Footnote:
In: Mina, A., Lahr, H., Hughes, A. (2013). The demand and supply of external finance for innovative firms. Industrial and Corporate Change 22 (4), 869–901, DOI: doi/10.1093/icc/dtt020
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 20, 2013 erstellt
Description:
Access to finance has figured prominently in the debate on barriers to firm growth, even though existing empirical research has not found conclusive evidence of a ‘finance gap'. Moreover, it is not clear to what extent innovation aggravates financial constraints and what role innovation inputs, processes and outputs play in the market for external capital. In this paper we analyze how firm-level innovation affects 1) the likelihood of seeking external finance and 2) the likelihood of obtaining it. We analyze an original dataset of 3,095 UK and US firms (SMEs and middle-market) containing information on firms' innovation behaviors, performance and finances for the period 2002–2004. Controlling for firm-specific characteristics, we provide novel and extensive evidence on the links between innovation, in its input, process and output dimensions, and the demand for external capital and its supply