CREDIT CONSTRAINTS AND THE CYCLICALITY OF R&D INVESTMENT: EVIDENCE FROM FRANCE

• 成果类型: Article
• 署名作者: Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; Cette, Gilbert; Eymard, Laurent
• 署名单位: Harvard University; Paris School of Economics; Aix-Marseille Universite
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/j.1542-4774.2012.01093.x
• 发表日期: 2012
• 页码: 1001-1024
• 关键词: growth; uncertainty

摘要

We use a French firm-level data set containing 13,000 firms over the period 19942004 to analyze the relationship between credit constraints and firms R&D behavior over the business cycle. Our main results can be summarized as follows: (i) R&D investment is countercyclical without credit constraints, but it becomes procyclical as firms face tighter credit constraints; (ii) this result is only observed for firms in sectors that depend more heavily upon external finance, or that are characterized by a low degree of asset tangibility; (iii) in more credit-constrained firms, R&D investment plummets during recessions but does not increase proportionally during upturns.