Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/202119
Authors: 
Cincera, Michele
Ravet, Julien
Year of Publication: 
2010
Series/Report no.: 
IPTS Working Papers on Corporate R&D and Innovation 03/2010
Abstract: 
This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the 2000 – 2007 period. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are important for European firms while US ones do not appear to be financially constrained. In terms of policy implications, these results suggest improving the conditions for access to external capital to finance R&D activities in the EU.
Subjects: 
Financial constraints
R&D investments
error-correction investment equations
system GMM panel data econometric models
JEL: 
C23
E22
O31
Persistent Identifier of the first edition: 
ISBN: 
978-92-79-15718-9
Document Type: 
Working Paper

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