The DOI matches its Crossref record; 13 of the 13 references it cites were found in a registry or an index.
Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom
Abstract
The financing of R&D provides a potentially important channel to link finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D models for high‐tech firms and find significant effects of cash flow and external equity for young, but not mature, firms. The financial coefficients for young firms are large enough that finance supply shifts can explain most of the dramatic 1990s R&D boom, which implies a significant connection between finance, innovation, and growth.
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Cites
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Self-citationChapter 12 Finance and Growth: Theory and Evidence
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Cited by
Financing Innovation: Evidence from R&D Grants
Howell, S. T. (2017) · American Economic Review · doi:10.1257/aer.20150808 · Cited by 1,138
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
Self-citationEntrepreneurship as Experimentation
Kerr, W. R., Nanda, R., & Rhodes-Kropf, M. (2014) · Journal of Economic Perspectives · doi:10.1257/jep.28.3.25 · Cited by 704
Aghion, P., Askenazy, P., Berman, N., Cette, G., & Eymard, L. (2012) · Journal of the European Economic Association · doi:10.1111/j.1542-4774.2012.01093.x · Cited by 632
Law, Stock Markets, and Innovation
BROWN, J. R., MARTINSSON, G., & PETERSEN, B. C. (2013) · The Journal of Finance · doi:10.1111/jofi.12040 · Cited by 508
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Metadata
- Authors
- BROWN, J. R., FAZZARI, S. M., & PETERSEN, B. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2009-01-23
- Volume
- 64
- Issue
- 1
- Pages
- 151-185
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2062269829
- Cited by
- 1,829
- References
- 13
- FWCI
- 104.29
- Type
- journal article
- Language
- en
- Open access
- closed
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- BROWN, J. R., FAZZARI, S. M., & PETERSEN, B. C. (2009). Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01431.x
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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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