Traditional and R&D Investments: are They really Different?

Traditional and R&D Investments: are They really Different?

The aim of this chapter is to identify the different role of financial funds in traditional and R&D investments in Italian manufacturing firms using information from Capitalia’s latest Survey of Italian Firms. R&D, defined as a creative activity implemented to improve know-how and its utiliz...

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Hauptverfasser: Brighi, Paola, Torluccio, Giuseppe
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Sprache:eng
Schlagworte:
Cash Flow
Credit Rationing
Intangible Asset
Private Equity
Total Asset
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Torluccio, Giuseppe
description The aim of this chapter is to identify the different role of financial funds in traditional and R&D investments in Italian manufacturing firms using information from Capitalia’s latest Survey of Italian Firms. R&D, defined as a creative activity implemented to improve know-how and its utilization in new applications, is quite distinct because of its high rate of information opacity. Coherently with the asymmetric information theory, R&D thus implies that firms will have greater difficulty in finding external financial funding. The higher risk related to R&D projects could entail some form of financial constraint. However, signalling mechanisms such as self-financing could correct such a market imperfection.
doi_str_mv 10.1057/9780230299153_5
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identifier ISBN: 1349325910
ispartof New Issues in Financial Institutions Management, 2010, p.59-87
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subjects Cash Flow
Credit Rationing
Intangible Asset
Private Equity
Total Asset
title Traditional and R&D Investments: are They really Different?
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