dc.contributor.author | Romelli, Davide | |
dc.contributor.author | Peia, Oana | |
dc.date.accessioned | 2020-01-21T13:18:52Z | |
dc.date.available | 2020-01-21T13:18:52Z | |
dc.date.issued | 2019 | |
dc.date.submitted | 2019 | en |
dc.identifier.citation | Peia, O. & Romelli, D., Did Bank Lending Stifle Innovation in Europe During the Great Recession?, 2019 | en |
dc.identifier.other | N | |
dc.identifier.uri | http://hdl.handle.net/2262/91354 | |
dc.description | PUBLISHED | en |
dc.description.abstract | Using the 2008-09 Global financial crisis and the 2012 Euro area sovereign debt crisis as natural experiments, we investigate the effects of contractions in credit supply on R&D spending in a large sample of European firms. Our identification strategy exploits differences in financial constraints across firms, as well as the cross-industry variation in dependence on external finance, to identify a causal effect of bank credit supply on firm investment in innovation. We show that firms that are more likely financially constrained, in industries more dependent on external finance, have a disproportionally lower growth rate of R&D spending, as well as lower R&D intensity and share of R&D investment in total investment during periods of tight credit supply. These results are robust to different proxies of financial constraints, model specifications and fixed-effects identification strategies. | en |
dc.language.iso | en | en |
dc.rights | Y | en |
dc.subject | Recession | en |
dc.subject | Europe | en |
dc.subject | Innovation | en |
dc.subject | Research and development funding | en |
dc.subject | Fincancial frictions | en |
dc.subject | R&D spending | en |
dc.subject | Investment | en |
dc.title | Did Bank Lending Stifle Innovation in Europe During the Great Recession? | en |
dc.type | Working Paper | en |
dc.type.supercollection | scholarly_publications | en |
dc.identifier.peoplefinderurl | http://people.tcd.ie/romellid | |
dc.identifier.rssinternalid | 210370 | |
dc.rights.ecaccessrights | openAccess | |
dc.identifier.orcid_id | 0000-0002-5405-6451 | |