English, Article, Journal or magazine article edition: Credit constraints and the cyclicality of R&D investment: Evidence from France Philippe Aghion; Philippe Askenazy; Nicolas Berman; ...

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Bookmark: http://trove.nla.gov.au/version/43968
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Credit constraints and the cyclicality of R&​D investment: Evidence from France
Author
  • Philippe Aghion
  • Philippe Askenazy
  • Nicolas Berman
  • Gilbert Cette
  • Laurent Eymard
Physical Description
  • preprint
Notes
  • We use a French firm-level data set containing 13,000 firms over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&​D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&​D investment over total investment is countercyclical without credit constraints, but it becomes less countercyclical as firms face tighter credit constraints; (ii) this result is magnified for firms in sectors that depend more heavily upon external finance, or that are characterized by a low degree of asset tangibility; (iii) in more credit constrained firms, R&​D investment share plummets during recessions but does not increase proportionally during upturns; (iv) average R&​D investment and productivity growth are more negatively correlated with sales volatility in more credit constrained firms.
  • RePEc:pse:psecon:2008-26
Language
  • English
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