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| Tekijä: | Müller, E. Zimmermann, V. |
| Otsikko: | The importance of equity finance for R&D activity |
| Lehti: | Small business economics
2009 : OCT, VOL. 33:3, p. 303-318 |
| Asiasana: | finance equity capital R&D small and medium-sized enterprises (SMEs) Germany |
| Kieli: | eng |
| Tiivistelmä: | This article analyzes the importance of equity finance for the R&D activity of small- and medium-sized enterprises (SMEs). Using information on nearly 6,000 German SMEs from a company survey and the intensity of banking competition at the district level as an instrument to control for endogeneity, it is found that a higher equity ratio is conducive to a higher R&D intensity. R&D activities can get started only if owners have the financial resources to sustain them until successful completion. There is found a larger influence of the equity ratio for young companies etc. |
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