Seeking Finance, Perceived Financial Constraints and R&D Engagement

Yu Lu
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Yu Lu: IETR - Institut d'Électronique et des Technologies du numéRique - UN - Université de Nantes - UR - Université de Rennes - INSA Rennes - Institut National des Sciences Appliquées - Rennes - INSA - Institut National des Sciences Appliquées - CentraleSupélec - CNRS - Centre National de la Recherche Scientifique

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Abstract: This study empirically examines the association among R&D engagement, seeking finance and perceived financial constraints in high-tech SMEs. R&D engagement includes the decision of R&D engagement (whether a firm was engaged in R&D) and the degree of R&D engagement (actual R&D expenditure). I take into account both financial constraints and the former process, seeking finance. This paper proposes two sequential hypotheses. Firstly, I postulate that the decision of R&D engagement has a positive relationship with seeking finance in high-tech SMEs. Next, for those high-tech SMEs that applied for fund, I presume that perceived financial constraints are negatively related with the degree of R&D engagement. The empirical results are consistent with my expectations and thus the hypotheses are supported.

Keywords: Seeking; Finance (search for similar items in EconPapers)
Date: 2017-09-30
Note: View the original document on HAL open archive server: https://hal.science/hal-02559421
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Published in The International Journal of Business Management and Technology, 2017, SEPTEMBER-OCTOBER 2017, 1 (1), pp.1-8

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