Financial constraint and R&D investment: Evidence from CIS

A.K. Tiwari; P. Mohnen; F.C. Palm; S. Schim van der Loeff

doi:10.1057/9780230285736_10

Financial constraint and R&D investment: Evidence from CIS

A.K. Tiwari, P. Mohnen, F.C. Palm, S. Schim van der Loeff

Research output: Chapter in Book/Report/Conference proceeding › Chapter › Academic

Abstract

The connection between finance and investment starts with any violation of the modigliani-miller theorem (modigliani and miller, 1958), usually modelled formally via imperfect information. According to ross, westerfield and jordan (1993) about 80 per cent of all financing is done with internally generated funds. Explanations for this behaviour usually highlight the role of information asymmetries (myers and majluf, 1984) and agency issues ( jensen and meckling, 1976) in raising the costs of external funds.keywordscash flowfinancial constraintoptimal contractlink internalexternal organizationthese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Original language	English
Title of host publication	Determinants of Innovative Behaviour. A Firm's Internal Practices and its External Environment
Editors	C. van Beers, A. Kleinknecht, R. Ortt, R. Verburg
Place of Publication	London
Publisher	Palgrave Macmillan
Pages	217-242
Number of pages	26
ISBN (Electronic)	978-0-230-28573-6
ISBN (Print)	978-0-230-20632-8
DOIs	https://doi.org/10.1057/9780230285736_10
Publication status	Published - Sept 2008

Access to Document

10.1057/9780230285736_10

Cite this

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title = "Financial constraint and R&D investment: Evidence from CIS",

abstract = "The connection between finance and investment starts with any violation of the modigliani-miller theorem (modigliani and miller, 1958), usually modelled formally via imperfect information. According to ross, westerfield and jordan (1993) about 80 per cent of all financing is done with internally generated funds. Explanations for this behaviour usually highlight the role of information asymmetries (myers and majluf, 1984) and agency issues ( jensen and meckling, 1976) in raising the costs of external funds.keywordscash flowfinancial constraintoptimal contractlink internalexternal organizationthese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.",

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Financial constraint and R&D investment: Evidence from CIS. / Tiwari, A.K.; Mohnen, P.; Palm, F.C. et al.
Determinants of Innovative Behaviour. A Firm's Internal Practices and its External Environment. ed. / C. van Beers; A. Kleinknecht; R. Ortt; R. Verburg. London: Palgrave Macmillan, 2008. p. 217-242.

Research output: Chapter in Book/Report/Conference proceeding › Chapter › Academic

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