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- W3022143856 abstract "We develop a directed technical change model with two sectors, tradable and non-tradable, and dynamicfirms’ decisions to invest in R&D in the presence of financial constraints. The model establishes a linkagebetween R&D decisions, product and process innovations, future productivity, profits, and credit constraints.The model is estimated using Portuguese firms’ data of the tradable and non-tradable sectors. We find that theprevious R&D investments raises the innovating probabilities, the innovating probabilities are higher in the tradable sector, and the startup costs of innovation tend to be higher than the maintenance costs. The results alsoshow complementary between the R&D benefits and the firm’s financial strength, diminishing marginal returnsto capital on innovation benefits, and high heterogeneity of the innovation costs across industries. Finally, whenthe firms’ financial strength and the trade-off between tradable and non-tradable goods are considered, the R&Dbenefits in the non-tradable sector do not compensate its cost given the higher productivity and innovation probabilities of the tradable sector. As a result, the R&D investments in the tradable sector illustrates a misallocationof financial resources." @default.
- W3022143856 created "2020-05-13" @default.
- W3022143856 creator A5078374057 @default.
- W3022143856 date "2020-01-01" @default.
- W3022143856 modified "2023-10-17" @default.
- W3022143856 title "The Impact of Credit Constraints on Tradable and Non-Tradable R&D Investments in Portugal" @default.
- W3022143856 doi "https://doi.org/10.2139/ssrn.3569702" @default.
- W3022143856 hasPublicationYear "2020" @default.
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