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
26 pages, March 12, 2014
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cesiswp346.pdf
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