We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Patents, firm size and financial constraints: an empirical analysis for a panel of Italian manufacturing firms.
- Authors
Scellato, Giuseppe
- Abstract
The paper empirically investigates the issue of financial constraints to investment, focusing on its relationship with innovation activities. The study is based on the analysis of a cross-industries panel of 804 Italian companies, observed through the years 1995-2000. The main objective of the study is to highlight whether there are financial determinants underlying the strong bias of patenting activity towards larger companies in the Italian economy. By applying a dynamic panel analysis, we found that only the firms showing lower financial constraints are able to keep a sustained patenting profile through time. Our evidence suggests the existence of an imperfect capital market in the Italian economy, particularly in the case of medium-sized companies, which tend to delay inefficiently the start of in-house R&D activities.
- Subjects
ITALY; INVESTMENTS; FINANCIAL institutions; BUSINESS enterprises; ECONOMIC conditions in Italy; ECONOMIC policy
- Publication
Cambridge Journal of Economics, 2007, Vol 31, Issue 1, p55
- ISSN
0309-166X
- Publication type
Article
- DOI
10.1093/cje/bel006