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Financing Constraints in the Inter Firm Diffusion of New Process Technologies

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  • Alessandra Canepa
  • Paul Stoneman

Abstract

This paper explores why finance constraints may impact upon the inter firm diffusion of new technology, incorporates these arguments in a hazard rate formulation of a diffusion model and then estimates that model using data relating to the adoption of CNC machine tools in the UK. The results indicate that financial constraints can be a significant factor in the diffusion process.
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Suggested Citation

  • Alessandra Canepa & Paul Stoneman, 2005. "Financing Constraints in the Inter Firm Diffusion of New Process Technologies," The Journal of Technology Transfer, Springer, vol. 30(2_2), pages 159-169, January.
    • Handle: RePEc:kap:jtecht:v:30:y:2005:i:2_2:p:159-169
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    Cited by:

    1. Stoneman, Paul & Battisti, Giuliana, 2010. "The Diffusion of New Technology," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 2, chapter 0, pages 733-760, Elsevier.
    2. García-Quevedo, José & Segarra-Blasco, Agustí & Teruel, Mercedes, 2018. "Financial constraints and the failure of innovation projects," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 127-140.
    3. Giebel, Marek & Kraft, Kornelius, 2018. "Bank credit supply and firm innovation," ZEW Discussion Papers 18-011, ZEW - Leibniz Centre for European Economic Research.
    4. Stoneman, Paul, 2011. "Soft Innovation: Economics, Product Aesthetics, and the Creative Industries," OUP Catalogue, Oxford University Press, number 9780199697021.
    5. Gómez, Jaime & Vargas, Pilar, 2012. "Intangible resources and technology adoption in manufacturing firms," Research Policy, Elsevier, vol. 41(9), pages 1607-1619.
    6. Stefania Cosci & Valentina Meliciani & Valentina Sabato, 2015. "Relationship Lending And Innovation: Empirical Evidence On A Sample Of European Firms," CERBE Working Papers wpC04, CERBE Center for Relationship Banking and Economics.
    7. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2010. "Bank size or distance: what hampers innovation adoption by SMEs?," Journal of Economic Geography, Oxford University Press, vol. 10(6), pages 845-881, November.
    8. Abele, Christian & Bénassy-Quéré, Agnès & Fontagné, Lionel, 2024. "The impact of financial tightening on firm productivity: Maturity matters," Journal of International Money and Finance, Elsevier, vol. 144(C).
    9. Pereira Cabral, Bernardo & Lage de Sousa, Filipe & Canêdo-Pinheiro, Mauricio, 2020. "Assessing the impacts of innovation barriers: a qualitative analysis of Brazil's natural resources industry," Resources Policy, Elsevier, vol. 68(C).
    10. Strong, Derek Ryan, 2017. "The Early Diffusion of Smart Meters in the US Electric Power Industry," Thesis Commons 7zprk, Center for Open Science.
    11. Gomez, Jaime & Vargas, Pilar, 2009. "The effect of financial constraints, absorptive capacity and complementarities on the adoption of multiple process technologies," Research Policy, Elsevier, vol. 38(1), pages 106-119, February.
    12. García-Quevedo, José & Segarra-Blasco, Agustí & Teruel, Mercedes, 2018. "Financial constraints and the failure of innovation projects," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 127-140.
    13. Hollenstein, Heinz & Woerter, Martin, 2008. "Inter- and intra-firm diffusion of technology: The example of E-commerce: An analysis based on Swiss firm-level data," Research Policy, Elsevier, vol. 37(3), pages 545-564, April.
    14. Christian Abele & Agnès Bénassy-Quéré & Lionel Fontagné, 2020. "One Size Does Not Fit All: TFP in the Aftermath of Financial Crises in Three European Countries," PSE Working Papers halshs-02883685, HAL.
    15. Leoncini, Riccardo, 2016. "Learning-by-failing. An empirical exercise on CIS data," Research Policy, Elsevier, vol. 45(2), pages 376-386.
    16. Bernardina Algieri & Antonio Aquino & Marianna Succurro, 2020. "The Impact of Cash-Flow and the Main Components of the Capital Structure on Innovative Performances of European Firms," Review of Economics and Institutions, Università di Perugia, vol. 11(1-2).
    17. Brown, Marilyn A. & Cox, Matt & Baer, Paul, 2013. "Reviving manufacturing with a federal cogeneration policy," Energy Policy, Elsevier, vol. 52(C), pages 264-276.

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