How to Persistently Finance Innovation: A Panel-Data Study on Exporting Firms in Sweden

Hans Lööf (hans.loof@indek.kth.se) and Pardis Nabavi

No 346, Working Paper Series in Economics and Institutions of Innovation from Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies

Abstract: This paper provides estimates of negative binomial regressions for high-leveraged and non-high-leveraged exporting firms in Sweden over a business cycle that contains two boom periods and two recession periods. The contemporaneous cash flow coefficients are positive and statistically significantly associated with patent applications for non-high-equity firms in recession periods when all exporters are considered. No corresponding correlation is found among persistent exporters. Taking the firms’ geographical location into account, we find a significant difference in cash flow sensitivity between firms in metropolitan areas and firms located in other places.

Keywords: Exporting; Innovation; Financing constraints; Firm level; Panel data (search for similar items in EconPapers)
JEL-codes: C16 F14 G32 O31 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2014-03-12
New Economics Papers: this item is included in nep-bec, nep-eur, nep-ino, nep-int, nep-sbm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:cesisp:0346

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