메뉴 건너뛰기




Volumn 41, Issue 3, 2012, Pages 580-591

Do R&D subsidies affect SMEs' access to external financing?

Author keywords

Behavioural additionality; Certification hypothesis; Financial constraints; Government policy; R D subsidies; SMEs

Indexed keywords

BEHAVIOURAL ADDITIONALITY; CERTIFICATION HYPOTHESIS; CONTROL GROUPS; DATA SETS; DEBT FINANCING; FINANCIAL CONSTRAINTS; GOVERNMENT OFFICIALS; INNOVATION PROJECTS; POSITIVE SIGNALS; PUBLIC MONEY; SHORT TERM; SMALL FIRM; SMES;

EID: 84857051377     PISSN: 00487333     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.respol.2012.01.001     Document Type: Article
Times cited : (368)

References (76)
  • 1
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • E. Altman Financial ratios, discriminant analysis and the prediction of corporate bankruptcy The Journal of Finance 23 1968 589 609
    • (1968) The Journal of Finance , vol.23 , pp. 589-609
    • Altman, E.1
  • 2
    • 85005305538 scopus 로고
    • The market for 'lemons': Quality and uncertainty and the market mechanism
    • G. Akerlof The market for 'lemons': quality and uncertainty and the market mechanism Quarterly Journal of Economics 84 1970 488 500
    • (1970) Quarterly Journal of Economics , vol.84 , pp. 488-500
    • Akerlof, G.1
  • 4
    • 0001399968 scopus 로고    scopus 로고
    • Don't go it alone: Alliance network composition and startups' performance in Canadian biotechnology
    • J. Baum, T. Calabrese, and B. Silverman Don't go it alone: alliance network composition and startups' performance in Canadian biotechnology Strategic Management Journal 21 2000 267 294
    • (2000) Strategic Management Journal , vol.21 , pp. 267-294
    • Baum, J.1    Calabrese, T.2    Silverman, B.3
  • 5
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
    • PII S0378426698000387
    • A. Berger, and G. Udell The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle Journal of Banking and Finance 22 6 1998 613 673 (Pubitemid 128344713)
    • (1998) Journal of Banking and Finance , vol.22 , Issue.6-8 , pp. 613-673
    • N. Berger, A.1    F. Udell, G.2
  • 6
    • 0034374690 scopus 로고    scopus 로고
    • Capital subsidies and the performance of firms
    • F. Bergström Capital subsidies and the performance of firms Small Business Economics 14 2000 183 193
    • (2000) Small Business Economics , vol.14 , pp. 183-193
    • Bergström, F.1
  • 8
    • 21344436915 scopus 로고    scopus 로고
    • Growing firms and the credit constraint
    • M. Binks, and C. Ennew Growing firms and the credit constraint Small Business Economics 8 1996 17 25 (Pubitemid 126716730)
    • (1996) Small Business Economics , vol.8 , Issue.1 , pp. 17-25
    • Binks, M.R.1    Ennew, C.T.2
  • 9
    • 11844286875 scopus 로고    scopus 로고
    • Who participates in R&D subsidy programs?: The case of Spanish manufacturing firms
    • DOI 10.1016/j.respol.2004.07.006, PII S0048733304001027
    • J. Blanes, and I. Busom Who participates in R&D subsidy programs? The case of Spanish manufacturing firms Research Policy 33 2004 1459 1476 (Pubitemid 40085916)
    • (2004) Research Policy , vol.33 , Issue.10 , pp. 1459-1476
    • Blanes, J.V.1    Busom, I.2
  • 11
    • 0036175557 scopus 로고    scopus 로고
    • Capital market imperfections, high-tech investment, and new equity financing
    • R. Carpenter, and B. Petersen Capital market imperfections, high-tech investment, and new equity financing Economic Journal 112 2002 54 72
    • (2002) Economic Journal , vol.112 , pp. 54-72
    • Carpenter, R.1    Petersen, B.2
  • 12
    • 18744386379 scopus 로고    scopus 로고
    • Is the growth of small firms constrained by internal finance?
    • R. Carpenter, and B. Petersen Is the growth of small firms constrained by internal finance? The Review of Economics and Statistics 84 2 2002 298 309
    • (2002) The Review of Economics and Statistics , vol.84 , Issue.2 , pp. 298-309
    • Carpenter, R.1    Petersen, B.2
  • 13
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • R. Carter, and S. Manaster Initial public offerings and underwriter reputation Journal of Finance 45 1990 1045 1067
    • (1990) Journal of Finance , vol.45 , pp. 1045-1067
    • Carter, R.1    Manaster, S.2
  • 15
    • 21344446185 scopus 로고    scopus 로고
    • Pre-entrepreneurial income, cash-flow growth and survival of startup businesses: Model and tests on UK data
    • R. Cressy Pre-entrepreneurial income, cash-flow growth and survival of startup businesses: model and tests on UK data Small Business Economics 8 1 1996 49 58
    • (1996) Small Business Economics , vol.8 , Issue.1 , pp. 49-58
    • Cressy, R.1
  • 17
    • 0012533779 scopus 로고    scopus 로고
    • Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans
    • DOI 10.1086/377031
    • S. Dahiya, M. Puri, and A. Saunders Bank borrowers and loan sales: new evidence on the uniqueness of bank loans Journal of Business 76 2003 563 582 (Pubitemid 38038143)
    • (2003) Journal of Business , vol.76 , Issue.4 , pp. 563-582
    • Dahiya, S.1    Puri, M.2    Saunders, A.3
  • 18
    • 0000832364 scopus 로고    scopus 로고
    • Is public R&D a complement or substitute for private R&D?
    • A. David, H. Hall, and A. Toole Is public R&D a complement or substitute for private R&D? Research Policy 29 2000 497 529
    • (2000) Research Policy , vol.29 , pp. 497-529
    • David, A.1    Hall, H.2    Toole, A.3
  • 19
    • 0041841553 scopus 로고    scopus 로고
    • Preference hierarchies for internal finance, bank loans, bond, and share issues: Evidence for Dutch firms
    • DOI 10.1016/S0927-5398(03)00010-0, PII S0927539803000100
    • L. De Haan, and J. Hinloopen Preference hierarchies for internal finance, bank loans, bond, and share issues: evidence for Dutch firms Journal of Empirical Finance 10 2003 661 681 (Pubitemid 36910253)
    • (2003) Journal of Empirical Finance , vol.10 , Issue.5 , pp. 661-681
    • De Haan, L.1    Hinloopen, J.2
  • 20
  • 21
    • 0000298981 scopus 로고
    • Seniority and maturity of debt contracts
    • D. Diamond Seniority and maturity of debt contracts Journal of Financial Economics 33 1993 341 368
    • (1993) Journal of Financial Economics , vol.33 , pp. 341-368
    • Diamond, D.1
  • 22
    • 84857037333 scopus 로고
    • Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity
    • G. Donaldson Corporate debt capacity: a study of corporate debt policy and the determination of corporate debt capacity The Journal of Finance 17 1961 554 555
    • (1961) The Journal of Finance , vol.17 , pp. 554-555
    • Donaldson, G.1
  • 23
    • 84935500926 scopus 로고
    • Organizational growth: Linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988
    • K. Eisenhardt, and C. Schoonhoven Organizational growth: linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988 Administrative Science Quarterly 35 1990 504 529
    • (1990) Administrative Science Quarterly , vol.35 , pp. 504-529
    • Eisenhardt, K.1    Schoonhoven, C.2
  • 24
    • 0002639701 scopus 로고
    • The provision of finance to small firms: Does the banking relationship constrain performance?
    • C. Ennew, and M. Binks The provision of finance to small firms: does the banking relationship constrain performance? Journal of Small Business Finance 4 1995 69 85
    • (1995) Journal of Small Business Finance , vol.4 , pp. 69-85
    • Ennew, C.1    Binks, M.2
  • 25
    • 0037346716 scopus 로고    scopus 로고
    • Creditor rights, enforcement, and debt ownership structure: Evidence from the global syndicated loan market
    • B. Esty, and W. Megginson Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market The Journal of Financial and Quantitative Analysis 38 2003 37 59 (Pubitemid 36363925)
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , Issue.1 , pp. 37-59
    • Esty, B.C.1    Megginson, W.L.2
  • 27
    • 33751206222 scopus 로고    scopus 로고
    • The ex ante assessment of knowledge spillovers: Government R&D policy, economic incentives and private firm behavior
    • DOI 10.1016/j.respol.2006.09.019, PII S0048733306001545
    • M. Feldman, and M. Kelley The ex ante assessment of knowledge spillovers: government R&D policy, economic incentives and private firm behavior Research Policy 35 2006 1509 1521 (Pubitemid 44792239)
    • (2006) Research Policy , vol.35 , Issue.10 , pp. 1509-1521
    • Feldman, M.P.1    Kelley, M.R.2
  • 28
    • 2442643131 scopus 로고    scopus 로고
    • A social capital model of high-growth ventures
    • J. Florin, M. Lubatkin, and W. Schulze A social capital model of high-growth ventures Academy of Management Journal 46 2003 374 384 (Pubitemid 36837124)
    • (2003) Academy of Management Journal , vol.46 , Issue.3 , pp. 374-384
    • Florin, J.1    Lubatkin, M.2    Schulze, W.3
  • 29
    • 0033336046 scopus 로고    scopus 로고
    • Financing of small firm product innovation within the UK
    • DOI 10.1016/S0166-4972(99)00082-6
    • M. Freel The financing of small firm product innovation in the UK Technovation 19 1999 707 719 (Pubitemid 30544714)
    • (1999) Technovation , vol.19 , Issue.12 , pp. 707-719
    • Freel, M.S.1
  • 30
    • 33846260823 scopus 로고    scopus 로고
    • Are small innovators credit rationed?
    • M. Freel Are small innovators credit rationed? Small Business Economics 28 2007 23 35
    • (2007) Small Business Economics , vol.28 , pp. 23-35
    • Freel, M.1
  • 32
    • 0034380498 scopus 로고    scopus 로고
    • The provision of finance to innovation, a survey conducted among Italian technology-based small firms
    • G. Giudici, and S. Paleari The provision of finance to innovation, a survey conducted among Italian technology-based small firms Small Business Economics 14 2000 37 53
    • (2000) Small Business Economics , vol.14 , pp. 37-53
    • Giudici, G.1    Paleari, S.2
  • 35
    • 0037304134 scopus 로고    scopus 로고
    • Which ties matter? the contingent effects of interorganizational partnerships on IPO success
    • R. Gulati, and M. Higgins Which ties matter? The contingent effects of interorganizational partnerships on IPO success Strategic Management Journal 24 2003 127 144
    • (2003) Strategic Management Journal , vol.24 , pp. 127-144
    • Gulati, R.1    Higgins, M.2
  • 37
    • 0036253161 scopus 로고    scopus 로고
    • The financing of research and development
    • B. Hall The financing of research and development Oxford Review of Economic Policy 18 1 2002 35 51 (Pubitemid 34463905)
    • (2002) Oxford Review of Economic Policy , vol.18 , Issue.1 , pp. 35-51
    • Hall, B.H.1
  • 38
    • 0001779071 scopus 로고
    • Venture capitalists' decision criteria in new venture evaluation
    • J. Hall, and C. Hofer Venture capitalists' decision criteria in new venture evaluation Journal of Business Venturing 8 1993 25 42
    • (1993) Journal of Business Venturing , vol.8 , pp. 25-42
    • Hall, J.1    Hofer, C.2
  • 39
    • 0000923818 scopus 로고    scopus 로고
    • Lending relationships in Germany - Empirical evidence from survey data
    • PII S0378426698000612
    • D. Harhoff, and T. Körting Lending relationships in Germany - empirical evidence from survey data Journal of Banking and Finance 22 1998 1317 1353 (Pubitemid 128344755)
    • (1998) Journal of Banking and Finance , vol.22 , Issue.10-11 , pp. 1317-1353
    • Harhoff, D.1    Korting, T.2
  • 40
    • 84977721089 scopus 로고
    • The theory of capital structure
    • M. Harris, and A. Raviv The theory of capital structure Journal of Finance 46 1991 297 356
    • (1991) Journal of Finance , vol.46 , pp. 297-356
    • Harris, M.1    Raviv, A.2
  • 41
    • 34047233367 scopus 로고    scopus 로고
    • Innovation, appropriability and the underpricing of initial public offerings
    • M. Heeley, S. Matusik, and N. Jain Innovation, appropriability and the underpricing of initial public offerings Academy of Management Journal 50 2007 209 225
    • (2007) Academy of Management Journal , vol.50 , pp. 209-225
    • Heeley, M.1    Matusik, S.2    Jain, N.3
  • 42
    • 0028560578 scopus 로고
    • R&D and internal finance: A panel study of small firms in high-tech industries
    • C. Himmelberg, and B. Petersen R&D and internal finance: a panel study of small firms in high-tech industries The Review of Economics and Statistics 76 1 1994 38 51
    • (1994) The Review of Economics and Statistics , vol.76 , Issue.1 , pp. 38-51
    • Himmelberg, C.1    Petersen, B.2
  • 43
    • 0031599055 scopus 로고    scopus 로고
    • Small firms, R&D, technology and innovation in the UK: A literature review
    • PII S0166497297001028
    • K. Hoffman, P. Milady, J. Bessant, and L. Perren Small firms, R&D, technology and innovation in the UK: a literature review Technovation 19 1998 39 55 (Pubitemid 128432151)
    • (1998) Technovation , vol.18 , Issue.1 , pp. 39-55
    • Hoffman, K.1    Parejo, M.2    Bessant, J.3    Perren, L.4
  • 45
    • 4344630945 scopus 로고    scopus 로고
    • What do entrepreneurs pay for venture capital affiliation?
    • DOI 10.1111/j.1540-6261.2004.00680.x
    • D. Hsu What do entrepreneurs pay for venture capital affiliation? Journal of Finance 59 2004 1805 1844 (Pubitemid 39137809)
    • (2004) Journal of Finance , vol.59 , Issue.4 , pp. 1805-1844
    • Hsu, D.H.1
  • 48
    • 0001131377 scopus 로고
    • Some evidence on the uniqueness of bank loans
    • C. James Some evidence on the uniqueness of bank loans Journal of Financial Economics 19 1987 217 235
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 50
    • 0001066475 scopus 로고
    • The agency costs of free cash flow, corporate finance and takeovers
    • M. Jensen The agency costs of free cash flow, corporate finance and takeovers American Economic Review 76 1986 323 339
    • (1986) American Economic Review , vol.76 , pp. 323-339
    • Jensen, M.1
  • 52
    • 0001326356 scopus 로고    scopus 로고
    • Do subsidies to commercial R&D reduce market failures? Microeconomic evaluation studies
    • T. Klette, J. Moen, and Z. Griliches Do subsidies to commercial R&D reduce market failures? Microeconomic evaluation studies Research Policy 29 4 2000 471 495
    • (2000) Research Policy , vol.29 , Issue.4 , pp. 471-495
    • Klette, T.1    Moen, J.2    Griliches, Z.3
  • 53
    • 0036946547 scopus 로고    scopus 로고
    • Do R & D subsidies stimulate or displace private R & D? Evidence from Israel
    • S. Lach Do R&D subsidies stimulate or displace private R&D? Evidence from Israel The Journal of Industrial Economics 50 4 2002 369 390 (Pubitemid 36086639)
    • (2002) Journal of Industrial Economics , vol.50 , Issue.4 , pp. 369-390
    • Lach, S.1
  • 54
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • R. Leland, and D. Pyle Informational asymmetries, financial structure, and financial intermediation Journal of Finance 32 1977 371 387
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, R.1    Pyle, D.2
  • 55
    • 0040705370 scopus 로고    scopus 로고
    • The government as venture capitalist: The long-run impact of the SBIR program
    • J. Lerner The government as venture capitalist: the long-run impact of the SBIR program The Journal of Business 72 3 1999 285 318
    • (1999) The Journal of Business , vol.72 , Issue.3 , pp. 285-318
    • Lerner, J.1
  • 56
    • 0036179278 scopus 로고    scopus 로고
    • When bureaucrats meet entrepreneurs: The design of effective public venture capital programmes
    • J. Lerner When bureaucrats meet entrepreneurs: the design of effective public venture capital programmes Economic Journal 112 2002 F73 F84
    • (2002) Economic Journal , vol.112
    • Lerner, J.1
  • 58
    • 84977409606 scopus 로고
    • The choice between equity and debt: An empirical study
    • P. Marsh The choice between equity and debt: an empirical study The Journal of Finance 37 1982 121 144
    • (1982) The Journal of Finance , vol.37 , pp. 121-144
    • Marsh, P.1
  • 59
    • 84977723575 scopus 로고
    • Venture capital certification in initial public offerings
    • W. Megginson, and K. Weiss Venture capital certification in initial public offerings Journal of Finance 46 1991 879 903
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.1    Weiss, K.2
  • 60
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • S. Myers Determinants of corporate borrowing Journal of Financial Economics 5 1977 147 175
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 61
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • S. Myers, and N. Majluf Corporate financing and investment decisions when firms have information that investors do not have Journal of Financial Economics 13 1984 187 221
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 63
    • 0001230081 scopus 로고
    • The simple economics of basic scientific research
    • R. Nelson The simple economics of basic scientific research Journal of Political Economy 49 1959 297 306
    • (1959) Journal of Political Economy , vol.49 , pp. 297-306
    • Nelson, R.1
  • 64
    • 36649026728 scopus 로고    scopus 로고
    • How laws and institutions shape financial contracts: The case of bank loans
    • J. Qian, and P. Strahan How laws and institutions shape financial contracts: the case of bank loans The Journal of Finance 62 2007 2803 2834
    • (2007) The Journal of Finance , vol.62 , pp. 2803-2834
    • Qian, J.1    Strahan, P.2
  • 65
    • 0003010711 scopus 로고
    • Investment strategy and growth in a new market
    • M. Spence Investment strategy and growth in a new market Bell Journal of Economics 10 1979 1 19
    • (1979) Bell Journal of Economics , vol.10 , pp. 1-19
    • Spence, M.1
  • 66
    • 0000198185 scopus 로고    scopus 로고
    • New technology-based firms in the European union: An introduction
    • PII S0048733397000528
    • D. Storey, and B. Tether New technology-based firms in the European Union: an introduction Research Policy 26 1998 933 946 (Pubitemid 128430977)
    • (1998) Research Policy , vol.26 , Issue.9 , pp. 933-946
    • Storey, D.J.1    Tether, B.S.2
  • 67
    • 0001068584 scopus 로고    scopus 로고
    • Public policy measures to support new technology-based firms in the European Union
    • PII S0048733397000589
    • D. Storey, and B. Tether Public policy measures to support new technology-based firms in the European Union Research Policy 26 1998 1037 1057 (Pubitemid 128430983)
    • (1998) Research Policy , vol.26 , Issue.9 , pp. 1037-1057
    • Storey, D.J.1    Tether, B.S.2
  • 68
    • 0033243272 scopus 로고    scopus 로고
    • Interorganizational endorsements and the performance of entrepreneurial ventures
    • T. Stuart, H. Hoang, and R. Hybels Interorganizational endorsements and the performance of entrepreneurial ventures Administrative Science Quarterly 44 1999 315 349
    • (1999) Administrative Science Quarterly , vol.44 , pp. 315-349
    • Stuart, T.1    Hoang, H.2    Hybels, R.3
  • 69
    • 33947301769 scopus 로고    scopus 로고
    • Information asymmetry and financing arrangements: Evidence from syndicated loans
    • A. Sufi Information asymmetry and financing arrangements: evidence from syndicated loans The Journal of Finance 62 2007 629 668
    • (2007) The Journal of Finance , vol.62 , pp. 629-668
    • Sufi, A.1
  • 70
    • 76049103579 scopus 로고    scopus 로고
    • Adverse selection and financing of innovation: Is there a need for R&D subsidies?
    • T. Takalo, and T. Tanayama Adverse selection and financing of innovation: is there a need for R&D subsidies? Journal of Technology Transfer 35 2010 16 41
    • (2010) Journal of Technology Transfer , vol.35 , pp. 16-41
    • Takalo, T.1    Tanayama, T.2
  • 72
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • S. Titman, and R. Wessels The determinants of capital structure choice Journal of Finance 43 1988 1 19
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 73
    • 84857049455 scopus 로고    scopus 로고
    • Incremental financing decisions in high growth companies: Pecking order and debt capacity considerations
    • T. Vanacker, and S. Manigart Incremental financing decisions in high growth companies: pecking order and debt capacity considerations Small Business Economics, forthcoming 2008
    • (2008) Small Business Economics, Forthcoming
    • Vanacker, T.1    Manigart, S.2
  • 74
    • 0034395981 scopus 로고    scopus 로고
    • The effects of government-industry R&D programs on private R&D: The case of the SBIR program
    • S. Wallsten The effects of government-industry R&D programs on private R&D: the case of the SBIR program The RAND Journal of Economics 31 1 2000 82 100
    • (2000) The RAND Journal of Economics , vol.31 , Issue.1 , pp. 82-100
    • Wallsten, S.1
  • 75
    • 0000543640 scopus 로고    scopus 로고
    • Financial constraints on the growth of high technology small firms in the United Kingdom
    • P. Westhead, and D. Storey Financial constraints on the growth of high-technology small firms in the United Kingdom Applied Financial Economics 7 1997 197 201 (Pubitemid 127439121)
    • (1997) Applied Financial Economics , vol.7 , Issue.2 , pp. 197-201
    • Westhead, P.1    Storey, D.J.2
  • 76
    • 34047230633 scopus 로고    scopus 로고
    • How entrepreneurs use symbolic management to acquire resources
    • C. Zott, and Q. Huy How entrepreneurs use symbolic management to acquire resources Administrative Science Quarterly 52 2007 70 105
    • (2007) Administrative Science Quarterly , vol.52 , pp. 70-105
    • Zott, C.1    Huy, Q.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.