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Using firm level information on the world leading R&D investors and employing a system GMM estimation, this paper investigates how sensitive R&D investments are to cash flow movements, which would be suggestive of financial constraints. The analysis confirms that over the last decade the R&D...
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Innovation in the European Union remains weak according to a number of key "input" indicators, especially R …'s innovation gap relative to the US results from an inappropriate industrial structure in which new firms do not play a significant … role, especially in new high-tech sectors. This view of a structural EU innovation deficit has many supporters. But it has …
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