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Demand-pulled innovation under liquidity constraints

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  • Mariacristina Piva
  • Marco Vivarelli

Abstract

Using a panel of 211 Italian manufacturing firms for 1995-2001 and the Least Squares Dummy Variable Corrected (LSDVC) estimator recently discussed in the econometric literature, it is shown that demand-pull innovation is particularly significant in liquidity-constrained companies in both the short run and long run.

Suggested Citation

  • Mariacristina Piva & Marco Vivarelli, 2009. "Demand-pulled innovation under liquidity constraints," Applied Economics Letters, Taylor & Francis Journals, vol. 16(3), pages 289-293.
    • Handle: RePEc:taf:apeclt:v:16:y:2009:i:3:p:289-293
    DOI: 10.1080/13504850601018304
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    References listed on IDEAS

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    1. Bronwyn H. Hall & Jacques Mairesse & Benoit Mulkay, 1998. "Does cash flow cause investment and R&D: an exploration using panel data for French, Japanes and United States scientific firms," IFS Working Papers W98/11, Institute for Fiscal Studies.
    2. Mariacristina Piva & Marco Vivarelli, 2007. "Is demand-pulled innovation equally important in different groups of firms?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(5), pages 691-710, September.
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    Cited by:

    1. Marco Vivarelli, 2014. "The Middle Income Trap: A Way Out Based on Technological and Structural Change," DISCE - Quaderni del Dipartimento di Scienze Economiche e Sociali dises1403, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    2. García-Quevedo, José & Pellegrino, Gabriele & Vivarelli, Marco, 2014. "R&D drivers and age: Are young firms different?," Research Policy, Elsevier, vol. 43(9), pages 1544-1556.
    3. Vivarelli, Marco, 2018. "Globalisation, structural change and innovation in emerging economies: The impact on employment and skills," MERIT Working Papers 2018-037, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    4. Marco Vivarelli, 2015. "Structural Change and Innovation in Developing Economies: A Way Out of the Middle Income Trap ?," LEM Papers Series 2015/09, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    5. Martin Wörter, 2011. "Konjunktur und Innovationsverhalten von Schweizer Firmen," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 5(4), pages 55-71, December.
    6. Vivarelli, Marco, 2014. "Structural Change and Innovation as Exit Strategies from the Middle Income Trap," IZA Discussion Papers 8148, Institute of Labor Economics (IZA).

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