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Investment, R& D, and Financial Constraints in Britain and Germany

by: S. Bond, D. Harhoff, Van J. Reenen
(1997)

X Abstract

This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in two countries. For German firms, cash flow is not informative in simple econometric models of fixed investment or R&D. In identical specifications for British firms, cash flow is informative about investment, although not about the level of R&D spending conditional on the R&D participation decision. In the UK, we also find that investment is less sensitive to cash flow for...

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