Gespeichert in:
| Titel: | The impact of firm financing constraints on R&D over the business cycle |
|---|---|
| Von: |
Kadri Männasoo and Jaanika Meriküll
|
| Person: |
Männasoo, Kadri
Verfasser aut Meriküll, Jaanika |
| Hauptverfassende: | , |
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Regensburg
Inst. für Ost- und Südosteuropaforschung
2015
|
| Ausgabe: | [Stand:] July 2015 |
| Schriftenreihe: | IOS working papers
348 |
| Schlagworte: | |
| Online-Zugang: | http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_348.pdf https://langzeitarchivierung.bib-bvb.de/delivery/action/cmsResolver.do?system=BVB01&id=BV042753109&startRecord=1 |
| Zusammenfassung: | The paper studies financing constraints for R&D over the latest boom and bust episode in Central and Eastern Europe (CEE). Given that financial and venture capital markets in CEE are thin in comparison to those in high-income economies and that many of CEE countries experienced a credit crunch during the last recession, it is proposed that financing constraints have a significant adverse effect on R&D activity in these countries. The paper uses two complementary firm-level data-sources from ten CEE countries. The results suggest that the role of financing constraints for R&D expenditures in CEE countries is substantial, as the probability of credit constrained firms undertaking R&D activities is around 70% lower and firms' R&D expenditure cash flow sensitivity is very high. Despite the severity of the crisis, the adverse effect of financing constraints for R&D did not increase in the financial crisis. It is also confirmed that, conditional on credit constraints, firms' R&D activity is higher in a recession. |
| Beschreibung: | 1 Online-Ressource (v, 29 S.) graph. Darst. |
| Format: | . - Acrobat Reader kostenfrei |
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| 520 | 8 | |a The paper studies financing constraints for R&D over the latest boom and bust episode in Central and Eastern Europe (CEE). Given that financial and venture capital markets in CEE are thin in comparison to those in high-income economies and that many of CEE countries experienced a credit crunch during the last recession, it is proposed that financing constraints have a significant adverse effect on R&D activity in these countries. The paper uses two complementary firm-level data-sources from ten CEE countries. The results suggest that the role of financing constraints for R&D expenditures in CEE countries is substantial, as the probability of credit constrained firms undertaking R&D activities is around 70% lower and firms' R&D expenditure cash flow sensitivity is very high. Despite the severity of the crisis, the adverse effect of financing constraints for R&D did not increase in the financial crisis. It is also confirmed that, conditional on credit constraints, firms' R&D activity is higher in a recession. | |
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| id | DE-604.BV042753109 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T17:18:53Z |
| institution | BVB |
| language | English |
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| publishDate | 2015 |
| publishDateSearch | 2015 |
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| publisher | Inst. für Ost- und Südosteuropaforschung |
| record_format | marc |
| series | IOS working papers |
| series2 | IOS working papers |
| spelling | Männasoo, Kadri Verfasser aut The impact of firm financing constraints on R&D over the business cycle Kadri Männasoo and Jaanika Meriküll [Stand:] July 2015 Regensburg Inst. für Ost- und Südosteuropaforschung 2015 1 Online-Ressource (v, 29 S.) graph. Darst. txt rdacontent c rdamedia cr rdacarrier IOS working papers 348 The paper studies financing constraints for R&D over the latest boom and bust episode in Central and Eastern Europe (CEE). Given that financial and venture capital markets in CEE are thin in comparison to those in high-income economies and that many of CEE countries experienced a credit crunch during the last recession, it is proposed that financing constraints have a significant adverse effect on R&D activity in these countries. The paper uses two complementary firm-level data-sources from ten CEE countries. The results suggest that the role of financing constraints for R&D expenditures in CEE countries is substantial, as the probability of credit constrained firms undertaking R&D activities is around 70% lower and firms' R&D expenditure cash flow sensitivity is very high. Despite the severity of the crisis, the adverse effect of financing constraints for R&D did not increase in the financial crisis. It is also confirmed that, conditional on credit constraints, firms' R&D activity is higher in a recession. . - Acrobat Reader kostenfrei Langzeitarchivierung durch die Bayerische Staatsbibliothek Forschung und Entwicklung (DE-588)4017897-3 gnd rswk-swf Konjunkturzyklus (DE-588)4032134-4 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Forschung und Entwicklung (DE-588)4017897-3 s Finanzierung (DE-588)4017182-6 s Konjunkturzyklus (DE-588)4032134-4 s DE-604 Meriküll, Jaanika Verfasser aut IOS working papers 348 (DE-604)BV040033175 348 ca. 830 KB http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_348.pdf https://langzeitarchivierung.bib-bvb.de/delivery/action/cmsResolver.do?system=BVB01&id=BV042753109&startRecord=1 Volltext // Ressource im BVB-Langzeitarchiv |
| spellingShingle | Männasoo, Kadri Meriküll, Jaanika The impact of firm financing constraints on R&D over the business cycle IOS working papers Forschung und Entwicklung (DE-588)4017897-3 gnd Konjunkturzyklus (DE-588)4032134-4 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4017897-3 (DE-588)4032134-4 (DE-588)4017182-6 |
| title | The impact of firm financing constraints on R&D over the business cycle |
| title_auth | The impact of firm financing constraints on R&D over the business cycle |
| title_exact_search | The impact of firm financing constraints on R&D over the business cycle |
| title_full | The impact of firm financing constraints on R&D over the business cycle Kadri Männasoo and Jaanika Meriküll |
| title_fullStr | The impact of firm financing constraints on R&D over the business cycle Kadri Männasoo and Jaanika Meriküll |
| title_full_unstemmed | The impact of firm financing constraints on R&D over the business cycle Kadri Männasoo and Jaanika Meriküll |
| title_short | The impact of firm financing constraints on R&D over the business cycle |
| title_sort | the impact of firm financing constraints on r d over the business cycle |
| topic | Forschung und Entwicklung (DE-588)4017897-3 gnd Konjunkturzyklus (DE-588)4032134-4 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Forschung und Entwicklung Konjunkturzyklus Finanzierung |
| url | http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_348.pdf https://langzeitarchivierung.bib-bvb.de/delivery/action/cmsResolver.do?system=BVB01&id=BV042753109&startRecord=1 |
| volume_link | (DE-604)BV040033175 |
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