Industrial research versus development investment: The implications of financial constraints

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Do financial constraints threat the innovation process? Evidence from Portuguese firms (2011, result): “This distinction – in line with the findings that point that the former is more prone to financial constraints than the latter (Czarnitzki, Hottenrott, and Thorwarth 2011 ) – suggests that subsidies may prove to be particularly efficient when aimed at financially constrained firms.”
Value for Money? New Microeconometric Evidence on Public R&D Grants in Flanders (2012, background): “This is even more accurate for projects of more basic research, as the latter are further away from the market and its potential use may be largely unknown by the time of the investment (see e.g. Czarnitzki and Hottenrott, 2011, Czarnitzki et al., 2011).”
Direct and Cross-Scheme Effects in a Research and Development Subsidy Program (2017, unknown): “These different characteristics may also explain different financing constraints, which are more binding for research than for development projects (Czarnitzki et al. 2011).”
ASSESSING THE EFFECT OF PUBLIC SUBSIDIES ON FIRM R&D INVESTMENT: A SURVEY (2014, background): “, 2011) and the strategic nature of R&D, which might restrain managers from revealing the features of their R&D projects to prevent their disclosure to competitors (Bhattacharya and Ritter, 1983; Scellato, 2007; Ughetto, 2008; Czarnitzki et al., 2011).”