Analysis of the effects of public financing on private investment in R & D has been the object of numerous applied studies without it having been possible to arrive at a definite conclusion. In this paper the results of a meta-regression of econometric evidence on the relationship between public funding of R & D and private R & D expenditures is presented. After the creation of a data-base including all relevant studies and their results and characteristics, a meta-analysis was carried out to examine whether the characteristics of the applied analysis influence the results and explain the differences in the empirical literature on this subject. Copyright WWZ and Helbing & Lichtenhahn Verlag AG 2004.
The concept of the circular economy (CE) is currently gaining impetus as a way to move towards sustainable, low‐carbon, resource‐efficient, and competitive economies. However, despite the potential benefits of CE activities, their implementation remains relatively rare. We use a cross‐sectional survey of European small and medium‐sized firms (SMEs) to identify the main barriers firms face to promote the CE, focusing specifically on the following: those related to a lack of resources (human and financial) and capabilities (expertise) and those related to the regulatory framework (administrative procedures and the costs of meeting the regulations). Our results indicate that it is the complexity of administrative/legal procedures and the costs of meeting regulations/legal standards that constitute the most significant barriers, whereas the lack of human resources is also perceived to be an obstacle by firms engaged in CE activities. Those obstacles may be considered revealed barriers, and it is only when the firms become involved in these activities that they actually perceive them. Furthermore, when we consider the breadth of CE activities, administrative procedures and regulations once again emerge as the most significant obstacles. Finally, we stress the need to distinguish between different CE activities given that the perception of barriers differs substantially across these activities. Firms undertaking a disruptive innovation redesigning products and services to minimize the use of materials are more likely to perceive all barriers as important. However, firms implementing such activities as minimizing waste, replanning energy usage, and using renewable energy only perceive those obstacles related to administrative procedures and regulations.
Abstract:Theoretical and empirical approaches have stressed the existence of financial constraints in firms' innovative activities. Although a large number of innovation projects are abandoned before their completion, the empirical evidence has focused on the determinants of innovation while failed projects have received little attention. This paper analyses the role of financial obstacles on the likelihood of abandoning an innovation project by using panel data of potential innovative Spanish firms for the period 2005-2013. Our analysis differentiates between internal and external barriers on the probability of abandoning a project and we examine whether the effects are different depending on the stage of the innovation process. Controlling for potential endogeneity, we use a bivariate probit model to take into account the simultaneity of financial constraints and the decision to abandon an innovation project. Our results show that financial constraints most affect the probability of abandoning an innovation project during the concept stage.
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