Journal Article

Financial constraints and R&D and exporting strategies for Spanish manufacturing firms

Juan A. Máñez, María E. Rochina-Barrachina, Juan A. Sanchis-Llopis and Óscar Vicente

in Industrial and Corporate Change

Volume 23, issue 6, pages 1563-1594
Published in print December 2014 | ISSN: 0960-6491
Published online November 2014 | e-ISSN: 1464-3650 | DOI: https://dx.doi.org/10.1093/icc/dtu034
Financial constraints and R&D and exporting strategies for Spanish manufacturing firms

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  • Manufacturing
  • International Trade
  • Multiple or Simultaneous Equation Models; Multiple Variables
  • Technological Change; Research and Development
  • Corporate Governance

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We investigate the role of internal and external financial constraints in the firms’ joint decision to export and invest in R&D. We use objective measures at the firm level such as cash flow and financial costs. We further analyze both if firms’ size and the onset of the current economic crisis have had an impact. We estimate our model with Spanish manufacturing firms for the period 1990–2011, and obtain that both internal and external financial constraints are relevant.

Keywords: F14; O32; G32; L60; C35

Journal Article.  10896 words.  Illustrated.

Subjects: Manufacturing ; International Trade ; Multiple or Simultaneous Equation Models; Multiple Variables ; Technological Change; Research and Development ; Corporate Governance

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