Financing constraints and R&D investments of large corporations in Europe and the US

Michele Cincera and Julien Ravet

Science and Public Policy, 2010, vol. 37, issue 6, 455-466

Abstract: This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the period 2000–2007. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow variations are important for European firms while US firms do not appear to be financially constrained. In terms of policy implications, these results suggest improving the conditions for access to external capital to finance R&D activities in the EU. Copyright , Beech Tree Publishing.

Date: 2010
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Working Paper: Financing constraints and R&D investments of large corporations in Europe and the USA (2010)
Working Paper: Financing constraints and R&D investments of large corporations in Europe and the US (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:oup:scippl:v:37:y:2010:i:6:p:455-466

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