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The Financing of Research and Development
Open accessAbstract
Evidence on the "funding gap" for R&D is surveyed.The focus is on financial market reasons for underinvestment in R&D that persist even in the absence of externality-induced underinvestment.The conclusions are that 1) small and new innovative firms experience high costs of capital that are only partly mitigated by the presence of venture capital; 2) evidence for high costs of R&D capital for large firms is mixed, although these firms do prefer internal funds for financing these investments; 3) there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets are not highly developed; and 4) further study of governmental seed capital and subsidy programs using quasi-experimental methods is warranted.
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Cites
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
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
Cited by
Innovation in the pharmaceutical industry: New estimates of R&D costs
DiMasi, J. A., Grabowski, H. G., & Hansen, R. W. (2016) · Journal of Health Economics · doi:10.1016/j.jhealeco.2016.01.012 · Cited by 3,359
Do financing constraints matter for R&D?
Brown, J. R., Martinsson, G., & Petersen, B. C. (2012) · European Economic Review · doi:10.1016/j.euroecorev.2012.07.007 · Cited by 811
Czarnitzki, D., Ebersberger, B., & Fier, A. (2007) · Journal of Applied Econometrics · doi:10.1002/jae.992 · Cited by 478
Drivers and barriers of eco‐innovation types for sustainable transitions: A quantitative perspective
Kiefer, C. P., Del Río González, P., & Carrillo‐Hermosilla, J. (2019) · Business Strategy and the Environment · doi:10.1002/bse.2246 · Cited by 379
Xu, G., & Yano, G. (2017) · Journal of Comparative Economics · doi:10.1016/j.jce.2016.10.001 · Cited by 359
Metadata
- Authors
- Hall, B. H.
- Venue
- Oxford Review of Economic Policy
- Publisher
- Oxford University Press (OUP)
- Published
- 2002-03-01
- Volume
- 18
- Issue
- 1
- Pages
- 35-51
- ISSN
- 0266-903X (ISSN-L)
- 1460-2121
- OpenAlex
- W1515916722
- Cited by
- 1,775
- References
- 2
- FWCI
- 69.11
- Type
- journal article
- Language
- en
- Open access
- bronze
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
