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Heterogeneous effects of financial constraints on innovation: Evidence from Chile

Authordc.contributor.authorÁlvarez Espinoza, Roberto 
Authordc.contributor.authorCrespi, Gustavo 
Cita de ítemdc.identifier.citationScience and Public Policy (2015) pp. 1–14en_US
General notedc.descriptionArtículo de publicación ISIen_US
Abstractdc.description.abstractIn this paper we study the effect of financial constraints on innovation using data from a 2007 survey of more than 10,000 Chilean firms. In contrast with other surveys, this dataset allows for the construction of a direct indicator of constraints on credit for investment in innovation and sheds light on how these restrictions affect firm's innovation outcomes heterogeneously. In our empirical approach, we deal with several econometric problems associated with the endogeneity of the credit constraint indicator and the binary nature of the innovation variable. We find that financial constraints are quantitatively important barriers for innovation in Chile. These constraints are particularly severe in the case of small firms and firms operating in the service sectors. We also find that these constraints are specific to innovation-related investments and particularly with regard to the accumulation of intangible assets.en_US
Patrocinadordc.description.sponsorshipMillennium Science Initiativeen_US
Publisherdc.publisherOxford University Pressen_US
Type of licensedc.rightsAtribución-NoComercial-SinDerivadas 3.0 Chile*
Link to Licensedc.rights.uri*
Keywordsdc.subjectSize of firmen_US
Keywordsdc.subjectFinancial constraintsen_US
Títulodc.titleHeterogeneous effects of financial constraints on innovation: Evidence from Chileen_US
Document typedc.typeArtículo de revistaen_US

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Atribución-NoComercial-SinDerivadas 3.0 Chile
Except where otherwise noted, this item's license is described as Atribución-NoComercial-SinDerivadas 3.0 Chile