This study focuses on the impact of R&D policies in Flanders. We conduct a treatment effects analysis at the firm level to investigate possible crowdingout effects on the input side of the innovation process. Different specifications of R&D activity are considered as outcome variables in the...

Against the background of the so-called European paradox, i.e. the conjecture that EU countries lack the capability to transfer science into commercial innovations, knowledge transfer from academia to industry has been a central issue in policy debates recently. Based on a sample of German...

Real options investment theory predicts current investment falls as uncertainty about market returns increases. In the case of R&D investment, which is usually considered an irreversible form of investment, this effect should be quite pronounced. This paper tests the real options prediction...

This paper presents the results of an empirical test concerning the auction model of Gilbert and Newbery (1982). The study uses data on German companies in order to analyze expenditures for technology licenses. Aside of standard control variables the motives for innovation expenditures are also...

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...

This paper presents microeconometric evidence on financing con-traints for research and development activities in 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...

When academic researchers participate in commercialization using for-profit firms there is a potentially costly trade-off – their time and effort are diverted away from academic knowledge creation. This is a form of brain drain on the not-for-profit research sector which may reduce knowledge...

This paper considers the effect of different firm leadership on the innovative performance of firms from seven EU countries. We investigate whether owner-led or manager-led firms achieve a larger share of their turnover with product innovations. Economic theory does not propose clear answers to...

Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be provided. The purpose of this paper is to test whether credit ratings contribute...

This study analyzes the effects of public R&D policy schemes on the innovation activities of firms located in Eastern Germany. The main question in this context is whether public funds stimulate R&D activities or simply crowd out privately financed R&D. Empirically, we investigate the average...