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they matter. We first characterize YICs in the sample of innovation active firms. We show that firms that combine newness … financial constraints, both internal and external, as an important factor hampering their innovation activities, significantly … more so than other innovation active firms. This access to finance problem is an often used motive for government …
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Concern exists that public funding of science is increasingly risk averse. Funders have addressed this concern by soliciting the submission of high-risk research to either regular or specially designed programs. Little evidence, however, has been gathered to examine the extent to which such...
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