Financing Constraints of Biotech Firms: An International Pre-Crisis Baseline (1997–2008)

Contraintes financières des entreprises biotechnologiques: une référence internationale pré-crise (1997-2008)

Lysiane Tendil ()
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Lysiane Tendil: Independent Researcher

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Abstract: This paper investigates the financing constraints of biotech firms and their determinants. We propose explanations that combine firm-level characteristics, the capitalism-model dichotomy — market-oriented (MOM) versus bank-oriented (BOM) economies — and the international cyclical context. Using an international panel of listed biotech firms over 1997–2008 drawn from Datastream 4.0, we estimate static and dynamic panel-data specifications, including an Euler-equation model. Our results indicate that biotech firms' financing constraints are jointly shaped by the structural environment (capitalism model), the cyclical environment (the 2000 stock-market downturn) and individual firm characteristics, in particular size. External financing through stock issues plays a central role in both MOM and BOM economies, but the strength of this channel differs systematically across institutional regimes. The findings extend earlier evidence reported in Tendil (2012, 2026).

Keywords: panel data; international comparison; individual characteristics; cyclical environment; capitalism models; financing constraints; biotech firms; données de panel; comparaison internationale; caractéristiques individuelles; environnement conjoncturel; modèles de capitalisme; contraintes financières; entreprises biotechnologiques (search for similar items in EconPapers)
Date: 2026-05-17
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