This paper adds new empirical evidence on the mutual relationships between credit constraints, total factor productivity, Research and Development investments and exporting, by jointly considering them in a simultaneous equation framework. Our empirical analysis focuses on a large sample of manufacturing firms from France, Germany, Italy and Spain. Our results confirm the well-known mutual positive correlation among exporting, R&D and firm's productivity. They also show the existence of a mutual relationship between exporting, productivity and credit constraints: exporters and high productivity firms are less likely to be credit constrained, while better access to credit is associated to larger productivity and a higher probability of exporting. By contrast, we find no significant relation between investing in R&D and the probability to be credit constrained, conditional on exporting. This suggests that efficiency-improving strategies, mediated by the existence of credit constraints, are at the core of firm growth achieved through exporting and innovation.

Altomonte, C., Gamba, S., Mancusi, M. L., Vezzulli, A., R&D investments, financing constraints, exporting and productivity, <<ECONOMICS OF INNOVATION AND NEW TECHNOLOGY>>, 2016; 25 (3): 283-303. [doi:10.1080/10438599.2015.1076203] [http://hdl.handle.net/10807/71443]

R&D investments, financing constraints, exporting and productivity

Gamba, S;Mancusi, Maria Luisa;
2016

Abstract

This paper adds new empirical evidence on the mutual relationships between credit constraints, total factor productivity, Research and Development investments and exporting, by jointly considering them in a simultaneous equation framework. Our empirical analysis focuses on a large sample of manufacturing firms from France, Germany, Italy and Spain. Our results confirm the well-known mutual positive correlation among exporting, R&D and firm's productivity. They also show the existence of a mutual relationship between exporting, productivity and credit constraints: exporters and high productivity firms are less likely to be credit constrained, while better access to credit is associated to larger productivity and a higher probability of exporting. By contrast, we find no significant relation between investing in R&D and the probability to be credit constrained, conditional on exporting. This suggests that efficiency-improving strategies, mediated by the existence of credit constraints, are at the core of firm growth achieved through exporting and innovation.
eng
http://www.tandfonline.com/doi/full/10.1080/10438599.2015.1076203
Altomonte, C., Gamba, S., Mancusi, M. L., Vezzulli, A., R&D investments, financing constraints, exporting and productivity, <>, 2016; 25 (3): 283-303. [doi:10.1080/10438599.2015.1076203] [http://hdl.handle.net/10807/71443]
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