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Industrial research versus development investment: the implications of financial constraints

Czarnitzki, Dirk; Hottenrott, Hanna; Thorwarth, Susanne - 2009

Previous literature provided evidence on financing constraints for investment in R&D activities due to capital market imperfections and special features of R&D investments. Moreover, it has been shown that a shift in capital structure towards more debt, results in a reduction of R&D investments....

Persistent link: https://www.econbiz.de/10010299174

Collaborative R&D as a strategy to attenuate financing constraints

Czarnitzki, Dirk; Hottenrott, Hanna - 2012

The ability of firms to establish R&D collaborations that combine resources, exploit complementary know-how, and internalize R&D externalities has been shown to be of high importance for the successful creation and implementation of new knowledge. We argue in this article that collaborative R&D...

Persistent link: https://www.econbiz.de/10010309804

Innovative capability and financing constraints for innovation: More money, more innovation?

Hottenrott, Hanna; Peters, Bettina - 2012

This study presents a novel empirical approach to identify financing constraints for innovation based on the concept of …. If they selected additional innovation projects, they must have had some unexploited investment opportunities that were … not profitable using more costly external finance. We attribute constraints for innovation not only to lacking financing …

Persistent link: https://www.econbiz.de/10010310988

Innovative capability and financing constraints for innovation: More money, more innovation?

Hottenrott, Hanna; Peters, Bettina - 2009

This study presents a novel empirical approach to identify financing constraints for innovation based on the idea of an … alternatives of use. If they choose additional innovation projects they must have had some unexploited investment opportunities … attribute constraints for innovation not only to lacking financing, but also to firms' innovative capability. Econometric …

Persistent link: https://www.econbiz.de/10010299835

Innovative capability and financing constraints for innovation: More money, more innovation?

Hottenrott, Hanna; Peters, Bettina - 2011

This study presents a novel empirical approach to identify financing constraints for innovation based on the concept of … alternatives of use. If they selected additional innovation projects, they must have had some unexploited investment opportunities … that were not profitable using more costly external finance. We attribute constraints for innovation not only to lacking …

Persistent link: https://www.econbiz.de/10010304814

An information economics perspective on main bank relationships and firm R&D

Hoewer, Daniel; Schmidt, Tobias; Sofka, Wolfgang - 2011

Information economics has emerged as the primary theoretical lens for framing financing decisions in firm R&D investment. Successful outcomes of R&D projects are either ex-ante impossible to predict or the information is asymmetrically distributed between inventors and investors. As a result,...

Persistent link: https://www.econbiz.de/10010306611

Auswirkungen der Wirtschaftskrise auf die Innovationstätigkeit der Unternehmen in Deutschland

Rammer, Christian - 2011

The massive economic crisis 2008/09 had substantial impacts on the innovation activities of the German economy. The … loss in sales and profits resulted in a sharp decline of innovation expenditure. While capital expenditure for new products … and improved processes were cut substantially, R&D budgets basically remained unchanged. Firms with innovation and R …

Persistent link: https://www.econbiz.de/10010307837

Research and development: financial constraints and the role of public funding for small and medium-sized enterprises

Czarnitzki, Dirk - 2002

This paper presents microeconometric evidence on financing con-traints for research and development activities in German small and medium?sized firms (SME). Special attention is paid to the role of public R&D subsidies. For this purpose SME in Western and East-ern Germany are compared because...

Persistent link: https://www.econbiz.de/10010297688

R&D and Subsidies at the Firm Level: An Application of Parametric and Semi-Parametric Two-Step Selection Models

Hussinger, Katrin - 2003

This paper analyzes the effects of public R&D subsidies on R&D expenditure in the German manufacturing sector. The focus is on the question whether public R&D funding stimulates or crowds out private investment. Cross sectional data at the firm level is used. By apllying parametric and...

Persistent link: https://www.econbiz.de/10010297313

Do Innovation Subsidies Crowd Out Private Investment? Evidence from the German Service Sector

Czarnitzki, Dirk; Fier, Andreas - 2002

This paper analyses the impact of public innovation subsidies on private innovation expenditure. In the empirical … their innovation effort when participating in public policy schemes. Cross-sectional data at the firm level are used to …

Persistent link: https://www.econbiz.de/10010298117