ITEM METADATA RECORD
Title: R&D Investment and Financing Constraints of Small and Medium-Sized Firms
Authors: Czarnitzki, Dirk *
Hottenrott, Hanna * # ×
Issue Date: 2011
Publisher: Kluwer Academic Publishers
Series Title: Small Business Economics vol:36 issue:1 pages:65-83
Abstract: This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for R&D than for capital investment. For external constraints, we find a monotonic relationship between the level of constriction and firm size for both types of investment. Thus, external constraints turn out to be more binding with decreasing firm size. On the contrary, we do not find such monotonic relationships for internal constraints. Differentiation by firms’ age does not support lower constraints for older firms.
ISSN: 0921-898X
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Department of Managerial Economics, Strategy and Innovation (MSI), Leuven
* (joint) first author
× corresponding author
# (joint) last author

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