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R&D investment, credit rationing and sample selection

Piga, Claudio A. and Atzeni, Gianfranco Enrico (2007) R&D investment, credit rationing and sample selection. Bulletin of Economic Research, Vol. 59 (2), p. 149-178. ISSN 0307-3378. Article.

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DOI: 10.1111/j.0307-3378.2007.00255.x

Abstract

We study whether R&D-intensive firms are liquidity constrained, by modelling their antecedent decision to apply for credit. This sample selection issue is relevant when studying a borrower–lender relationship, as the same factors can influence the decisions of both parties. We find firms with no or low R&D intensity to be less likely to request extra funds. When they do, we observe a higher probability of being denied credit. Such a relationship is not supported by evidence from the R&D-intensive firms. Thus, our findings lend support to the notion of credit constraints being severe only for a sub-sample of innovative firms. Furthermore, the results suggest that the way in which the R&D activity is organized may differentially affect a firm's probability of being credit constrained.

Item Type:Article
ID Code:2318
Status:Published
Refereed:Yes
Uncontrolled Keywords:Bivariate probit, in-house R&D, innovation, selectivity
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:002 Altri enti e centri di ricerca del Nord Sardegna > CRENoS-Centro Ricerche Economiche Nord Sud, Università di Cagliari e Università di Sassari
001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Blackwell / Wiley
ISSN:0307-3378
Copyright Holders:© 2007 The Authors, Journal compilation © 2007 Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research
Deposited On:18 Aug 2009 10:07

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