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Innovation Capabilities and Financing Constraints of Family Firms

Author

Listed:
  • Schäfer, Dorotea

    (DIW Berlin)

  • Stephan, Andreas

    (The Ratio institute and Jönköping School of Economics)

  • Solórzano Mosquera, Jenniffer

    (Jönköping School of Economics)

Abstract

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.

Suggested Citation

  • Schäfer, Dorotea & Stephan, Andreas & Solórzano Mosquera, Jenniffer, 2016. "Innovation Capabilities and Financing Constraints of Family Firms," Ratio Working Papers 268, The Ratio Institute.
    • Handle: RePEc:hhs:ratioi:0268
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    JEL classification:

    • D30 - Microeconomics - - Distribution - - - General
    • 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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