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

Author

Listed:
  • Juan A. Máñez
  • María E. Rochina-Barrachina
  • Juan A. Sanchis-Llopis
  • Óscar Vicente

Abstract

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.

Suggested Citation

  • Juan A. Máñez & María E. Rochina-Barrachina & Juan A. Sanchis-Llopis & Óscar Vicente, 2014. "Financial constraints and R&D and exporting strategies for Spanish manufacturing firms," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 23(6), pages 1563-1594.
    • Handle: RePEc:oup:indcch:v:23:y:2014:i:6:p:1563-1594.
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    Cited by:

    1. Zouaghi, Ferdaous & Sánchez, Mercedes & Martínez, Marian García, 2018. "Did the global financial crisis impact firms' innovation performance? The role of internal and external knowledge capabilities in high and low tech industries," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 92-104.
    2. Črt Kostevc, 2022. "Ownership structure and firm export performance: evidence from Slovenian microdata," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(1), pages 155-187, February.
    3. Love, James H. & Máñez, Juan A., 2019. "Persistence in exporting: Cumulative and punctuated learning effects," International Business Review, Elsevier, vol. 28(1), pages 74-89.
    4. Raphaël Chiappini & Samira Demaria & Benjamin Montmartin & Sophie Pommet, 2020. "Can Direct Innovation Subsidies Relax SMEs' Credit Constraints?," GREDEG Working Papers 2020-09, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    5. Ximing Yin & Ben-lu Hai & Jin Chen, 2019. "Financial Constraints and R&D Investment: The Moderating Role of CEO Characteristics," Sustainability, MDPI, vol. 11(15), pages 1-18, August.
    6. Mendi, Pedro & Moner-Colonques, Rafael & Sempere-Monerris, José J., 2020. "Cooperation for innovation and technology licensing: Empirical evidence from Spain," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    7. Anna D’Ambrosio & Roberto Gabriele & Francesco Schiavone & Manuel Villasalero, 2017. "The role of openness in explaining innovation performance in a regional context," The Journal of Technology Transfer, Springer, vol. 42(2), pages 389-408, April.
    8. Flora Bellone & Catherine Laffineur & Sophie Pommet, 2020. "Public Aid for Born Globals: A Diagnostic for the French Economy," GREDEG Working Papers 2020-44, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    9. Hans Lööf & Pardis Nabavi, 2016. "Innovation and credit constraints: evidence from Swedish exporting firms," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 25(3), pages 269-282, April.
    10. Joachim Wagner, 2019. "Access to Finance and Exports – Comparable Evidence for Small and Medium Enterprises from Industry and Services in 25 European Countries," Open Economies Review, Springer, vol. 30(4), pages 739-757, September.
    11. Shubin Yang & Chris Milner & Sandra Lancheros & Saileshsingh Gunessee, 2020. "Access to Finance, Technology Investments and Exporting Decisions of Indian Services Firms," Open Economies Review, Springer, vol. 31(5), pages 1009-1036, November.
    12. Wu, Lichao & Wei, Yingqi & Wang, Chengang & McDonald, Frank & Han, Xia, 2022. "The importance of institutional and financial resources for export performance associated with technological innovation," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    13. Bournakis, Ioannis & Mallick, Sushanta, 2018. "TFP estimation at firm level: The fiscal aspect of productivity convergence in the UK," Economic Modelling, Elsevier, vol. 70(C), pages 579-590.
    14. Josée St-Pierre & Annie Royer & Crispin Enagogo & Jean Pierre Dany Menguele, 2024. "Autonomie financière et activités d’exportation des PME du secteur bioalimentaire : Planifier adéquatement les dépenses à engager," CIRANO Project Reports 2024rp-16, CIRANO.

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