titoli, abstracts, parole chiave >>>
Credit rationing in high-tech firms and sample selection

Atzeni, Gianfranco Enrico and Piga, Claudio (2003) Credit rationing in high-tech firms and sample selection. Cagliari, CRENoS. p. 16 (Working Papers CRENoS, 2003, 04). Working Paper.

Full text disponibile come PDF Richiede visualizzatore di PDF come GSview, Xpdf o Adobe Acrobat Reader

Alternative URLs:


We argue that it may be inappropriate to study whether high-tech firms are liquidity-constrained, without first modeling 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 both the demand and the supply side. E.g., we find firms engaged in R*D to be less likely to request extra funds. When they do we observe a higher probability of being denied credit. Thus, our findings lend support to the notion of credit constraints being severe for innovative firms, although we suggest that other measures of innovative activity, in addition to total R*D expenditures, should be used to understand the occurrence of credit constraints in the high-tech sector.

Item Type:Working Paper
ID Code:86
Uncontrolled Keywords:Bivariate probit, innovation, selectivity, in-house R*D
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 Policy:Depositato per gentile concessione del CRENoS
Deposited On:18 Aug 2009 10:01

I documenti depositati in UnissResearch sono protetti dalle leggi che regolano il diritto d'autore

Repository Staff Only: item control page