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Do innovation and financial constraints affect the profit efficiency of European enterprises?

Author

Listed:
  • Graziella Bonanno

    (University of Salerno)

  • Annalisa Ferrando

    (European Central Bank)

  • Stefania Patrizia Sonia Rossi

    (University of Graz
    DEAMS, University of Trieste)

Abstract

This paper investigates the relationship between profit efficiency, finance and innovation. By adopting stochastic frontiers, we pioneer the use of a novel dataset merging firm level survey data with balance sheet information for a large sample of European companies. We find that firms having difficulties in access to finance as well as firms introducing product innovation display an incentive to improve their efficiency. While innovation produces benefit for firms’ profitability, financial constraints impose a discipline to the firms forcing them to cut unproductive costs that reduce the profitability. We document nuanced differences between firms in industry and services, while they are more pronounced when we look at disaggregation across High-Tech and Low-Tech companies. From a policy perspective, our results enrich the understanding on the link between innovation, financial constraints and efficiency, which goes beyond the idea that easier access to finance is the panacea to get higher performance.

Suggested Citation

  • Graziella Bonanno & Annalisa Ferrando & Stefania Patrizia Sonia Rossi, 2023. "Do innovation and financial constraints affect the profit efficiency of European enterprises?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(1), pages 57-86, March.
  • Handle: RePEc:spr:eurasi:v:13:y:2023:i:1:d:10.1007_s40821-022-00226-z
    DOI: 10.1007/s40821-022-00226-z
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    More about this item

    Keywords

    Financial constraints; Innovation; Stochastic frontiers; High-tech industries; Low-tech sectors; Industry and services;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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