Innovation and credit constraints: evidence from Swedish exporting firms
Innovation and credit constraints: evidence from Swedish exporting firms
复制标题
创新和信贷约束：来自瑞典出口公司的证据
DOI：
10.1080/10438599.2015.1076196
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发表时间：
2016
影响因子：
3.3
通讯作者：
Pardis Nabavi
中科院分区：
文献类型：
--
作者：
Hans Lööf;Pardis Nabavi
本文利用1997-2007年经济周期期间瑞典8300家主要为小型出口企业的数据，对创新与金融因素之间的关系进行了回归分析，包括现金持有量、现金流量和债务问题的变化。我们对经济衰退期、技术强度和金融之间的交互变量进行了非线性计量分析，结果表明，高科技行业的创新型企业倾向于通过利用内部现金资源来抵消负面金融冲击的影响。中低技术出口商的创新与金融因素之间没有相应的联系。
ABSTRACT Using data from approximately 8300, primarily small, exporting firms in Sweden observed over the business cycle period 1997–2007, we examine the relationship between innovation and financial factors in a regression that include changes in cash holdings, cash flow and debt issues. Our nonlinear econometric approach with interaction variables between recession period, technology intensity and finance suggests that innovative firms in high-tech sectors tend to offset the effect of a negative financial shock by exploiting internal cash resources. No corresponding link between innovation and financial factors is found for medium and low-technology exporters.