Credit Constraints and the Cyclicality of R&d Investment
Evidence From France
Bibliographic Data
| ID | 19040640 |
|---|---|
| Authors | Philippe Aghion (0000-0002-9019-1677, corresponding author), Philippe Askenazy, Nicolas Berman, Gilbert Cette (0000-0003-3828-913X), Laurent Eymard |
| Year | 2012 |
| Volume | 10 |
| Issue | 5 |
| Pages | 1001-1024 |
| Publication date | 2012-09-06 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of the European Economic Association (JOURNAL) |
| Journal identifiers | ISSN: 1542-4766 • E-ISSN: 1542-4774 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1542-4774.2012.01093.x |
| OpenAlex | W2140695089 |
| Language | EN |
| Citations received | 58 |
| References cited | 17 |
We use a French firm-level data set containing 13,000 firms over the period 1994–2004 to analyze the relationship between credit constraints and firms’ R&D behavior over the business cycle. Our main results can be summarized as follows: (i) R&D investment is countercyclical without credit constraints, but it becomes procyclical as firms face tighter credit constraints; (ii) this result is only observed for firms in sectors that depend more heavily upon external finance, or that are characterized by a low degree of asset tangibility; (iii) in more credit-constrained firms, R&D investment plummets during recessions but does not increase proportionally during upturns
Business cycle · Credit cycle · Economics · Macroeconomics · Monetary economics · Recession · Economic Growth and Productivity · Firm Innovation and Growth · Innovation Policy and RD
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| Unique citing works | 58 |
|---|---|
| Citations per year | 3,87 |
| Citation span | 2011 - 2026 (16) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 55 |