Sources of financing: Which ones are more effective in innovation–growth linkage?

Anabela Marques Santos, Michele Cincera and Giovanni Cerulli

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: The study assesses the impact of eight sources of financing (internal funds, bank loans, credit lines, trade credit, equity, grants, leasing and factoring) on innovation and firm growth. It provides evidence that not all external financing sources have the same impact on innovation and growth. Output additionality on turnover growth seems higher for equity financing. In contrast, employment growth appears to be more associated with financing sources linked to increased fixed assets or the solving of liquidity problems. The number of financing instruments used together also seems to matter, revealing the existence of complementarities.

Keywords: Europe; Financing; Growth; Innovation (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-cfn, nep-eur, nep-fdg and nep-sbm
Note: SCOPUS: ar.j
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Citations: View citations in EconPapers (1)

Published in: Economic systems (2024)

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Journal Article: Sources of financing: Which ones are more effective in innovation–growth linkage? (2024)
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