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Patents as quality signals? The implications for financing constraints on R&D

Czarnitzki, Dirk; Hall, Bronwyn H.; Hottenrott, Hanna - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

Information about the success of a new technology is usually held asymmetrically between the research and development (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...

Persistent link: https://www.econbiz.de/10010957591

Innovative capability and financing constraints for innovation: More money, more innovation?

Hottenrott, Hanna; Peters, Bettina - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

This study presents a novel empirical approach to identify financing constraints for innovation based on the concept of …. If they selected additional innovation projects, they must have had some unexploited investment opportunities that were … not profitable using more costly external finance. We attribute constraints for innovation not only to lacking financing …

Persistent link: https://www.econbiz.de/10010957615

Innovative capability and financing constraints for innovation: More money, more innovation?

Hottenrott, Hanna; Peters, Bettina - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This study presents a novel empirical approach to identify financing constraints for innovation based on the idea of an … alternatives of use. If they choose additional innovation projects they must have had some unexploited investment opportunities … attribute constraints for innovation not only to lacking financing, but also to firms' innovative capability. Econometric …

Persistent link: https://www.econbiz.de/10008474671

Innovative capability and financing constraints for innovation: More money, more innovation?

Hottenrott, Hanna; Peters, Bettina - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This study presents a novel empirical approach to identify financing constraints for innovation based on the concept of … alternatives of use. If they selected additional innovation projects, they must have had some unexploited investment opportunities … that were not profitable using more costly external finance. We attribute constraints for innovation not only to lacking …

Persistent link: https://www.econbiz.de/10009147345

Financial Constraints: Routine Versus Cutting Edge R&D Investment

Binz, Hanna L.; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

We analyze financial constraints for R&D, where we account for heterogeneity among investments which has been neglected in previous literature. According to economic theory, investments should be distinguished by their degree of uncertainty, e.g. routine R&D versus cutting-edge R&D. Financial...

Persistent link: https://www.econbiz.de/10005097957

R&D Investment and Financing Constraints of Small and Medium-Sized Firm

Czarnitzki, Dirk; Binz, Hanna L. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for R&D than...

Persistent link: https://www.econbiz.de/10005098128