Laborda, Juan; Salas-Fumás, Vicente; Suárez, Cristina - In: Journal of open innovation : technology, market, and … 6 (2020) 2/33, pp. 1-23
of firms´ R&D expending to GDP is countercyclical in firms with low cash flows and procyclical in firms with high cash … flows. The R&D expending of firms is negatively associated with the aggregate leverage ratio of the non-financial sector …. These results mean that business decisions, in particular R&D expending decisions, and macroeconomic variables are strongly …
