EconPapers    
Economics at your fingertips  
 

The sensitivity of R&D investments to cash flows: comparing young and old EU and US leading innovators

Michele Cincera (), Julien Ravet and Reinhilde Veugelers ()

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: Using firm-level information on the world leading R&D investors and employing a system generalised method of moment estimation, this paper investigates how sensitive R&D investments are to cash-flow movements, which would be suggestive of financial constraints. The analysis confirms that over the last decade, the R&D investments of younger aged leading innovators appear to be more sensitive to cash flows compared to their older counterparts and that this holds particularly for EU younger aged leading innovators compared to their US counterparts, particularly in medium- and high-tech sectors.

Keywords: cash-flow sensitivity; EU–US R&D gap; R&D investments; younger aged leading innovators (search for similar items in EconPapers)
Date: 2016-04
Note: SCOPUS: ar.j
References: Add references at CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

Published in: Economics of innovation and new technology (2016) v.25 n° 3,p.304-320

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: The sensitivity of R&D investments to cash flows: comparing young and old EU and US leading innovators (2016) Downloads
Working Paper: The sensitivity of R&D investments to cash flows: Comparing young and old EU and US leading innovators (2015) Downloads
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:ulb:ulbeco:2013/231082

Ordering information: This working paper can be ordered from
http://hdl.handle.ne ... lb.ac.be:2013/231082

Access Statistics for this paper

More papers in ULB Institutional Repository from ULB -- Universite Libre de Bruxelles Contact information at EDIRC.
Bibliographic data for series maintained by Benoit Pauwels ().

 
Page updated 2021-03-07
Handle: RePEc:ulb:ulbeco:2013/231082