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Credit Constraints and the Cyclicality of R&D Investment: Evidence from Micro Panel data

Citations

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Cited by:

  1. Liu, Haiying & Liu, Zexiao & Zhang, Chunhong & Li, Tianyu, 2023. "Transformational insurance and green credit incentive policies as financial mechanisms for green energy transitions and low-carbon economic development," Energy Economics, Elsevier, vol. 126(C).
  2. Laura Alfaro & Alejandro Cuñat & Harald Fadinger & Yanping Liu, 2017. "The Real Exchange Rate, Innovation and Asymmetries and Hysteresis," Harvard Business School Working Papers 18-044, Harvard Business School, revised May 2018.
  3. Chen, Shiu-Sheng, 2017. "Exchange rate undervaluation and R&D activity," Journal of International Money and Finance, Elsevier, vol. 72(C), pages 148-160.
  4. Andrea Borsato, 2022. "An agent-based model for Secular Stagnation in the USA: theory and empirical evidence," Journal of Evolutionary Economics, Springer, vol. 32(4), pages 1345-1389, September.
  5. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2016. "The Dynamics of Exploitation and Class in Accumulation Economies," Metroeconomica, Wiley Blackwell, vol. 67(2), pages 242-290, May.
  6. Cascaldi-Garcia, Danilo & Vukoti, Marija & Zubairy, Sarah, 2023. "Innovation During Challenging Times," The Warwick Economics Research Paper Series (TWERPS) 1475, University of Warwick, Department of Economics.
  7. Arntz, Melanie & Böhm, Michael & Graetz, Georg & Gregory, Terry & Lehmer, Florian & Lipowski, Cäcilia, 2024. "Firm-level technology adoption in times of crisis," ZEW Discussion Papers 24-057, ZEW - Leibniz Centre for European Economic Research.
  8. Ramana Nanda & William R. Kerr, 2015. "Financing Innovation," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 445-462, December.
  9. Zhang, Weike & Luo, Qian & Zhang, Yufeng & Yu, Ao, 2023. "Does green credit policy matter for corporate exploratory innovation? Evidence from Chinese enterprises," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 820-834.
  10. Bechlioulis, Alexandros & Economidou, Claire & Karamanis, Dimitrios & Konstantios, Dimitrios, 2023. "How important are capital controls in shaping innovation activity?," Journal of International Money and Finance, Elsevier, vol. 131(C).
  11. Zhang, Fang & Yang, Lianxing, 2020. "Financing constraints and ODI margins: Evidence from China," Economic Systems, Elsevier, vol. 44(1).
  12. Isabel Busom & Jorge-Andrés Vélez-Ospina, 2021. "Subsidising innovation over the business cycle," Industry and Innovation, Taylor & Francis Journals, vol. 28(6), pages 773-803, July.
  13. Zoey Wong & Afei Chen & Farhad Taghizadeh-Hesary & Rongrong Li & Qunxi Kong, 2023. "Financing Constraints and Firm’s Productivity Under the COVID-19 Epidemic Shock: Evidence of A-Shared Chinese Companies," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(1), pages 167-195, February.
  14. Xue, Jianpo & Yip, Chong K. & Zheng, Junwei, 2021. "Innovation capability, credit constraint and the cyclicality of R&D investment," Economics Letters, Elsevier, vol. 199(C).
  15. Lu, Bing & Ren, Wanwan & Liu, Wenge, 2025. "The firms’ perception of global uncertainty and R&D investment: Evidence from China," Research in International Business and Finance, Elsevier, vol. 73(PA).
  16. Bai, John (Jianqiu) & Eldemire, Ashleigh & Serfling, Matthew, 2024. "The effect of labor mobility on corporate investment and performance over the business cycle," Journal of Banking & Finance, Elsevier, vol. 166(C).
  17. Cahn, Christophe & Duquerroy, Anne & Mullins, William, 2017. "Unconventional Monetary Policy and Bank Lending Relationships," SocArXiv vgk25, Center for Open Science.
  18. Amore, Mario Daniele, 2015. "Companies learning to innovate in recessions," Research Policy, Elsevier, vol. 44(8), pages 1574-1583.
  19. Andreas Reinstaller, 2019. "Produkteinführungen österreichischer Unternehmen und Konjunkturschwankungen," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(3), pages 173-182, March.
  20. Andrés Rodríguez‐Pose & Roberto Ganau & Kristina Maslauskaite & Monica Brezzi, 2021. "Credit constraints, labor productivity, and the role of regional institutions: Evidence from manufacturing firms in Europe," Journal of Regional Science, Wiley Blackwell, vol. 61(2), pages 299-328, March.
  21. Cai, Guowei & Zhang, Xuejiao & Yang, Hao, 2023. "Capacity utilization shifting or resource-seeking? Benefits for Chinese enterprises participating in the belt and road initiative," Emerging Markets Review, Elsevier, vol. 54(C).
  22. Uluc Aysun & Melanie Guldi & Adam Honig & Zeynep Yom, 2025. "R&D, Market Power, and the Cyclicality of Employment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(1), pages 151-184, February.
  23. Sodokin, Koffi & Kouwonou, Yao & Kodjovi Couchoro, Mawuli & Amadou, Akilou, 2024. "Monetary policy, threshold of profitability and dynamics of private investment in the West African Economic and Monetary Union," Journal of International Money and Finance, Elsevier, vol. 143(C).
  24. Andreas Reinstaller, 2022. "Auswirkungen der COVID-19-Pandemie auf die Innovationsfähigkeit von Unternehmen in Österreich," WIFO Studies, WIFO, number 69398, October.
  25. Impullitti, Giammario, 2022. "Credit constraints, selection and productivity growth," Economic Modelling, Elsevier, vol. 111(C).
  26. Vicente Salas-Fumás & Javier Ortiz, 2019. "Innovations’ Success and Failure in the Business Cycle," Sustainability, MDPI, vol. 11(15), pages 1-22, August.
  27. Philippe Aghion & Nicholas Bloom & Brian Lucking & Raffaella Sadun & John Van Reenen, 2021. "Turbulence, Firm Decentralization, and Growth in Bad Times," American Economic Journal: Applied Economics, American Economic Association, vol. 13(1), pages 133-169, January.
  28. Philippe Aghion & Antonin Bergeaud & Gilbert Cette & Rémy Lecat & Hélène Maghin, 2018. "The inverted-U relationship between credit access and productivity growth," CEP Discussion Papers dp1588, Centre for Economic Performance, LSE.
  29. Vincent Dortet-Bernadet & Michaël Sicsic, 2017. "The effect of R&D subsidies and tax incentives on employment: an evaluation for small firms in France," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 493, pages 5-22.
  30. Laura Alfaro & Alejandro Cuñat & Harald Fadinger & Yanping Liu, 2023. "The Real Exchange Rate, Innovation, and Productivity," Journal of the European Economic Association, European Economic Association, vol. 21(2), pages 637-689.
  31. Michele Cincera & Julien Ravet & Reinhilde Veugelers, 2014. "R&D Financing Constraints of Young and Old Innovation Leaders in the EU and the US," Working Papers TIMES² 2014-008, ULB -- Universite Libre de Bruxelles.
  32. Hu, Shan & Yu, Yongze & Fei, Qingyu, 2023. "Social credit and patent quality: Evidence from China," Journal of Asian Economics, Elsevier, vol. 84(C).
  33. Makridis, Christos A. & McGuire, Erin, 2023. "The quality of innovation “Booms” during “Busts”," Research Policy, Elsevier, vol. 52(1).
  34. Deng, Minjie & Liu, Chang, 2024. "Sovereign risk and intangible investment," Journal of International Economics, Elsevier, vol. 152(C).
  35. Inge M. Bijgaart & Sjak Smulders, 2018. "Does a Recession Call for Less Stringent Environmental Policy? A Partial-Equilibrium Second-Best Analysis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(4), pages 807-834, August.
  36. Zhang, Dongyang & Kong, Qunxi, 2022. "Renewable energy policy, green investment, and sustainability of energy firms," Renewable Energy, Elsevier, vol. 192(C), pages 118-133.
  37. Juliana Oliveira-Cunha & Capucine Riom & Anna Valero, 2021. "The business response to Covid-19 one year on: findings from the second wave of the CEP-CBI survey on technology adoption," CEP Covid-19 Analyses cepcovid-19-024, Centre for Economic Performance, LSE.
  38. Uluc Aysun & Zeynep Yom, 2021. "R&D Characteristics, Innovation Spillover, and Technology-Driven Business Cycles," Journal of Industry, Competition and Trade, Springer, vol. 21(3), pages 339-365, September.
  39. Francesco Manaresi & Nicola Pierri, 2018. "Credit supply and productivity growth," Temi di discussione (Economic working papers) 1168, Bank of Italy, Economic Research and International Relations Area.
  40. Dachs, Bernhard & Hud, Martin & Koehler, Christian & Peters, Bettina, 2016. "Employment effects of innovations over the business cycle: Firm-level evidence from European countries," ZEW Discussion Papers 16-076, ZEW - Leibniz Centre for European Economic Research.
  41. Hsu, Po-Hsuan & Taylor, Mark P. & Wang, Zigan & Xu, Qi, 2022. "Currency volatility and global technological innovation," Journal of International Economics, Elsevier, vol. 137(C).
  42. Juliana Yu Sun & Huanhuan Zheng, 2024. "Cross‐border technology investments in recession," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(1), pages 297-330, February.
  43. Alfaro, Laura & Cunat, Alejandro & Liu, Yanping & Fadinger, Harald, 2018. "The real exchange rate, innovation and productivity : regional heterogeneity, asymmetries and hysteresis," Working Papers 18-05, University of Mannheim, Department of Economics.
  44. García-Vega, María & Vicente-Chirivella, Óscar, 2020. "Do university technology transfers increase firms’ innovation?," European Economic Review, Elsevier, vol. 123(C).
  45. Askenazy, Philippe & Erhel, Christine, 2015. "The French Productivity Puzzle," IZA Discussion Papers 9188, Institute of Labor Economics (IZA).
  46. J. Baron & Julia Schmidt, 2014. "Technological Standardization, Endogenous Productivity and Transitory Dynamics," Working papers 503, Banque de France.
  47. Maczulskij, Terhi & Jurvanen, Outi, 2025. "Export Demand Shocks and Environmental Performance: Evidence from Finnish Exporters," ETLA Working Papers 132, The Research Institute of the Finnish Economy.
  48. Xing Gao & Xifan Wang & Weijun Zhong & Ying Wang, 2023. "R&D subsidy and output subsidy in a duopoly: The role of technology spillover and R&D budget," Australian Economic Papers, Wiley Blackwell, vol. 62(3), pages 524-538, September.
  49. Dirk Czarnitzki & Marek Giebel, 2021. "Financial Constraints for R&D and Innovation: New Evidence from a Survey Experiment," Working Papers of Department of Management, Strategy and Innovation, Leuven 683800, KU Leuven, Faculty of Economics and Business (FEB), Department of Management, Strategy and Innovation, Leuven.
  50. Trunschke, Markus & Peters, Bettina & Czarnitzki, Dirk & Rammer, Christian, 2024. "Pandemic effects: Do innovation activities of firms suffer from Long COVID?," Research Policy, Elsevier, vol. 53(7).
  51. Lan, Jing & Zhai, Tianchang & Sun, Xue & Liu, Zhen & Lu, Lu, 2025. "Environmental information disclosure and carbon emission efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 101(C).
  52. Yang, Daoxiang & Jiao, Xuyang & Liao, Wenjiu, 2025. "Audit risk and green innovation in SMEs," Finance Research Letters, Elsevier, vol. 76(C).
  53. Tingxi Wang & Hui Zhang, 2022. "Does Counter-Cyclical Monetary Policy Promote Enterprise R&D Investment in a Recession? Empirical Evidence from China," Sustainability, MDPI, vol. 14(10), pages 1-18, May.
  54. Ferrando, Annalisa & Preuss, Carsten, 2018. "What finance for what investment? Survey-based evidence for European companies," EIB Working Papers 2018/01, European Investment Bank (EIB).
  55. Ömer Tuğsal Doruk, 2024. "The Link Between R&D and Financing Constraints in Manufacturing Sectors for Two Emerging Markets," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 12596-12621, September.
  56. Döttling, Robin & Ratnovski, Lev, 2023. "Monetary policy and intangible investment," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 53-72.
  57. Wifo, 2019. "WIFO-Monatsberichte, Heft 3/2019," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(3), March.
  58. Nikolay Chernyshev, 2017. "R&D Cyclicality and Composition Effects: A Unifying Approach," CDMA Working Paper Series 201705, Centre for Dynamic Macroeconomic Analysis.
  59. Guzman Gonzales-Torres & Francesco Manaresi & Filippo Scoccianti, 2020. "Born in hard times: startups selection and intangible capital during the financial crisis," Questioni di Economia e Finanza (Occasional Papers) 582, Bank of Italy, Economic Research and International Relations Area.
  60. Huan Chen & Tingyong Zhong & Jeoung Yul Lee, 2020. "Capacity Reduction Pressure, Financing Constraints, and Enterprise Sustainable Innovation Investment: Evidence from Chinese Manufacturing Companies," Sustainability, MDPI, vol. 12(24), pages 1-16, December.
  61. Richard Friberg & Isak Trygg Kupersmidt, 2023. "Hedging to market‐wide shocks and competitive selection," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 32(2), pages 450-466, April.
  62. Cortney S. Rodet & Andrew Smyth, 2020. "Competitive blind spots and the cyclicality of investment: Experimental evidence," Southern Economic Journal, John Wiley & Sons, vol. 87(1), pages 274-315, July.
  63. Wen Yue & Xuefei Li, 2023. "Financial constraints and firms’ markup: evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-13, December.
  64. Bauer, Peter & Domnick, Clemens & Harasztosi, Peter & Rückert, Désirée & Weiss, Christoph, 2024. "Intangible differences: Investment during the pandemic and the role of financial constraints," EIB Working Papers 2024/06, European Investment Bank (EIB).
  65. V. Dortet-Bernadet & M. Sicsic, 2015. "The effect of public support on R&D employment in small firms," Documents de Travail de l'Insee - INSEE Working Papers g2015-11, Institut National de la Statistique et des Etudes Economiques.
  66. repec:cte:wbrepe:wb1503 is not listed on IDEAS
  67. repec:bof:bofrdp:urn:nbn:fi:bof-201512141480 is not listed on IDEAS
  68. Nabil Abou Lebdi & Katrin Hussinger, 2016. "Startup Innovation during the Past Economic Crisis," DEM Discussion Paper Series 16-27, Department of Economics at the University of Luxembourg.
  69. Sun, Wei & Geng, Danqing & Dong, Kaiqiang, 2021. "State of demand and excessive indebtedness: Evidence from Chinese listed manufacturing firms," Finance Research Letters, Elsevier, vol. 42(C).
  70. Théo Nicolas, 2019. "How Do Short-term Financial Constraints Affect SMEs Long-Term Investment: Evidence from the Working Capital Channel," Working papers 731, Banque de France.
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