The main objective of this thesis is to identify the impact of financial constraints on firms’ investment in innovation in a sample of 152 firms belonging to the Italian machinery industry observed over a ten years period from 2002 to 2011. Our analysis is based on two type of quantitative models. In the first part we analyze accounting data to assesses whether the firms are constrained or not, using error correction model, euler equation model and sales accelerator. In the second part we create a survey that allows us to have a direct measure of financial constraints, then, applying different probit models, we are able to understand which factors have an impact on constraints. The two methodological approaches led us to affirm that investment in innovation is affected not only by the lack of internal financial resources, but also by investment opportunities. This should be taken into account by policy makers in order to design effective policy strategies.
Questo lavoro di tesi ha come obiettivo quello di valutare l’effetto dei vincoli finanziari sulle scelte di investimento in progetti innovativi in un campione di 152 imprese italiane del settore della meccanica strumentale, osservate per un periodo di 10 anni dal 2001 al 2011. L’analisi si svolge in due parti: nella prima utilizziamo modelli quantitativi basati su dati di accounting: error correction model, euler equation model e sales accelerator. Nella seconda ci avvaliamo di modelli di tipo probit basati su dati raccolti tramite una survey da noi creata, che ci ha permesso di avere una misura diretta dei vincoli finanziari. Le due metodologie ci portano a concludere che le determinanti delle scelte di investimento in attività innovativa sono da ricercarsi non solo nella mancanza di risorse finanziarie interne, ovvero nei vincoli finanziari, ma anche nelle capacità innovative delle imprese.
Impatto dei vincoli finanziari sulle attività d'investimento in innovazione : analisi del settore della meccanica in Italia
CAVALLIN, IRENE
2012/2013
Abstract
The main objective of this thesis is to identify the impact of financial constraints on firms’ investment in innovation in a sample of 152 firms belonging to the Italian machinery industry observed over a ten years period from 2002 to 2011. Our analysis is based on two type of quantitative models. In the first part we analyze accounting data to assesses whether the firms are constrained or not, using error correction model, euler equation model and sales accelerator. In the second part we create a survey that allows us to have a direct measure of financial constraints, then, applying different probit models, we are able to understand which factors have an impact on constraints. The two methodological approaches led us to affirm that investment in innovation is affected not only by the lack of internal financial resources, but also by investment opportunities. This should be taken into account by policy makers in order to design effective policy strategies.File | Dimensione | Formato | |
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2013_04_CAVALLIN_TENCA.pdf
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https://hdl.handle.net/10589/79723