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| Author: | Czarnitzki, D. Hottenrott, H. |
| Title: | R&D investment and financing constraints of small and medium-sized firms |
| Journal: | Small business economics
2011 : JAN, VOL. 36:1, p. 65-83 |
| Index terms: | capital investment companies by size literature panel data r&d credit rating small business |
| Freeterms: | SME |
| Language: | eng |
| Abstract: | This research tests for financial constraints on R&D investment and their differences from capital investment. A credit rating index is applied to identify constraints in the access to external capital. The models show internal constraints, measured by mark-ups, more decisive for R&D than for capital investment. For external constraints, a monotonic relationship is found between the level of constriction and size of firm for both investment types. Hence, external constraints are increasingly binding with decreasing firm size. However, we do not encounter such monotonic relationships for internal constraints. Differentiation by firms' age does not imply lower constraints for older firms. |
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