메뉴 건너뛰기




Volumn 56, Issue 8, 2012, Pages 1512-1529

Do financing constraints matter for R&D?

Author keywords

Finance and growth; Financing innovation; R D financing constraints; Stock market development; Value of liquidity

Indexed keywords

CAPITAL FLOW; ECONOMIC GROWTH; INDUSTRIAL ENTERPRISE; INNOVATION; LIBERALIZATION; MARKET DEVELOPMENT; RESEARCH AND DEVELOPMENT; STOCK MARKET;

EID: 84866990041     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.euroecorev.2012.07.007     Document Type: Article
Times cited : (610)

References (68)
  • 1
    • 34648830566 scopus 로고    scopus 로고
    • Is cash negative debt? A hedging perspective on corporate financial policies
    • Acharya Viral V., Almeida Heitor, Campello Murillo Is cash negative debt? A hedging perspective on corporate financial policies. Journal of Financial Intermediation 2007, 17:515-554.
    • (2007) Journal of Financial Intermediation , vol.17 , pp. 515-554
    • Acharya, V.V.1    Almeida, H.2    Campello, M.3
  • 3
    • 0000367928 scopus 로고
    • A model of growth through creative destruction
    • Aghion Philippe, Howitt Peter A model of growth through creative destruction. Econometrica 1992, 60:323-351.
    • (1992) Econometrica , vol.60 , pp. 323-351
    • Aghion, P.1    Howitt, P.2
  • 4
    • 84868210692 scopus 로고    scopus 로고
    • Aghion, Philippe, Van Reenen, John, Zingales, Luigi. Innovation and institutional ownership. American Economic Review, forthcoming.
    • Aghion, Philippe, Van Reenen, John, Zingales, Luigi. Innovation and institutional ownership. American Economic Review, forthcoming.
  • 7
    • 58149364940 scopus 로고
    • Another look at the instrumental-variable estimation of error-components models
    • Arellano Manuel, Olympia Bover Another look at the instrumental-variable estimation of error-components models. Journal of Econometrics 1995, 68:29-52.
    • (1995) Journal of Econometrics , vol.68 , pp. 29-52
    • Arellano, M.1    Olympia, B.2
  • 9
    • 84868205477 scopus 로고    scopus 로고
    • Beck, Thorsten Demigrüç-Kunt, Asli Financial Institutions and Markets Across Countries and Over Time: Data and Analysis. World Bank Policy Research. Working Paper No. 4943.
    • Beck, Thorsten Demigrüç-Kunt, Asli. 2009. Financial Institutions and Markets Across Countries and Over Time: Data and Analysis. World Bank Policy Research. Working Paper No. 4943.
    • (2009)
  • 10
    • 0036091092 scopus 로고    scopus 로고
    • Industry growth and capital allocation: does having a market- or bank-based system matter?
    • Beck Thorsten, Levine Ross Industry growth and capital allocation: does having a market- or bank-based system matter?. Journal of Financial Economics 2002, 64:147-180.
    • (2002) Journal of Financial Economics , vol.64 , pp. 147-180
    • Beck, T.1    Levine, R.2
  • 12
    • 0003201935 scopus 로고
    • Rate of return on physical and R&D capital and structure of the production process: cross section and time series evidence
    • Dordrecht Kluwer Academic Publishing, B. Raj (Ed.)
    • Bernstein Jeffery I., Nadiri Ishaq M. Rate of return on physical and R&D capital and structure of the production process: cross section and time series evidence. Advances in Econometrics and Modelling 1989, 169-185. Dordrecht Kluwer Academic Publishing. B. Raj (Ed.).
    • (1989) Advances in Econometrics and Modelling , pp. 169-185
    • Bernstein, J.I.1    Nadiri, I.M.2
  • 13
    • 0009894957 scopus 로고
    • Corporate research and development investments: international comparisons
    • Bhagat Sanjai, Welch Ivo Corporate research and development investments: international comparisons. Journal of Accounting and Economics 1995, 19:443-470.
    • (1995) Journal of Accounting and Economics , vol.19 , pp. 443-470
    • Bhagat, S.1    Welch, I.2
  • 14
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell Richard, Bond Stephen Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 1998, 87:115-143.
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 15
    • 0037322696 scopus 로고    scopus 로고
    • Financial factors and investment in Belgium, France, Germany, and the United Kingdom: a comparison using company panel data
    • Bond Stephen, Elston Julie Ann, Mairesse Jacques, Mulkay Benoît Financial factors and investment in Belgium, France, Germany, and the United Kingdom: a comparison using company panel data. Review of Economics and Statistics 2003, 85:153-165.
    • (2003) Review of Economics and Statistics , vol.85 , pp. 153-165
    • Bond, S.1    Elston, J.A.2    Mairesse, J.3    Benoît, M.4
  • 16
    • 84868195725 scopus 로고    scopus 로고
    • Bond, Stephen, Harhoff, Dietmar, Van Reenen, John. Investment, R&D and Financial Constraints in Britain and Germany, Institute for Fiscal Studies Working Paper 99/5.
    • Bond, Stephen, Harhoff, Dietmar, Van Reenen, John, 2003b. Investment, R&D and Financial Constraints in Britain and Germany, Institute for Fiscal Studies Working Paper 99/5.
    • (2003)
  • 17
    • 84962999023 scopus 로고
    • Dynamic investment models and the firm's financial policy
    • Bond Stephen, Meghir Costas Dynamic investment models and the firm's financial policy. Review of Economic Studies 1994, 61:197-222.
    • (1994) Review of Economic Studies , vol.61 , pp. 197-222
    • Bond, S.1    Meghir, C.2
  • 18
    • 0036790258 scopus 로고    scopus 로고
    • On testing overidentifying restrictions in dynamic panel data models
    • Bowsher C.G. On testing overidentifying restrictions in dynamic panel data models. Economics Letters 2002, 77:211-220.
    • (2002) Economics Letters , vol.77 , pp. 211-220
    • Bowsher, C.G.1
  • 19
    • 58849120945 scopus 로고    scopus 로고
    • Financing innovation and growth: cash flow, external equity and the 1990s R&D boom
    • Brown James R., Fazzari Steven M., Petersen Bruce C. Financing innovation and growth: cash flow, external equity and the 1990s R&D boom. Journal of Finance 2009, 64(1):151-185.
    • (2009) Journal of Finance , vol.64 , Issue.1 , pp. 151-185
    • Brown, J.R.1    Fazzari, S.M.2    Petersen, B.C.3
  • 20
    • 60749120552 scopus 로고    scopus 로고
    • Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments
    • Brown James R., Petersen Bruce C. Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments. Journal of Banking and Finance 2009, 33:971-984.
    • (2009) Journal of Banking and Finance , vol.33 , pp. 971-984
    • Brown, J.R.1    Petersen, B.C.2
  • 23
    • 84868205474 scopus 로고    scopus 로고
    • Do Anti-Takeover Provisions Spur Corporate Innovation? Working Paper, Boston College.
    • Chemmanur, Thomas J. Tian, Xuan. 2012. Do Anti-Takeover Provisions Spur Corporate Innovation? Working Paper, Boston College.
    • (2012)
    • Chemmanur1    Tian, T.J.2    Xuan3
  • 24
    • 70349414493 scopus 로고    scopus 로고
    • International R&D spillovers and institutions
    • Coe David T., Helpman Elhanan, Hoffmaister Alexander W. International R&D spillovers and institutions. European Economic Review 2009, 53(7):723-741.
    • (2009) European Economic Review , vol.53 , Issue.7 , pp. 723-741
    • Coe, D.T.1    Helpman, E.2    Hoffmaister, A.W.3
  • 26
    • 0001797475 scopus 로고
    • An examination of voluntary versus involuntary security issuances by commercial banks
    • Cornett Marcia M., Tehranian Hassan An examination of voluntary versus involuntary security issuances by commercial banks. Journal of Financial Economics 1994, 35:99-122.
    • (1994) Journal of Financial Economics , vol.35 , pp. 99-122
    • Cornett, M.M.1    Tehranian, H.2
  • 27
    • 79954605827 scopus 로고    scopus 로고
    • Financial flexibility and corporate liquidity
    • Denis David J. Financial flexibility and corporate liquidity. Journal of Corporate Finance 2011, 17(3):667-674.
    • (2011) Journal of Corporate Finance , vol.17 , Issue.3 , pp. 667-674
    • Denis, D.J.1
  • 28
    • 38249018548 scopus 로고
    • Financial deregulation in Sweden
    • Englund Peter Financial deregulation in Sweden. European Economic Review 1990, 34(385):393.
    • (1990) European Economic Review , vol.34 , Issue.385 , pp. 393
    • Englund, P.1
  • 29
    • 84866294366 scopus 로고    scopus 로고
    • Does Stock Liquidity Enhance or Impede Firm Innovation?
    • Rutgers University.
    • Fang, Vivian W., Tian, Xuan, Tice, Sheri, 2011. Does Stock Liquidity Enhance or Impede Firm Innovation? Working Paper, Rutgers University.
    • (2011) Working Paper
    • Fang Vivian, W.1    Xuan, T.2    Sheri, T.3
  • 30
    • 33746781777 scopus 로고    scopus 로고
    • Corporate financial policy and the value of cash
    • Faulkender Michael, Wang Rong Corporate financial policy and the value of cash. Journal of Finance 2006, 51(1):1957-1990.
    • (2006) Journal of Finance , vol.51 , Issue.1 , pp. 1957-1990
    • Faulkender, M.1    Wang, R.2
  • 32
    • 0039626490 scopus 로고
    • Working capital and fixed investment: new evidence on financing constraints
    • Fazzari Steven M., Petersen Bruce C. Working capital and fixed investment: new evidence on financing constraints. RAND Journal of Economics 1993, 24:328-342.
    • (1993) RAND Journal of Economics , vol.24 , pp. 328-342
    • Fazzari, S.M.1    Petersen, B.C.2
  • 33
    • 67649556082 scopus 로고    scopus 로고
    • Investment, financing constraints, and internal capital markets: evidence from the advertising expenditures of multinational firms
    • Fee Edward C., Hadlock Charles J., Pierce Joshua R. Investment, financing constraints, and internal capital markets: evidence from the advertising expenditures of multinational firms. Review of Financial Studies 2009, 2361-2392.
    • (2009) Review of Financial Studies , pp. 2361-2392
    • Fee, E.C.1    Hadlock, C.J.2    Pierce, J.R.3
  • 34
    • 77951251713 scopus 로고    scopus 로고
    • New evidence on measuring financial constraints: moving beyond the KZ index
    • Hadlock Charles J., Pierce Joshua R. New evidence on measuring financial constraints: moving beyond the KZ index. Review of Financial Studies 2010, 23(5):1909-1940.
    • (2010) Review of Financial Studies , vol.23 , Issue.5 , pp. 1909-1940
    • Hadlock, C.J.1    Pierce, J.R.2
  • 35
    • 0042606237 scopus 로고
    • Investment and Research and Development at the Firm Level: Does the Source of Financing Matter?
    • Number 4096.
    • Hall, Bronwyn H., 1992. Investment and Research and Development at the Firm Level: Does the Source of Financing Matter? NBER Working Paper, Number 4096.
    • (1992) NBER Working Paper
    • Hall Bronwyn, H.1
  • 36
    • 0036253161 scopus 로고    scopus 로고
    • The financing of research and development
    • Hall Bronwyn H. The financing of research and development. Oxford Review of Economic Policy 2002, 18:35-51.
    • (2002) Oxford Review of Economic Policy , vol.18 , pp. 35-51
    • Hall, B.H.1
  • 37
    • 84868210689 scopus 로고    scopus 로고
    • In: Hall B.H., and Rosenberg N., (Eds.), The Financing of R&D and Innovation, Handbook of the Economics of Innovation, Elsevier-North Holland.
    • Hall, Bronwyn H., Lerner Josh, 2010., In: Hall B.H., and Rosenberg N., (Eds.), The Financing of R&D and Innovation, Handbook of the Economics of Innovation, Elsevier-North Holland.
    • (2010)
    • Hall Bronwyn, H.1    Josh, L.2
  • 38
    • 0003303134 scopus 로고    scopus 로고
    • Does cash flow cause investment and R&D?: an exploration using panel data for French, Japanese and United States firms in the scientific sector
    • Cambridge University Press, Cambridge, UK, D. Audretsch, A.R. Thurik (Eds.)
    • Hall Bronwyn H., Mairesse Jacques, Branstetter Lee, Crepon Bruno Does cash flow cause investment and R&D?: an exploration using panel data for French, Japanese and United States firms in the scientific sector. Innovation, industry evolution and employment 1999, Cambridge University Press, Cambridge, UK. D. Audretsch, A.R. Thurik (Eds.).
    • (1999) Innovation, industry evolution and employment
    • Hall, B.H.1    Mairesse, J.2    Branstetter, L.3    Crepon, B.4
  • 39
    • 84868210685 scopus 로고    scopus 로고
    • In: B.H. Hall, N. Rosenberg (Eds.), Measuring the Returns to R&D, Handbook of the Economics of Innovation, Elsevier-North Holland.
    • Hall, Bronwyn H., Mairesse, Jacques, Mohnen, Pierre, 2010. In: B.H. Hall, N. Rosenberg (Eds.), Measuring the Returns to R&D, Handbook of the Economics of Innovation, Elsevier-North Holland.
    • (2010)
    • Hall Bronwyn, H.1    Jacques, M.2    Pierre, M.3
  • 40
    • 0000201640 scopus 로고    scopus 로고
    • Are there financing constraints for R&D and investment in German manufacturing firms?
    • Harhoff Dietmar Are there financing constraints for R&D and investment in German manufacturing firms?. Annales d'Economie et de Statistique 1998, 49/50:421-445.
    • (1998) Annales d'Economie et de Statistique , pp. 421-445
    • Harhoff, D.1
  • 41
    • 84868205471 scopus 로고    scopus 로고
    • The Dark Side of Analyst Coverage: The Case of Innovation
    • University of Georgia.
    • He, Jie, Tian, Xuan 2012. The Dark Side of Analyst Coverage: The Case of Innovation. Working Paper. University of Georgia.
    • (2012) Working Paper
    • Jie, H.1    Xuan, T.2
  • 42
    • 0028560578 scopus 로고
    • R&D and internal finance: a panel study of small firms in high-tech industries
    • Himmelberg Charles P., Petersen Bruce C. R&D and internal finance: a panel study of small firms in high-tech industries. Review of Economics and Statistics 1994, 76:38-51.
    • (1994) Review of Economics and Statistics , vol.76 , pp. 38-51
    • Himmelberg, C.P.1    Petersen, B.C.2
  • 43
    • 84868210686 scopus 로고    scopus 로고
    • Financial Development and Innovation: Cross-Country Evidence
    • University of Hong Kong.
    • Hsu, Po-Hsuan, Tian, Xuan, Xu, Yan 2012. Financial Development and Innovation: Cross-Country Evidence, Working Paper, University of Hong Kong.
    • (2012) Working Paper
    • Po-Hsuan, H.1    Xuan, T.2    Yan, X.3
  • 44
    • 0000180018 scopus 로고    scopus 로고
    • Capital market imperfections and investment
    • Hubbard R.Glenn Capital market imperfections and investment. Journal of Economic Literature 1998, 36:193-225.
    • (1998) Journal of Economic Literature , vol.36 , pp. 193-225
    • Hubbard, R.1
  • 45
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • Kaplan Steven N., Zingales Luigi Do investment-cash flow sensitivities provide useful measures of financing constraints?. Quarterly Journal of Economics 1997, 112:169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 47
    • 38149103397 scopus 로고    scopus 로고
    • Motivations for public equity offers: an international perspective
    • Kim Woojin, Weisbach Michael S. Motivations for public equity offers: an international perspective. Journal of Financial Economics 2008, 87:281-307.
    • (2008) Journal of Financial Economics , vol.87 , pp. 281-307
    • Kim, W.1    Weisbach, M.S.2
  • 50
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks, and economic growth
    • Levine Ross, Zervos Sara Stock markets, banks, and economic growth. American Economic Review 1998, 88:537-558.
    • (1998) American Economic Review , vol.88 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 51
    • 0000023291 scopus 로고    scopus 로고
    • Pricing initial public offerings: further evidence from Germany
    • Ljungqvist Alexander P. Pricing initial public offerings: further evidence from Germany. European Economic Review 1997, 41:1309-1320.
    • (1997) European Economic Review , vol.41 , pp. 1309-1320
    • Ljungqvist, A.P.1
  • 52
    • 0037751658 scopus 로고
    • Initial public offerings: international insights
    • (updated July 21, 2009) June
    • Loughran Tim, Ritter Jay R., Rydqvist Kristian Initial public offerings: international insights. Pacific-Basin Finance Journal 1994, 2(June (2-3)):165-199. (updated July 21, 2009).
    • (1994) Pacific-Basin Finance Journal , vol.2 , Issue.2-3 , pp. 165-199
    • Loughran, T.1    Ritter, J.R.2    Rydqvist, K.3
  • 53
    • 80052687117 scopus 로고    scopus 로고
    • Motivating innovation
    • Manso Gustavo Motivating innovation. Journal of Finance 2011, 66:1823-1860.
    • (2011) Journal of Finance , vol.66 , pp. 1823-1860
    • Manso, G.1
  • 54
    • 77950020290 scopus 로고    scopus 로고
    • Equity financing and innovation: is Europe different from the United States?
    • Martinsson Gustav Equity financing and innovation: is Europe different from the United States?. Journal of Banking and Finance 2010, 34:1215-1224.
    • (2010) Journal of Banking and Finance , vol.34 , pp. 1215-1224
    • Martinsson, G.1
  • 55
    • 34347399970 scopus 로고    scopus 로고
    • Job flow dynamics and firing restrictions: evidence from Europe
    • Messina Julián, Vallanti Giovanna Job flow dynamics and firing restrictions: evidence from Europe. The Economic Journal 2007, 117:F279-F301.
    • (2007) The Economic Journal , vol.117
    • Julián, M.1    Vallanti, G.2
  • 56
    • 6344223701 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities: constrained versus unconstrained firms
    • Moyen Nathalie Investment-cash flow sensitivities: constrained versus unconstrained firms. Journal of Finance 2004, 69:2061-2092.
    • (2004) Journal of Finance , vol.69 , pp. 2061-2092
    • Moyen, N.1
  • 57
    • 0003303115 scopus 로고    scopus 로고
    • Firm level investment and R&D in France and the United States: a comparison
    • Spring Verlag, Dresden, Bundesbank, Deutsche (Ed.)
    • Mulkay Benoit, Hall Bronwyn H., Mairesse Jacques Firm level investment and R&D in France and the United States: a comparison. Investing Today for the World of Tomorrow 2001, Spring Verlag, Dresden, Bundesbank. Deutsche (Ed.).
    • (2001) Investing Today for the World of Tomorrow
    • Mulkay, B.1    Hall, B.H.2    Mairesse, J.3
  • 58
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not
    • Myers Stewart C., Majluf Nicholas S. Corporate financing and investment decisions when firms have information that investors do not. Journal of Financial Economics 1984, 13:187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 62
  • 63
    • 79251486619 scopus 로고    scopus 로고
    • Firm boundaries matter: evidence from conglomerates and R&D activity
    • Seru Amit Firm boundaries matter: evidence from conglomerates and R&D activity. Journal of Financial Economics 2011.
    • (2011) Journal of Financial Economics
    • Seru, A.1
  • 64
    • 84891452522 scopus 로고    scopus 로고
    • Tolerance for failure and corporate innovation
    • forthcoming
    • Tian Xuan, Wang Tracy Y. Tolerance for failure and corporate innovation. Review of Financial Studies 2011, forthcoming.
    • (2011) Review of Financial Studies
    • Tian, X.1    Wang, T.Y.2
  • 65
    • 84868195720 scopus 로고    scopus 로고
    • Harmonizing and Combining Large Datasets - An Application to Firm-Level Patent and Accounting Data. NBER Working Paper 15851.
    • Thoma, Grid, Torrisi, Salvatore, Gamardella, Alfonso, Guellec, Dominique, Hall, Bronwyn H., Harhoff, Dietmar, 2010. Harmonizing and Combining Large Datasets - An Application to Firm-Level Patent and Accounting Data. NBER Working Paper 15851.
    • (2010)
    • Grid, T.1    Salvatore, T.2    Alfonso, G.3    Dominique, G.4    Bronwyn, H.5    Dietmar, H.6
  • 66
    • 84868210687 scopus 로고    scopus 로고
    • R&D in Europe: Expenditures Across Sectors, Regions and Firm Sizes. Centre for European Policy Studies, Brussels.
    • Uppenberg, Kristian, 2009. R&D in Europe: Expenditures Across Sectors, Regions and Firm Sizes. Centre for European Policy Studies, Brussels.
    • (2009)
    • Kristian, U.1
  • 67
    • 85013768082 scopus 로고    scopus 로고
    • Choice of selling mechanism at the IPO: the case of the French seconde marché
    • Vandemaele Sigfrid Choice of selling mechanism at the IPO: the case of the French seconde marché. European Financial Management 2003, 9:435-455.
    • (2003) European Financial Management , vol.9 , pp. 435-455
    • Vandemaele, S.1
  • 68
    • 10444289824 scopus 로고    scopus 로고
    • A finite sample correction for the variance of linear efficient two-step GMM estimators
    • Windmeijer Frank A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 2005, 126:25-51.
    • (2005) Journal of Econometrics , vol.126 , pp. 25-51
    • Windmeijer, F.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.