Financial constraints and firms’ innovation activities in post-communist economies

IF 2.2 3区经济学 Q2 ECONOMICS

Post-Communist Economies Pub Date : 2021-12-26 DOI:10.1080/14631377.2021.2006497

Ruohan Wu

引用次数: 2

Abstract

ABSTRACT We acquired firm-level data from 27 post-communist economies in Eastern Europe and Central Asia during 2002–08, and we estimated financial constraints’ longitudinal impacts on firms’ innovating activities. Overall, we found financial constraints to significantly impede firms’ innovation input and output, as we had expected. Through further studies, we also found the impacts of financial constraints to be contingent on multiple factors, such as an overall economy’s development level and firms’ exporting statuses. After grouping firms based on their countries’ income levels, we found financial constraints to significantly reduce innovations in developing countries, but not in developed countries. Meanwhile, we found financial constraints to significantly impede innovations in non-exporting firms, but not in exporting firms. On an extended timeline, financial constraints still significantly affect firms’ long-term innovation outputs, but not inputs.

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后共产主义经济中的金融约束与企业创新活动

摘要我们在2002-08年期间从东欧和中亚的27个后共产主义经济体获得了企业层面的数据，并估计了财务约束对企业创新活动的纵向影响。总体而言，正如我们所预期的那样，我们发现财务约束会严重阻碍企业的创新投入和产出。通过进一步的研究，我们还发现金融约束的影响取决于多个因素，如整体经济的发展水平和企业的出口状况。在根据各国的收入水平对企业进行分组后，我们发现财政限制会显著减少发展中国家的创新，而发达国家则不然。同时，我们发现，金融约束显著阻碍了非出口企业的创新，但出口企业却没有。从长期来看，财务约束仍然会显著影响企业的长期创新产出，但不会影响投入。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Post-Communist Economies ECONOMICS-

CiteScore

4.90

自引率

18.20%

发文量

期刊介绍： Post-Communist Economies publishes key research and policy articles in the analysis of post-communist economies. The basic transformation in the past two decades through stabilisation, liberalisation and privatisation has been completed in virtually all of the former communist countries, but despite the dramatic changes that have taken place, the post-communist economies still form a clearly identifiable group, distinguished by the impact of the years of communist rule. Post-communist economies still present distinctive problems that make them a particular focus of research.