Ấn phẩm:
Financial constraints and r&d investment: international evidence
Tóm tắt
This study examines the impact of financial constraints on research and development (R&D) investment by analyzing data from 19,988 non-financial global firms from 2009 to 2023, drawn from the Global Compustat database. The analysis utilizes multiple regression techniques, including Pooled OLS, fixed-effects (FEM), and random-effects (REM) models, to assess the robustness of the findings. The results indicate that f inancial constraints, as measured by the Whited-Wu Index (WW), have a significant negative effect on both R&D intensity (RDEI) and the natural logarithm of R&D expenditure (LNRDE). Specifically, higher financial constraints are associated with a reduction in R&D investments, suggesting that firms experiencing financial difficulties tend to cut back on R&D spending. Additionally, while firm size negatively affects RDEI, indicating that larger firms invest less in R&D relative to their size, it positively influences LNRDE, suggesting that these f irms, despite lower R&D intensity relative to their size, have higher absolute R&D expenditures. The analysis also reveals that cash flow does not significantly impact RDEI but negatively affects LNRDE. These results underscore the critical role of financial constraints in shaping firms’ R&D investment strategies and highlight the complex relationship between firm size, financial constraints, and R& countries are redesigning tax systems to collect taxes from digital transactions and examines government spending on digital infrastructure and innovation, highlighting the important role The importance of strategic investments in facilitating digital transformation
Mô tả
Tác giả
Le Quynh Lien PhD
Tác giả khác
Người hướng dẫn
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Nhà xuất bản
Học viện Tài chính
Năm xuất bản
2025
ISSN tạp chí
Nhan đề tập
Từ khóa chủ đề
Financial constraints , R&D investment , Global firms , Compustat
Địa chỉ truy cập
Vui lòng sử dụng ứng dụng DRM AOF để đọc tài liệu số
