Divergent effects of external financing on technology innovation activity: Korean evidence

The Relationship Between Financial Development and Innovation: Empirical Evidence from Selected Asian Countries

“…This study provides cross-country empirical evidence about the impact of FD on innovative activities in the period of 16 years from 2000 to 2015. The findings show that both bank-based FD and stock-market-based FD have positive effects on patent applications, which is broadly consistent with the arguments of previous studies (King and Levine, 1993;Morales, 2003;Levine, 2005;Acemoglu et al, 2006;Bravo and Biosca, 2007;Brown et al, 2009;Barbosa and Faria, 2011;Maskus et al, 2012;Kim et al, 2016; other studies). However, their interaction has no impact on innovation.…”

Financial Resources for the Circular Economy: A Perspective from Businesses

“…In previous studies, other aspects related to financing, such as the level and structure of company debt, have been considered as explanatory variables of a company's eco-innovation behaviour through their relationship with financial performance [62][63][64][65][66]. It has also been demonstrated that the associated uncertainty implies a higher level of collateral for the granting of loans related to high risk investments [67,68] and reduces the flow of funds towards this type of investment [69]. Thus, the results obtained in the eco-innovation field were taken into account in this study to define how to measure the quantity of funds allocated to CE activities by companies.…”

“…Collateral (guarantees) required for the CE [18,67,69,73,81] Costs of the external funds for the CE [18,65,71,74,76,[82][83][84] "Availability" of financial resources for the CE Capital availability as a restriction [31,37] Uncertainty about the cash flows derived from investments in the CE [42,83] Source of financial resources for the CE Studies on barriers and incentives for the CE are also included since they consider financial resources, even in terms other than those covered by our study.…”

Defining and measuring different dimensions of financial resources for business eco-innovation and the influence of the firms' capabilities

“…In addition, the uncertainty implies a higher level of collaterals for the granting of loans related to high risk investments (Kim et al, 2016), and it reduces the flow of funds towards this type of investment (Polzin et al, 2017). This effect is particularly true in those economic systems dominated by banks and institutional investors exposed to the regulatory reactions of supervisory entities in favour of safe investments.…”

“…Level of higher collateral (guarantees) required for the company to finance eco-innovation compared to that required for other investments. (Ciccozzi et al, 2003;Kim et al, 2016;Polzin et al, 2017) FRQ2…”