Arbeitspapier
Financial Constraints: Routine Versus Cutting Edge R&D Investment
We analyze financial constraints for R&D, where we account for heterogeneity among investments which has been neglected in previous literature. According to economic theory, investments should be distinguished by their degree of uncertainty, e.g. routine R&D versus cutting-edge R&D. Financial constraints should be more binding for cutting-edge R&D than for routine R&D. Using panel data we find that R&D spending of firms devoting a significant fraction of R&D to cutting-edge projects is curtailed by credit constraints while routine R&D investments are not. This has important policy implications with respect to the distribution of R&D subsidies in the economy.
- Language
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Englisch
- Bibliographic citation
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Series: ZEW Discussion Papers ; No. 08-005
- Classification
-
Wirtschaft
Management of Technological Innovation and R&D
Innovation and Invention: Processes and Incentives
- Subject
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R&D
Financial Constraints
Panel Data
Forschungsfinanzierung
Verschuldungsrestriktion
Industrielle Forschung
Deutschland
- Event
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Geistige Schöpfung
- (who)
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Binz, Hanna L.
Czarnitzki, Dirk
- Event
-
Veröffentlichung
- (who)
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Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (where)
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Mannheim
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Binz, Hanna L.
- Czarnitzki, Dirk
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Time of origin
- 2008
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