سرمایه گذاری تحقیق و توسعه و محدودیت های تامین مالی: مورد ژاپن

To respond to these questions we used a bivariate regression model with two endogenous variables: investment in R&D and investment in tangible assets, and explained by the same exogenous factors. The results show, on the one hand, that investments in tangible assets are more sensitive to cash flow than the costs of investment in R&D. On the other hand, group-affiliated firms have relatively easier access to funds compared to independent firms because of their ability to use internal capital market benefits and tap more financial resources.