RISK AVERSION AND ENTREPRENEURSHIP: FINANCING INNOVATION FOR SMES ACROSS EUROPE. EVIDENCE FROM MULTILEVEL MODELS
Francesco Aiello (),
Graziella Bonanno and
Stefania Patrizia Sonia Rossi ()
Additional contact information
Stefania Patrizia Sonia Rossi: Dipartimento di Scienze Economiche, Aziendali, Matematiche e Statistiche "Bruno de Finetti" - DEAMS, Università degli Studi di Trieste
No 201902, Working Papers from Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF
Abstract:
This paper aims to evaluate the role played by different sources of finance when analysing firms’ attitudes to innovate. The empirical investigation is based on the firm-level data for a large sample of European SMEs across the 2012–2017 period. Different measures of finance and several robustness checks are used to select a well-behaved probit multilevel model. Importantly, results show that the probability to innovate increases when firms use internal finance and grants. The same applies when funds come from family and friend channels, while no conclusive evidence is found for bank loans.
Keywords: Product innovation; Financing sources; Multilevel model; Firm heterogeneity; Country effect (search for similar items in EconPapers)
JEL-codes: D21 O31 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2019-01
References: View references in EconPapers View complete reference list from CitEc
Citations:
Downloads: (external link)
http://www.ecostat.unical.it/RePEc/WorkingPapers/WP02_2019.pdf First version, 2019-01 (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:clb:wpaper:201902
Access Statistics for this paper
More papers in Working Papers from Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania", Ponte Pietro Bucci, Cubo 0/C, I-87036 Arcavacata di Rende, CS, Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Giovanni Dodero ().