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RESEARCH PRODUCT

Financial constraints and R&D and exporting strategies for Spanish manufacturing firms

Juan A. Sanchis-llopisMaría E. Rochina-barrachinaJuan A. MañezOscar Vicente

subject

FinanceFinancial costsEconomics and Econometricsbusiness.industryManufacturing firmsCash flowbusiness

description

We investigate the role of internal and external financial constraints in the firms� joint decision to export and invest in R&D. We use objective measures at the firm level such as cash flow and financial costs. We further analyze both if firms� size and the onset of the current economic crisis have had an impact. We estimate our model with Spanish manufacturing firms for the period 1990�2011, and obtain that both internal and external financial constraints are relevant.

yearjournalcountryeditionlanguage
2014-11-11Industrial and Corporate Change
10.1093/icc/dtu034http://hdl.handle.net/10.1093/icc/dtu034