IDEAS home Printed from https://ideas.repec.org/a/cai/ecoldc/ecop_197_0129.html
   My bibliography  Save this article

Structure financière et dépenses de R&D

Author

Listed:
  • Jean Belin
  • Sandra Cavaco
  • Marianne Guille

Abstract

This article offers a dynamic analysis of the debt ratio of a broad panel of French firms, incorporating R&D activity and using the system GMM estimation method. The results show that R&D intensity (ratio of R&D expenditures to sales) has a negative influence on the ratios of bank debt to total resources and to total debt. Profitability also has a negative impact on these ratios, even as small businesses and listed firms have a higher proportion of bank debt. Lastly, these effects prove robust to the introduction of additional explanatory variables, several of which are found to be significant. For instance, the use of bank debt increases with loan guarantees and decreases with financing by the enterprise group.

Suggested Citation

  • Jean Belin & Sandra Cavaco & Marianne Guille, 2011. "Structure financière et dépenses de R&D," Economie & Prévision, La Documentation Française, vol. 0(1), pages 129-143.
    • Handle: RePEc:cai:ecoldc:ecop_197_0129
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOP_197_0129
    Download Restriction: free
    File URL: http://www.cairn.info/revue-economie-et-prevision-1-2011-1-page-129.htm
    Download Restriction: free
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Anabela Santos & Michele Cincera, 2022. "Determinants of financing constraints," Small Business Economics, Springer, vol. 58(3), pages 1427-1439, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:ecoldc:ecop_197_0129. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-economie-et-prevision.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.