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http://hdl.handle.net/10419/24675
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| Title: | | Financial Constraints: Routine Versus Cutting Edge R&D Investment  |
| Authors: | | Binz, Hanna L. Czarnitzki, Dirk |
| Issue Date: | | 2008 |
| Series/Report no.: | | ZEW Discussion Papers 08-005 |
| Abstract: | | 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 constraints should be more binding for cutting-edge R&D than for routine R&D. Using panel data we find that R&D spending of firms devoting a significant fraction of R&D to cutting-edge projects is curtailed by credit constraints while routine R&D investments are not. This has important policy implications with respect to the distribution of R&D subsidies in the economy. |
| Subjects: | | R&D Financial Constraints Panel Data |
| JEL: | | O32 O31 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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