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Impact of Economic Crises on Innovation Activity: Firm Level Evidence from Patent Data
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.ORCID iD: 0000-0002-5871-8571
KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.ORCID iD: 0000-0002-9311-3914
2009 (English)Report (Other academic)
Abstract [en]

Based on data from of 2,700 Swedish manufacturing firms, observed through the period 1997-2005, this paper shows that internal finance resources, measured by cash-flow, affect the propensity to apply for a patent as well as the number of patent applications. From a business cycle perspective, cash-flow only plays a role during and after economic contractions. In periods of economic expansion there is no significant association between internal finance and patent applications. Further, the sensitivity of patent applications to cash-flow is limited to firms with low equity-ratio. Among high equity firms the pattern of patent applications are robust over the business cycle.

Place, publisher, year, edition, pages
CECIS, The Royal Institute of Technology, Stockholm , 2009. , 24 p.
Series
CESIS Working Paper Series in Economics and Institutions of Innovation, 200
Keyword [en]
Financing constraints; Innovation; Intellectual property rights, Firm-level panel data
National Category
Economics
Identifiers
URN: urn:nbn:se:kth:diva-70081OAI: oai:DiVA.org:kth-70081DiVA: diva2:485843
Note
QC 20120131Available from: 2012-01-31 Created: 2012-01-30 Last updated: 2012-01-31Bibliographically approved

Open Access in DiVA

CESISWP200(339 kB)80 downloads
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File name FULLTEXT01.pdfFile size 339 kBChecksum SHA-512
fca683f1b4250a5ae7ef0cf2da55599810fefb2856cba5229679042ef2d9072eb88466d9af847aaff295d9e5ab1770401db6dfaa3c4213b545bfc54666711f65
Type fulltextMimetype application/pdf

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Authority records BETA

Lööf, HansMartinsson, Gustav

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CiteExportLink to record
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  • apa
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