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How to Persistently Finance Innovation: A Panel-Data Study on Exporting Firms in Sweden

Hans Lööf () and Pardis Nabavi ()

No 346, Working Paper Series in Economics and Institutions of Innovation from Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies

Abstract: This paper provides estimates of negative binomial regressions for high-leveraged and non-high-leveraged exporting firms in Sweden over a business cycle that contains two boom periods and two recession periods. The contemporaneous cash flow coefficients are positive and statistically significantly associated with patent applications for non-high-equity firms in recession periods when all exporters are considered. No corresponding correlation is found among persistent exporters. Taking the firms’ geographical location into account, we find a significant difference in cash flow sensitivity between firms in metropolitan areas and firms located in other places.

Keywords: Exporting; Innovation; Financing constraints; Firm level; Panel data (search for similar items in EconPapers)
JEL-codes: C16 F14 G32 O31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-eur, nep-ino, nep-int, nep-sbm and nep-tid
Date: 2014-03-12
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:cesisp:0346

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