Financing constraints and R&D investments of large corporations in Europe and the USA

Autor:	Michele Cincera, Julien Ravet
Rok vydání:	2010
Předmět:	jel:O31 jel:C23 jel:E22 Financial constraints R&D investments error-correction investment equations system GMM panel data econometric models
Popis:	This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the 2000 – 2007 period. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are important for European firms while US ones do not appear to be financially constrained. In terms of policy implications, these results suggest improving the conditions for access to external capital to finance R&D activities in the EU.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od_______645::c482689840c0a237db3ee7518b0ee107 http://iri.jrc.ec.europa.eu/documents/10180/0f6915a4-bd49-441e-875c-925133873fc9 Zobrazit plný text záznamu