caa a22 4500 445877286 CHVBK 20180317145531.0 cr unu---uuuuu 170323e20110101xx s 000 0 eng 10.1007/s11187-009-9189-3 doi (NATIONALLICENCE)springer-10.1007/s11187-009-9189-3 R&D investment and financing constraints of small and medium-sized firms [Elektronische Daten] [Dirk Czarnitzki, Hanna Hottenrott] This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for R&D than for capital investment. For external constraints, we find a monotonic relationship between the level of constriction and firm size for both types of investment. Thus, external constraints turn out to be more binding with decreasing firm size. On the contrary, we do not find such monotonic relationships for internal constraints. Differentiation by firms' age does not support lower constraints for older firms. Springer Science+Business Media, LLC., 2009 Capital investment nationallicence Censored regression models nationallicence Financial constraints nationallicence Panel data nationallicence R&D investment nationallicence Czarnitzki Dirk K. U. Leuven, Leuven, Belgium aut Hottenrott Hanna K. U. Leuven, Leuven, Belgium aut Small Business Economics Springer US; http://www.springer-ny.com 36/1(2011-01-01), 65-83 0921-898X 36:1<65 2011 36 11187 https://doi.org/10.1007/s11187-009-9189-3 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11187-009-9189-3 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Czarnitzki Dirk K. U. Leuven, Leuven, Belgium aut NATIONALLICENCE 700 1- Hottenrott Hanna K. U. Leuven, Leuven, Belgium aut NATIONALLICENCE 773 0- Small Business Economics Springer US; http://www.springer-ny.com 36/1(2011-01-01), 65-83 0921-898X 36:1<65 2011 36 11187 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer