Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/203990 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
wiiw Working Paper No. 125
Verlag: 
The Vienna Institute for International Economic Studies (wiiw), Vienna
Zusammenfassung: 
Abstract Due to information asymmetries between the debtor and potential outside investors, entrepreneurs often face sizeable and insurmountable financing constraints. This is a strong deterrent to either starting new or continuing already ongoing innovation projects which not only stymies entrepreneurs' own future innovation potentials and growth prospects but also severely harms growth potentials of whole economies, making catching-up an unnecessarily long and arduous process. Against this backdrop, the analysis sheds light on the effects of prevailing credit constraints on different innovation strategies (i.e. R&D-based make versus M&E-based buy strategies) of establishments in Central, East and Southeast Europe (CESEE) and the Former Soviet Union (FSU) during three different economic phases. The results point to the detrimental effect of credit constraints which is particularly strong and consistent for the M&E-based 'buy innovation strategy' which dominates in the region, but less pronounced and relevant for the less prevalent R&D-based 'make innovation strategy'. Furthermore, the analysis identifies firm characteristics that are conducive to innovative activities and demonstrates that establishment size, age, the particular international trading status, ownership status as well as whether subsidies were received are important determinants of different innovation strategies.
Schlagwörter: 
credit constraints
R&D-based and M&E-based innovation strategies
Central
East and Southeast Europe
Former Soviet Union
JEL: 
G21
O16
O31
Dokumentart: 
Working Paper

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