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An information economics perspective on main bank relationships and firm R&D

Hoewer, Daniel; Schmidt, Tobias; Sofka, Wolfgang - 2011

Information economics has emerged as the primary theoretical lens for framing financing decisions in firm R&D investment. Successful outcomes of R&D projects are either ex-ante impossible to predict or the information is asymmetrically distributed between inventors and investors. As a result,...

Persistent link: https://www.econbiz.de/10010306611

Research and development: financial constraints and the role of public funding for small and medium-sized enterprises

Czarnitzki, Dirk - 2002

German small and medium?sized firms (SME). Special attention is paid to the role of public R&D subsidies. For this purpose … SME in Western and East-ern Germany are compared because these regions are very different in their supply of public R …&D funding. It turns out that Western German SME are financially constrained in their R&D activities by both internal and …

Persistent link: https://www.econbiz.de/10010297688

Financial Constraints: Routine Versus Cutting Edge R&D Investment

Binz, Hanna L.; Czarnitzki, Dirk - 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/10010297990

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

Czarnitzki, Dirk; Binz, Hanna L. - 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/10010298058

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

Hottenrott, Hanna; Peters, Bettina - 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/10010310988

R&D and Subsidies at the Firm Level: An Application of Parametric and Semi-Parametric Two-Step Selection Models

Hussinger, Katrin - 2003

This paper analyzes the effects of public R&D subsidies on R&D expenditure in the German manufacturing sector. The focus is on the question whether public R&D funding stimulates or crowds out private investment. Cross sectional data at the firm level is used. By apllying parametric and...

Persistent link: https://www.econbiz.de/10010297313

Do Innovation Subsidies Crowd Out Private Investment? Evidence from the German Service Sector

Czarnitzki, Dirk; Fier, Andreas - 2002

This paper analyses the impact of public innovation subsidies on private innovation expenditure. In the empirical … their innovation effort when participating in public policy schemes. Cross-sectional data at the firm level are used to …

Persistent link: https://www.econbiz.de/10010298117

Industrial research versus development investment: the implications of financial constraints

Czarnitzki, Dirk; Hottenrott, Hanna; Thorwarth, Susanne - 2009

Previous literature provided evidence on financing constraints for investment in R&D activities due to capital market imperfections and special features of R&D investments. Moreover, it has been shown that a shift in capital structure towards more debt, results in a reduction of R&D investments....

Persistent link: https://www.econbiz.de/10010299174

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

Hottenrott, Hanna; Peters, Bettina - 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/10010299835

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

Hottenrott, Hanna; Peters, Bettina - 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/10010304814