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dc.contributor.authorMueller, Elisabethen
dc.contributor.authorZimmermann, Volkeren
dc.date.accessioned2009-10-08-
dc.date.accessioned2009-11-30T15:46:50Z-
dc.date.available2009-11-30T15:46:50Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x06-014 [rev.2]en
dc.relation.isversionofhttp://hdl.handle.net/10419/24206en
dc.subject.jelG32en
dc.subject.jelO32en
dc.subject.ddc330en
dc.subject.keywordR&D activityen
dc.subject.keywordequity financeen
dc.subject.keywordsmall and medium-sized enterprisesen
dc.subject.stwInnovationen
dc.subject.stwIndustrielle Forschungen
dc.subject.stwKlein- und Mittelunternehmenen
dc.subject.stwEigenkapitalen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleThe importance of equity finance for R&D activity: are there differences between young and oldcompanies?-
dc.type|aWorking Paperen
dc.identifier.ppn611335794en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:0614r2en

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