Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom

By James R. Brown, Steven M. Fazzari, Bruce C. Petersen. 2009

1,864 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/699ccf3a06e13f2f5490c5c18ec63deb4db7b8b8

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Citations in the corpus

The Financing of R&D and Innovation (2009, positive): “Financing R&D and Innovation B. H. Hall and J. Lerner – August 2009 21 More recently, J. Brown et al. (2009) have shown that both cash flow and the issuance of public equity are very important for younger U.S. firms during the 1990-2004 period, while they have little impact on mature firm R&D…”
Board of Directors’ Composition and Capital Structure (2014, neutral): “investment in research and development (R&D) scaled by the firm total assets (R&D to assets) as in Johnson (2003) and Brown et al. (2009). We use these proxies for growth”
The effects of financialization on investment: evidence from firm-level data for the UK (2018, background): “internal funds, are important determinants of investment (Fazzari et al., 1988; Blundell et al., 1992; Brown et al., 2009).”
Financial development and innovation: Cross-country evidence (2014, background): “Thus, the limited collateral value of intangible assets largely restricts the use of debt (Brown, Fazzari, and Petersen, 2009), which explains why banks prefer to use physical assets instead of R&D investment to secure loans.”
The Bright Side of Political Uncertainty: The Case of R&D (2015, positive): “To test the hypothesis, we follow Brown et al. (2009) and classify firms operating in drugs (283), office equipment and computers (357), communication equipment (366), electronic components (367), scientific instruments (382), medical instruments (384), and software (737) as high-tech firms, where…”
Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments (2009, neutral): “exception is Brown et al. (2009) who include funds from new stock issues in a dynamic R&D regression to examine the role of equity finance in the 1990s boom (and”