Artikel
The financing of innovative firms
To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moralhazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially if they are small. Recognising the role for public policy in this area, many countries have implemented specific policies to bring the cost of financing innovation more in line with the level that would prevail in the absence of market failures.
- Language
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Englisch
- Bibliographic citation
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Journal: EIB Papers ; ISSN: 0257-7755 ; Volume: 14 ; Year: 2009 ; Issue: 2 ; Pages: 8-28 ; Luxembourg: European Investment Bank (EIB)
- Classification
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Wirtschaft
- Subject
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Forschungskosten
Forschungsfinanzierung
Unternehmensfinanzierung
Forschungs- und Technologiepolitik
Asymmetrische Information
Moral Hazard
- Event
-
Geistige Schöpfung
- (who)
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Hall, Bronwyn H.
- Event
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Veröffentlichung
- (who)
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European Investment Bank (EIB)
- (where)
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Luxembourg
- (when)
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2009
- Handle
- Last update
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10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Hall, Bronwyn H.
- European Investment Bank (EIB)
Time of origin
- 2009
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