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CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology KTH/CESIS Working Paper Series in Economics and Institutions of Innovation

No 346:
How to Persistently Finance Innovation: A Panel-Data Study on Exporting Firms in Sweden

Hans Lööf () and Pardis Nabavi ()

Abstract: This paper provides estimates of negative binomial regressions for high-leveraged and non-high-leveraged exporting firms in Sweden over a business cycle that contains two boom periods and two recession periods. The contemporaneous cash flow coefficients are positive and statistically significantly associated with patent applications for non-high-equity firms in recession periods when all exporters are considered. No corresponding correlation is found among persistent exporters. Taking the firms’ geographical location into account, we find a significant difference in cash flow sensitivity between firms in metropolitan areas and firms located in other places.

Keywords: Exporting; Innovation; Financing constraints; Firm level; Panel data; (follow links to similar papers)

JEL-Codes: C16; F14; G32; O31; (follow links to similar papers)

26 pages, March 12, 2014

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