Publication: Research joint ventures: the role of financial constraints
Research joint ventures: the role of financial constraints
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Brunner, P., Letina, I., & Schmutzler, A. (2023). Research joint ventures: the role of financial constraints (No. 416; Working Paper Series / Department of Economics).
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This paper provides a novel theory of research joint ventures for financially constrained firms. When firms choose R&D portfolios, an RJV can help to coordinate research efforts, reducing investments in duplicate projects. This can free up resources, increase the variety of pursued projects and thereby increase the probability of discovering the innovation. RJVs improve innovation outcomes when market competition is weak or external financing conditions are bad. An RJV may increase the innovation probability and nevertheless lower tot
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Brunner, P., Letina, I., & Schmutzler, A. (2023). Research joint ventures: the role of financial constraints (No. 416; Working Paper Series / Department of Economics).
