Scandinavian Working Papers in Economics

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

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

Hans Lööf () and Pardis Nabavi ()
Additional contact information
Hans Lööf: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
Pardis Nabavi: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden

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

JEL-codes: C16; F14; G32; O31

26 pages, March 12, 2014

Full text files

cesiswp346.pdf PDF-file 

Download statistics

Questions (including download problems) about the papers in this series should be directed to Vardan Hovsepyan ()
Report other problems with accessing this service to Sune Karlsson ().

This page generated on 2018-01-23 23:31:32.