R&D INVESTMENT AND INTERNAL FINANCE: THE CASH FLOW EFFECT

被引：42

作者：

Bloch, Carter ^{[1
]}

机构：

[1] Univ Aarhus, Danish Ctr Studies Res & Res Policy, Finlandsgade 4, DK-8200 Aarhus N, Denmark

来源：

ECONOMICS OF INNOVATION AND NEW TECHNOLOGY | 2005年 / 14卷 / 03期

关键词：

R&D; Cash flow; Internal finance; Financial constraints; Credit market imperfections;

D O I：

10.1080/1043859042000312710

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the cash flow effect on R&D investments for firms in Denmark. Evidence is found that internal funds are important in explaining R&D investments, indicating that R&D investment decisions are affected by credit market imperfections. Cash flow sensitivities are larger both for smaller firms and for firms with low debt relative to assets. Furthermore, this effect is also present after controlling for cash flow's potential role as a predictor of future profitability.

引用

页码：213 / 223

页数：11

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