Do financing constraints matter for R&D?

Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other investments, yet existing evidence on whether financing constraints limit R&D is decidedly mixed, particularly in the studies of non-U.S. firms. We study a large sample of Eur...

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Bibliographic Details
Published in:European economic review 2012-11, Vol.56 (8), p.1512-1529
Main Authors: Brown, James R., Martinsson, Gustav, Petersen, Bruce C.
Format: Article
Language:English
Subjects:
Buffer stocks
Cash flow
Companies
Constraints
Economic development
Economic growth
Equity
Equity financing
Finance
Finance and growth
Financial theory
Financing
Financing innovation
Innovation
Investment
Investments
Liberalization
Liquidity
R&D
R&D financing constraints
Research & development
Research and development
Securities markets
Stock exchange
Stock exchanges
Stock market development
Stocks
Studies
U.S.A
Value of liquidity
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