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Financial Markets and Technological Change: Patterns of Technological and Financial Decisions by Manufacturing Firms in Southern Europe

Author

Listed:
  • Bartzokas, Anthony

    (United Nations University, Institute for New Technologies)

Abstract

In this paper we suggest that technological acquisition and innovation by firms involve new investment, and thus require a financial decision as well as a technological one. The level of analysis is the southern European countries and the impact of the European integration process on sectoral innovation and industrial restructuring processes. The paper suggests that technological development goes beyond incentives for technological invetsment projects. It depends on the quality of investment decisions and in the long run on the profitability of these projects. In consequence, as the structure and behaviour of the capital market strongly affects investment decisions, it will also affect technological development.

Suggested Citation

  • Bartzokas, Anthony, 2001. "Financial Markets and Technological Change: Patterns of Technological and Financial Decisions by Manufacturing Firms in Southern Europe," UNU-INTECH Discussion Paper Series 2001-04, United Nations University - INTECH.
    • Handle: RePEc:unm:unuint:200104
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    File URL: https://www.merit.unu.edu/publications/discussion-papers/2001-4.pdf
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    References listed on IDEAS

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    1. Robert Leonardi, 1995. "Convergence, Cohesion and Integration in the European Union," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37278-8, October.
    2. Levenson, Alec R & Willard, Kristen L, 2000. "Do Firms Get the Financing They Want? Measuring Credit Rationing Experienced by Small Business in the U.S," Small Business Economics, Springer, vol. 14(2), pages 83-94, March.
    3. Lopez-Gracia, Jose & Aybar-Arias, Cristina, 2000. "An Empirical Approach to the Financial Behaviour of Small and Medium Sized Companies," Small Business Economics, Springer, vol. 14(1), pages 55-63, February.
    4. ?gel de la Fuente, "undated". "Convergence Across Countries And Regions: Theory And Empirics," UFAE and IAE Working Papers 447.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    5. Faini, Riccardo & Giannini, Curzio & Ingrosso, Fulvio, 1992. "Finance and Development: The Case of Southern Italy," CEPR Discussion Papers 674, C.E.P.R. Discussion Papers.
    6. Pier Carlo Padoan, 1997. "Technology Accumulation And Diffusion, Is There A Regional Dimension?," Working Papers 41, Sapienza University of Rome, CIDEI.
    7. Sheila C Dow, 1994. "European Monetary Integration, Endogenous Credit Creation and Regional Economic Development," Working Papers Series 94/13, University of Stirling, Division of Economics.
    8. Dorothée Rivaud-Danset & Emmanuelle Dubocage & Robert Salais, 2001. "Comparison between the financial structure of SMES and that of large enterprises (LES) using the BACH database," European Economy - Economic Papers 2008 - 2015 155, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    9. Alan Carruth & Andy Dickerson & Andrew Henley, 2000. "What do We Know About Investment Under Uncertainty?," Journal of Economic Surveys, Wiley Blackwell, vol. 14(2), pages 119-154, April.
    10. Padoan, Pier Carlo, 1997. "Technology accumulation and diffusion : is there a regional dimension?," Policy Research Working Paper Series 1781, The World Bank.
    11. Giudici, Giancarlo & Paleari, Stefano, 2000. "The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-Based Small Firms," Small Business Economics, Springer, vol. 14(1), pages 37-53, February.
    12. Robert Leonardi, 1995. "Cohesion in the European Union," Palgrave Macmillan Books, in: Convergence, Cohesion and Integration in the European Union, chapter 1, pages 1-32, Palgrave Macmillan.
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    Citations

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    Cited by:

    1. Pontikakis, D. & Lin, Y. & Demirbas, D., 2006. "History matters in Greece: The adoption of Internet-enabled computers by small and medium sized enterprises," Information Economics and Policy, Elsevier, vol. 18(3), pages 332-358, September.
    2. Anthony Bartzokas & Morris Teubal, 2002. "A Framework for Policy Oriented Innovation Studies in Industrialising Countries," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 11(4-5), pages 477-496.
    3. Sunil Mani & Anthony Bartzokas, 2004. "Institutional support for investment in new technologies: the role of venture capital institutions in developing countries," Chapters, in: Anthony Bartzokas & Sunil Mani (ed.), Financial Systems, Corporate Investment in Innovation, and Venture Capital, chapter 6, Edward Elgar Publishing.

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    Keywords

    Innovation; Industrial Restructuring; Industrial Financing; Investment; Southern Europe;
    All these keywords.

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