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<p>This study performs a comprehensive analysis of the importance of the financial constraints on: general firms’ decisions to perform R&amp;D, R&amp;D intensity, firms’ decision to start performing R&amp;D, and R&amp;D persistence. Different dimensions such as profitability, liquidity, total assets, solvency, repaying ability and the cost of the external financing are summarized in a synthetic index to build our financial constraints variable. We estimate our models using firm-level data of Spanish manufacturing drawn from the Survey of Business Strategies, for the period 1992–2016. We find that financial health is associated with the likelihood of performing R&amp;D. Besides, we differentiate how financial health may influence both the decision to start R&amp;D activities and the decision to continue them. Our results suggest that financial health is relevant in SMEs’ decisions to start R&amp;D activities and persist in them. In contrast, for large firms, financial constraints seem to be relevant only for the decision to continue engaged in R&amp;D activities. These findings highlight the importance of analyzing separately the role of financial constraints in different stages of R&amp;D decisions.</p>

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Perform, start, continue R&D activities: do financial constraints matter?

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2025年3月24日

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  • Bianca Maria Chirita,
  • Juan A. Máñez Castillejo,
  • Óscar Vicente-Chirivella

摘要

This study performs a comprehensive analysis of the importance of the financial constraints on: general firms’ decisions to perform R&D, R&D intensity, firms’ decision to start performing R&D, and R&D persistence. Different dimensions such as profitability, liquidity, total assets, solvency, repaying ability and the cost of the external financing are summarized in a synthetic index to build our financial constraints variable. We estimate our models using firm-level data of Spanish manufacturing drawn from the Survey of Business Strategies, for the period 1992–2016. We find that financial health is associated with the likelihood of performing R&D. Besides, we differentiate how financial health may influence both the decision to start R&D activities and the decision to continue them. Our results suggest that financial health is relevant in SMEs’ decisions to start R&D activities and persist in them. In contrast, for large firms, financial constraints seem to be relevant only for the decision to continue engaged in R&D activities. These findings highlight the importance of analyzing separately the role of financial constraints in different stages of R&D decisions.