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dc.contributor.authorMueller, Elisabethen_US
dc.contributor.authorZimmermann, Volkeren_US
dc.date.accessioned2009-10-08en_US
dc.date.accessioned2009-11-30T15:46:50Z-
dc.date.available2009-11-30T15:46:50Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/28604-
dc.description.abstractThis paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find that a higher equity ratio is conducive to more R&D for young but not for old companies. Equity may be a constraining factor for young companies which have to rely on the original equity investment of their owners since they have not yet accumulated retained earnings and can relay less on outside financing. The positive influence is found for R&D intensity but not for the decision whether to perform R&D. Equity financing is therefore especially important for the most innovative, young companies.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 06-14 [rev.2]en_US
dc.relation.isversionofhttp://hdl.handle.net/10419/24206-
dc.subject.jelG32en_US
dc.subject.jelO32en_US
dc.subject.ddc330en_US
dc.subject.keywordR&D activityen_US
dc.subject.keywordequity financeen_US
dc.subject.keywordsmall and medium-sized enterprisesen_US
dc.subject.stwInnovationen_US
dc.subject.stwIndustrielle Forschungen_US
dc.subject.stwKlein- und Mittelunternehmenen_US
dc.subject.stwEigenkapitalen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleThe importance of equity finance for R&D activity: are there differences between young and oldcompanies?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn611335794en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:0614r2-
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

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