Brighi, Paola ;
Torluccio, Giuseppe
(2008)
Capitale informato: investimenti e R&S in Italia.
Rimini:
Diapason,
p. 22.
DOI
10.6092/unibo/amsacta/2593.
In: Note e ricerche
Full text available as:
Abstract
The aim of the paper is to identify the different role of the financial funds of R&D investments in
the Italian firms. The dataset used for this study is the Survey of Italian Firms conducted by the
SME Observatory run by the Capitalia Research Division. R&D is defined as a creative activity
implemented to improve knoweledge and its use in new applications. Given its intrisic
characteristics, R&D is usually characterizedby high information opacity that choerently with the
theory of asymmetric information implies more difficulties in finding external financial funds. The
greater riskiness on R&D projects could imply banks to some forms of credit rationing. Signalling
mechanisms like as self-financing could, however, to correct this market imperfection. In this study
we propose a self-selection model in wich the internal (i.e. informed) capital is the way by which
the firms signal to the external borrowers the quality of their investment project. The aim of the
research is to investigate the determinants of R&D investments financial funds. Moreover, we focus
our attention on the estimate of the internal capital compared to the other financial funds.
JEL Classification: D82, G21, G32, E51.
Abstract
The aim of the paper is to identify the different role of the financial funds of R&D investments in
the Italian firms. The dataset used for this study is the Survey of Italian Firms conducted by the
SME Observatory run by the Capitalia Research Division. R&D is defined as a creative activity
implemented to improve knoweledge and its use in new applications. Given its intrisic
characteristics, R&D is usually characterizedby high information opacity that choerently with the
theory of asymmetric information implies more difficulties in finding external financial funds. The
greater riskiness on R&D projects could imply banks to some forms of credit rationing. Signalling
mechanisms like as self-financing could, however, to correct this market imperfection. In this study
we propose a self-selection model in wich the internal (i.e. informed) capital is the way by which
the firms signal to the external borrowers the quality of their investment project. The aim of the
research is to investigate the determinants of R&D investments financial funds. Moreover, we focus
our attention on the estimate of the internal capital compared to the other financial funds.
JEL Classification: D82, G21, G32, E51.
Document type
Monograph
(Working Paper)
Creators
Keywords
R&S; PMI; Struttura delle fonti di finanziamento; Credito; Informazione imperfetta; R&D; SME; Capital Structure; Lending; Imperfect information.
Subjects
DOI
Deposit date
27 Jul 2009
Last modified
16 May 2011 12:10
URI
Other metadata
Document type
Monograph
(Working Paper)
Creators
Keywords
R&S; PMI; Struttura delle fonti di finanziamento; Credito; Informazione imperfetta; R&D; SME; Capital Structure; Lending; Imperfect information.
Subjects
DOI
Deposit date
27 Jul 2009
Last modified
16 May 2011 12:10
URI
This work may be freely consulted and used, may be reproduced on a permanent basis in a digital format (i.e. saving) and can be printed on paper with own personal equipment (without availing of third -parties services), for strictly and exclusively personal, research or teaching purposes, with express exclusion of any direct or indirect commercial use, unless otherwise expressly agreed between the user and the author or the right holder. It is also allowed, for the same purposes mentioned above, the retransmission via telecommunication network, the distribution or sending in any form of the work, including the personal redirection (e-mail), provided it is always clearly indicated the complete link to the page of the Alma DL Site in which the work is displayed. All other rights are reserved.
Downloads
Downloads
Staff only:
