Czarnitzki, Dirk; Hall, Bronwyn H.; Hottenrott, Hanna - 2014
(R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally …, resulting in financing constraints on R&D especially for firms with limited internal resources. Previous literature provided … evidence for start-up firms on the role of patents as signals to investors, in particular to Venture Capitalists. This study …