Does Internal Finance Matter for R&D? New Evidence from a Panel of Italian Firms

By Elisa Ughetto. 2008

180 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/0e989c23d050a642fc48c37548ea487ae7446dfc

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Citations in the corpus

Discrimination, Social Capital, and Financial Constraints: The Case of Viet Nam (2017, background): “Moreover, the owner’s private wealth is found be to one of the main internal finance sources for SMEs (e.g. Vos et al. 2007; Ughetto 2008).”
ASSESSING THE EFFECT OF PUBLIC SUBSIDIES ON FIRM R&D INVESTMENT: A SURVEY (2014, background): “Many empirical studies show that private R&D projects are mostly financed by internal funds (e.g. Hall, 1992; Hao and Jaffe, 1993; Himmelberg and Petersen, 1994; Brown et al., 2008; Ughetto, 2008).”
SME innovation, exporting and growth: A review of existing evidence (2015, background): “A number of studies (e.g. Riding et al., 2012; Shaver, 2011; Ughetto, 2008) have considered the role of internal financing on expenditure on R&D, generally identifying positive relationships between cash-flow, liquidity and R&D investment.”
Financing constraints and investments in R&D: Evidence from Indian manufacturing firms (2015, unknown): “Following the methodology of Himmelberg and Petersen (1994), a study of Italian high-tech firms by Ughetto (2008) report that internal cash flow matters significantly for R&D intensive firms.”
The demand and supply of external finance for innovative firms (2013, unknown): “This view is compatible with a life-cycle view of firm financing: as Berger and Udell (1998) suggest, SMEs might pursue different capital structures over their life cycle, a long-term behaviour that would result in the demand and consequent eventual supply of different kinds of capital over time.”
Research and Development, Cash Flow, Agency and Governance: UK large companies (2012, background): “Ughetto (2008) finds an effect for Italian SMEs; Canepa and Stoneman (2008) report a similar effect for UK firms for a broader category of innovation.”
Financial Constraints and Innovation: Why Poor Countries Don't Catch Up (2013, background): “…1 for external financing while the opportunity cost of internal financing is normalized to 1.6 Consistent with the empirical evidence (e.g. Hall and Lerner (2009), Ughetto (2008)), we assume that to finance innovation at stage 1, the investor has to rely on internal funds from positive cash flows.”