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The sensitivity of R&D investments to cash flows: comparing young and old EU and US leading innovators

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Using firm-level information on the world leading R&D investors and employing a system generalised method of moment estimation, this paper investigates how sensitive R&D investments are to cash-flow movements, which would be suggestive of financial constraints. The analysis confirms that over the last decade, the R&D investments of younger aged leading innovators appear to be more sensitive to cash flows compared to their older counterparts and that this holds particularly for EU younger aged leading innovators compared to their US counterparts, particularly in medium- and high-tech sectors.
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Keywords: C23; E22; EU–US R&D gap; O31; O33; R&D investments; cash-flow sensitivity; younger aged leading innovators

Document Type: Research Article

Affiliations: Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, iCite, Brussels, Belgium

Publication date: April 2, 2016

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