eldorado.tu-dortmund.de/server/api/core/bitstreams/ed86f36d-006c-4d2a-811b-f9d17e325734/content
financial constraints
(Lahr and Mina, 2020; Lee et al., 2015). Therefore, it is frequently argued (e.g., Hall
and Lerner, 2010; Kerr and Nanda, 2015) that R&D investments must be financed from
the company’s [...] variable: PayCut
-.1 -.0
5 0
.0 5
.1 .1
5
2013 2014 2015 2016 2017 2018 2019 2020
(a) Affected (dummy) × Innovative
-.0 01
0 .0
01 .0
02 .0
03
2013 2014 2015 2016 2017 2018 2019 2020
(b) Affected (continuous) [...] crises on training provi-
sion identifies a negative impact (see, e.g., Popov, 2014; Mason and Bishop, 2015). In the
German context, Bellmann et al. (2014) and Dietz and Zwick (2020) show that the GFC
had …