Private financing, R&D, and export activity: Evidence from Portugal

Pedro Bação, António Martins and Miguel Portela
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Pedro Bação: CeBER and University of Coimbra
António Martins: Católica Lisbon School of Business and Economics, Universidade Católica Portuguesa
Miguel Portela: NIPE

Portugal Stata Conference 2026 from Stata Users Group

Abstract: Using firm-level data for Portugal, 2006–2021, we investigate linkages between private financing—private equity (including venture capital) and private debt—and firms' exporting and innovation. Combining matching and regression procedures, we find that private financing is associated with exporting and R&D activity. Firms financed by private equity are more likely to export and to export a larger share of their sales. They also exhibit higher propensity to allocate employees and funds to R&D and to channel a larger share of investment into it. Private debt is likewise positively related to innovation inputs and exports, but both effects are limited to the extensive margin.

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Persistent link: https://EconPapers.repec.org/RePEc:boc:pcon26:5

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