Silva & Carlos Carreira, 2012. "Do financial constraints threat the innovation process? Evidence from Portuguese firms," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 21(8), pages 701-736, November.
  8. Lee, Neil & Sameen, Hiba & Cowling, Marc, 2015. "Access to finance for innovative SMEs since the financial crisis," Research Policy, Elsevier, vol. 44(2), pages 370-380.
  9. Dorothea Schäfer & Oleksandr Talavera, 2009. "Small business survival and inheritance: evidence from Germany," Small Business Economics, Springer, vol. 32(1), pages 95-109, January.
  10. Alessandra Canepa & Paul Stoneman, 2008. "Financial constraints to innovation in the UK: evidence from CIS2 and CIS3," Oxford Economic Papers, Oxford University Press, vol. 60(4), pages 711-730, October.
  11. Bruno Crepon & Emmanuel Duguet & Jacques Mairesse, 1998. "Research, Innovation And Productivity: An Econometric Analysis At The Firm Level," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 7(2), pages 115-158.
  12. repec:adr:anecst:y:1999:i:55-56:p:02 is not listed on IDEAS
  13. repec:adr:anecst:y:1999:i:55-56 is not listed on IDEAS
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