R&D and credit rationing in SMEs

Detalhes bibliográficos
Autor(a) principal: Mancusi, Maria Luisa
Data de Publicação: 2013
Outros Autores: Vezzulli, Andrea
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/5905
Resumo: We study the effects of credit rationing on Research and Development (R&D) investment using survey and accounting data on a large representative sample of manufacturing small and medium size enterprises (SMEs). Our econometric model accounts for the endogeneity of our credit rationing indicator and employs an innovative theory based identification strategy. We find that credit rationing has a significantly negative effect on both the probability to set up R&D activities and on the level of R&D spending (conditioned on the R&D decision), but the overall estimated reduction in R&D spending is largely to be associated with the first effect.
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spelling R&D and credit rationing in SMEsR&DCredit RationingWhited and Wu IndexBivariate ProbitIV TobitWe study the effects of credit rationing on Research and Development (R&D) investment using survey and accounting data on a large representative sample of manufacturing small and medium size enterprises (SMEs). Our econometric model accounts for the endogeneity of our credit rationing indicator and employs an innovative theory based identification strategy. We find that credit rationing has a significantly negative effect on both the probability to set up R&D activities and on the level of R&D spending (conditioned on the R&D decision), but the overall estimated reduction in R&D spending is largely to be associated with the first effect.ISEG - Departamento de EconomiaRepositório da Universidade de LisboaMancusi, Maria LuisaVezzulli, Andrea2013-08-14T13:29:40Z20132013-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/5905engMancusi, Maria Luisa, Andrea Vezzulli. 2013. "R&D and credit rationing in SMEs". Instituto Superior de Economia e Gestão.DE Working papers nº 12-2013/DE/UECE0874-4548info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:36:46Zoai:www.repository.utl.pt:10400.5/5905Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:53:19.506950Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv R&D and credit rationing in SMEs
title R&D and credit rationing in SMEs
spellingShingle R&D and credit rationing in SMEs
Mancusi, Maria Luisa
R&D
Credit Rationing
Whited and Wu Index
Bivariate Probit
IV Tobit
title_short R&D and credit rationing in SMEs
title_full R&D and credit rationing in SMEs
title_fullStr R&D and credit rationing in SMEs
title_full_unstemmed R&D and credit rationing in SMEs
title_sort R&D and credit rationing in SMEs
author Mancusi, Maria Luisa
author_facet Mancusi, Maria Luisa
Vezzulli, Andrea
author_role author
author2 Vezzulli, Andrea
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Mancusi, Maria Luisa
Vezzulli, Andrea
dc.subject.por.fl_str_mv R&D
Credit Rationing
Whited and Wu Index
Bivariate Probit
IV Tobit
topic R&D
Credit Rationing
Whited and Wu Index
Bivariate Probit
IV Tobit
description We study the effects of credit rationing on Research and Development (R&D) investment using survey and accounting data on a large representative sample of manufacturing small and medium size enterprises (SMEs). Our econometric model accounts for the endogeneity of our credit rationing indicator and employs an innovative theory based identification strategy. We find that credit rationing has a significantly negative effect on both the probability to set up R&D activities and on the level of R&D spending (conditioned on the R&D decision), but the overall estimated reduction in R&D spending is largely to be associated with the first effect.
publishDate 2013
dc.date.none.fl_str_mv 2013-08-14T13:29:40Z
2013
2013-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/5905
url http://hdl.handle.net/10400.5/5905
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Mancusi, Maria Luisa, Andrea Vezzulli. 2013. "R&D and credit rationing in SMEs". Instituto Superior de Economia e Gestão.DE Working papers nº 12-2013/DE/UECE
0874-4548
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - Departamento de Economia
publisher.none.fl_str_mv ISEG - Departamento de Economia
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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