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|Title:||R&D Investment and Financing Constraints of Small and Medium-Sized Firm |
Binz, Hanna L.
|Issue Date:||2008 |
|Series/Report no.:||ZEW Discussion Papers 08-047|
|Abstract:||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 for capital investment. For external constraints, we find a monotonic relationship between the level of constriction and firm size for both types of investment. Thus, external constraints turn out to be more binding with decreasing firm size. On the contrary, we do not find such monotonic relationships for internal constraints. Differentiation by firms? age does not support lower constraints for older firms.|
Censored Regression Models
|Document Type:||Working Paper|
|Appears in Collections:||Publikationen von Forscherinnen und Forschern des ZEW|
ZEW Discussion Papers
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