000089796 001__ 89796
000089796 005__ 20230622083316.0
000089796 0247_ $$2doi$$a10.3390/JOITMC6020033
000089796 0248_ $$2sideral$$a118326
000089796 037__ $$aART-2020-118326
000089796 041__ $$aeng
000089796 100__ $$aLaborda, J.
000089796 245__ $$aAn endogenous approach to the cyclicality of R&D investment under credit constraints: Firms' cash flow matters!
000089796 260__ $$c2020
000089796 5060_ $$aAccess copy available to the general public$$fUnrestricted
000089796 5203_ $$aThis paper examines the sensitivity of firms'' R&D expenditures to being externally financial constrained to undertake innovation projects, considering that being constrained is endogenous. It focuses on devising a model that enable us to explore the combined impact of liquidity constraints, demand shocks, and credit cycle on the cyclically of R&D, controlling by the firms characteristics. The methodology proposed consists of jointly estimating three interrelated equations with mixed distributions of dependent variables. The results obtained complete and improve those of the previous research. It is found that the effect of the business cycle on the perception of external financial constraints is subject to the availability of internal funds in each firm. On the other hand, constrained firms expend in R&D halve of the unconstrained ones, and the sensitivity of firms'' R&D expending to GDP is countercyclical in firms with low cash flows and procyclical in firms with high cash flows. The R&D expending of firms is negatively associated with the aggregate leverage ratio of the non-financial sector. These results mean that business decisions, in particular R&D expending decisions, and macroeconomic variables are strongly related. A better understanding of these interrelations should help in designing macroeconomic policies aimed at stabilizing the economy and reduce growth volatility.
000089796 536__ $$9info:eu-repo/grantAgreement/ES/DGA/CREVALOR$$9info:eu-repo/grantAgreement/ES/MINECO/ECO2017-86305-C4-3-R
000089796 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/
000089796 592__ $$a0.459$$b2020
000089796 593__ $$aDevelopment$$c2020$$dQ2
000089796 593__ $$aSociology and Political Science$$c2020$$dQ2
000089796 593__ $$aEconomics, Econometrics and Finance (miscellaneous)$$c2020$$dQ2
000089796 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000089796 700__ $$0(orcid)0000-0001-8405-1056$$aSalas-Fumás, V.$$uUniversidad de Zaragoza
000089796 700__ $$aSuárez, C.
000089796 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas
000089796 773__ $$g6, 2 (2020), 33 [23 pp]$$pJ. open innov.$$tJournal of Open Innovation$$x2199-8531
000089796 8564_ $$s442265$$uhttps://zaguan.unizar.es/record/89796/files/texto_completo.pdf$$yVersión publicada
000089796 8564_ $$s475455$$uhttps://zaguan.unizar.es/record/89796/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000089796 909CO $$ooai:zaguan.unizar.es:89796$$particulos$$pdriver
000089796 951__ $$a2023-06-21-15:02:12
000089796 980__ $$aARTICLE