The DOI matches its Crossref record; 24 of the 24 references it cites were found in a registry or an index.
IMPACT OF FINANCIAL CONSTRAINTS ON INNOVATION: WHAT CAN BE LEARNED FROM A DIRECT MEASURE?
Open accessAbstract
This paper examines the impact of financial constraints on innovation for established firms. We make use of a direct measure of the existence of financial constraints obtained thanks to a specific survey addressed to French established firms. This is a distinctive feature of this paper as most of previous studies had to rely on proxies (like the cash-flow sensitivity), which may be subject to interpretation problems. The probability to have innovative activities and the probability to face financial constraints are simultaneously estimated by a recursive bivariate probit model. Accounting for the endogeneity of the financial constraint variable, we find that financial constraints significantly reduce the likelihood that firms have innovative activities. The probability to encounter financial constraints is explained by firms’ ex ante financing structure and economic performances.
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Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
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Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Limited-dependent and qualitative variables in econometrics
Maddala, G. S. (1983) · Cambridge University Press eBooks · doi:10.1017/cbo9780511810176 · Cited by 13,240
Discrete Choice Methods with Simulation
Train, K. E. (2001) · doi:10.1017/cbo9780511805271 · Cited by 7,784
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Kaplan, S. N., & Zingales, L. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555163 · Cited by 6,770
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
Discrete Choice Methods with Simulation
Train, K. E. (2003) · Cambridge University Press eBooks · doi:10.1017/cbo9780511753930 · Cited by 3,890
Schmookler, J. (1966) · Harvard University Press eBooks · doi:10.4159/harvard.9780674432833 · Cited by 3,101
The Financing of Research and Development
Hall, B. H. (2002) · Oxford Review of Economic Policy · doi:10.1093/oxrep/18.1.35 · Cited by 1,775
Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms
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Cited by
Mittal, V., & Raman, T. V. (2021) · World Journal of Entrepreneurship, Management and Sustainable Development · doi:10.1108/wjemsd-07-2020-0089 · Cited by 32
Metadata
- Authors
- Savignac, F.
- Venue
- Economics of Innovation and New Technology
- Publisher
- Informa UK Limited
- Published
- 2008-09
- Volume
- 17
- Issue
- 6
- Pages
- 553-569
- ISSN
- 1043-8599 (ISSN-L)
- 1476-8364
- OpenAlex
- W3124068838
- Cited by
- 404
- References
- 24
- FWCI
- 28.52
- Type
- journal article
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: IMPACT OF FINANCIAL CONSTRAINTS ON INNOVATION: WHAT CAN BE LEARNED FROM A DIRECT MEASURE? https://app.cochat.ai/papers/10.1080/10438590701538432
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- Savignac, F. (2008). IMPACT OF FINANCIAL CONSTRAINTS ON INNOVATION: WHAT CAN BE LEARNED FROM A DIRECT MEASURE? Economics of Innovation and New Technology. https://doi.org/10.1080/10438590701538432
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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