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  1. Self-financing of traditional and R&D investments
    evidence from Italian SMEs
    Autor*in: Brighi, Paola; Patuelli, Roberto; Torluccio, Giuseppe
    Erschienen: [2012]
    Verlag:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 566 (845)
    Fernleihe:
    keine Fernleihe

     

    Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set of Italian manufacturing firms to investigate this issue. We analyse the role of a wide number of financial variables in driving the rate of self-financing of firms, in both traditional and R&D investments, and we focus on public subsidies and firm size as critical factors explaining heterogeneity. First, we perform logit and logistic regressions separately for traditional and R&D self-financing, finding that they are positively correlated, and that the availability of public subsidies reduces self-financing. Subsequent poolability tests show that public subsidies and firm size are crucial discriminating factors for self-financing behaviour. Our main finding is that, in the absence of public subsidies, no internal or external market variable is able to explain the firms' financing decisions. Furthermore, our analyses generally show that credit constraints and banking relationship variables are relevant in determining traditional investment self-financing, while no clear statistical evidence is found in the R&D case. Credit rationing is not significant for R&D selffinancing, which may be explained by rationed firms being left out of our sample.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/159684
    Schriftenreihe: Working paper DSE / Department of Economics, Università di Bologna ; no 845
    Umfang: 1 Online-Ressource (circa 37 Seiten)
  2. Do ESG investments mitigate ESG controversies?
    evidence from international data
    Autor*in: Brighi, Paola; Della Bina, Antonio Carlo Francesco; Venturelli, Valeria
    Erschienen: March 2022
    Verlag:  CEFIN, Centro Studi di Banca e Finanza, Dipartimento di Economia Marco Biagi, Università di Modena e Reggio Emilia, Modena (Italy)

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 667
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CEFIN working papers ; no 84
    Schlagworte: ESG scoring; Controversy; Risk; Performance; Moderating effect
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen