What is it about?

This study estimates dynamic investment models a panel dataset of 206 Brazilian non-financial firms in the period 1995–2006 and finds that the Brazilian firm faces financial constraints for investment in innovation.

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Why is it important?

The importance of innovation for micro and macro economic development has been highlighted in the literature. Research on innovation funding is still scarce in developing economies. The paper is a contribution in the field and highlights the importance markets should give to innovation funding.


The paper findings suggest the need for further advances at micro and macroeconomic levels in Brazil in order to mitigate the observed financial constraints for innovation that is of great importance for economic development.

Vicente Crisóstomo
Universidade Federal do Ceara

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This page is a summary of: Financial Constraints for Innovation in Brazil, Latin American Business Review, July 2011, Taylor & Francis,
DOI: 10.1080/10978526.2011.592797.
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