Training and Innovation

Bauernschuster, Stefan; Falck, Oliver; Heblich, Stephan

doi:10.1086/653713

Cited by 83 publications

(79 citation statements)

References 34 publications

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“…Credit constraint = Constrained (1) and (2), Rejected in columns (3) and (4), and Constrained in columns (5) and (6). Access to finance problematic is the answer to the question: "How problematic is access to finance for the operation and growth of your business" (1 = no obstacle, 2 = minor obstacle, 3 = moderate obstacle, 4 = major obstacle).…”

Section: Resultsmentioning

confidence: 99%

“…When I proxy …rm credit constraints with the variable Constrained, the e¤ect of credit constraints on training survives once again, and is again signi…cant at the 10% (column (6) in both Panel A and Panel B). The …rst-stage suggests that a higher concentration of bank branches is again associated with signi…cantly higher access to …nance (column (5)).…”

Section: Instrumental Variable Regressions In the Cross-sectionmentioning

confidence: 92%

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Credit constraints and investment in human capital: Training evidence from transition economies

Popov¹

2014

Journal of Financial Intermediation

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may Alexander PopovIn 2013 all ECB publications feature a motif taken from the €5 banknote.note: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. AbstractUsing a unique survey database of 8265 …rms from 25 transition economies, I …nd that lack of access to …nance in general, and to bank credit in particular, is associated with signi…cantly lower investment in on-the-job training. This e¤ect is stronger in education-intensive industries and in industries facing good global growth opportunities. To address endogeneity issues, I use the structure of local credit markets as an instrument for credit constraints at the …rm-level. In addition, in panel estimates, I control for the presence of unobserved …rm-level heterogeneity, as well as for changes in macroeconomic conditions. JEL classi…cation: G10, J21, J24, M53. Keywords: credit constraints, human capital, on-the-job training. Becker (1962) was the …rst to argue that lack of access to external …nancing may depress e¢ cient investment in training, either because credit constrained workers will not be willing to accept lower wages, or because credit constrained …rms may not be able to pay workers more than their marginal product during the training period. Non-Technical SummaryHowever, because direct measures of credit constraints are missing in conventional datasets, there is no microevidence that credit constraints a¤ect training or that the magnitude of the e¤ect is economically important. There are three main stumbling blocks in evaluating the impact of credit market imperfections on investment in human capital. The …rst one is that while the literature has studied extensively what constitutes a credit constrained …rm, credit constrained …rms are usually not observable. To deal with this issue, I identify …rms that do not have access to 1 credit markets from replies to direct questions about whether …rms were denied credit or did not apply fearing that they would be denied. Second, credit constrained …rms may also be …rms for which the return to training is lower due to their more general technology, to their inability to lock workers into long-term contracts, or to their low degree of oligopsonic power. The detailed …rm-level dataset used in this paper makes it possible to circumvent this problem by allowing me to obse...

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Section: Resultsmentioning

confidence: 99%

Section: Instrumental Variable Regressions In the Cross-sectionmentioning

confidence: 92%

Credit constraints and investment in human capital: Training evidence from transition economies

Popov¹

2014

Journal of Financial Intermediation

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“…Well-trained workers are more likely to understand the complexities of a firm's production processes, and therefore identify and implement technological improvements, especially incremental innovations to improve existing products and processes. A study of German establishments documented this connection and found a clear relationship between the extent of in-company training and subsequent innovation [11].…”

Section: Estimating the Post-training Benefits Of Apprenticeshipsmentioning

confidence: 90%

Do firms benefit from apprenticeship investments?

Lerman¹

2014

IZAWOL

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“…In this sense, training is critical in order to leverage the human capital of firms to make an efficient contribution to the firms' efficacy and performance (Arthur, 1994;Bauernschuster et al, 2009;Chen and Huang, 2009;Delaney and Huselid, 1996;Richard and Johnson, 2001;Shipton et al, 2005;Tharenou et al, 2007;Van Eerde et al, 2008). Thus, it is not surprising that more innovative firms pay more attention to the training of their employees (Baldwin and Johnson, 1998;Freel, 2005).…”

Section: Theoretical Framework and Research Hypothesismentioning

confidence: 99%

Innovation training and product innovation performance: the moderating role of external cooperation

Pozo

Salazar

Ruiz

2017

IJTM

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Training has traditionally been considered as an effective mechanism to leverage human capital and as a consequence improve firms' innovation performance. However, studies specifically analysing the effect of training on innovation performance are scarce and the results inconclusive. This paper examines the influence of specific innovation training on product innovation performance and analyses how external cooperation can moderate this relationship. The empirical analysis used here is based on a representative panel of 176 Spanish firms in high-tech industries. The findings suggest that the positive impact of innovation training on product innovation performance occurs when firms are cooperating with external agents. Thus, our results suggest that through external cooperation firms can overcome the problems that a focus-oriented training can have regarding product innovation performance.

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Training and Innovation

Cited by 83 publications

References 34 publications

Credit constraints and investment in human capital: Training evidence from transition economies

Credit constraints and investment in human capital: Training evidence from transition economies

Do firms benefit from apprenticeship investments?

Innovation training and product innovation performance: the moderating role of external cooperation

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