HIGHLIGHTS
SUMMARY
Economics and business theories state that research and development (R and amp;D) is susceptible to financing constraints due to the lack of collateral value and asymmetric information issues (Brown et_al, 2012; Hall et_al, 2016; Peia and amp; Romelli, 2022). On the one hand, if financing constraints are binding in a firm, R and amp;D will not be a priority, hence leaving it depressed (Brown et_al, 2012; Boeing et_al, 2022; Peia and amp; Romelli, 2022). Financing constraints on R and amp;D are much stronger for the authors firms compared to European firms . . .
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