NDLI: Finance and R&D Investment: A Panel Study of Italian Manufacturing Firms

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Finance and R&D Investment: A Panel Study of Italian Manufacturing Firms

Content Provider	Semantic Scholar
Author	Succurro, Marianna Costanzo, Giuseppina Damiana
Copyright Year	2016
Abstract	The purpose of this study is to examine the role of different sources of finance on R&D investment decisions in Italian manufacturing firms. Accounting data, taken from the Aida database, are collected over the 2006-2013 years. The empirical evidence shows that the availability of external financing primarily affects the decision to engage in R&D activity rather than R&D intensity. Internal cash flow, on the contrary, does affect both the likelihood of whether firms will undertake any R&D and the size of R&D spending. This impact is strongly significant for financially weaker firms, SMEs and high-tech firms. Due to greater asymmetric information problems, small innovative firms mainly rely on cash-flow to finance innovative projects. Since bank loans and other forms of debt are not well suited for R&D-intensive activities, our study would contribute to the debate whether it might be socially desirable to incentivize alternative small business financing options, still limited in Italy.
Starting Page	95
Ending Page	95
Page Count	1
File Format	PDF HTM / HTML
DOI	10.5539/ijef.v8n8p95
Volume Number	8
Alternate Webpage(s)	http://www.ccsenet.org/journal/index.php/ijef/article/download/59608/33036
Alternate Webpage(s)	https://doi.org/10.5539/ijef.v8n8p95
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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