Innovation or imitation? The impacts of financial factors on green and general research and development

Ruohan Wu

International Review of Economics & Finance, 2023, vol. 88, issue C, 1068-1086

Abstract: This paper empirically investigates the influences of financial factors (constraint, sources, and supports) on firms’ research and development (R&D). We separately consider general R&D and green R&D. Further, under each R&D, we distinguish between independent innovation and dependent imitation. We acquire firm-level data from Business Environment and Enterprise Performance Survey (BEEPS) between 2017 and 2019 and find that a stringent financial constraint in tandem with undiversified financing sources most severely impede both general and green R&D. Overall, innovation is more sensitive to financial factors than imitation; relatively, green innovation is the most sensitive while green imitation is the least.

Keywords: Financial factor; General R&D; Green R&D; Innovation; Imitation (search for similar items in EconPapers)
JEL-codes: G11 O12 O33 Q56 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:88:y:2023:i:c:p:1068-1086

DOI: 10.1016/j.iref.2023.07.048

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