Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Does the capital structure of firms influence their innovation strategies? Evidence from the European agri-food sector
Materia, V.C. ; Abduraupov, Rustam ; Dries, L.K.E. ; Pascucci, S. - \ 2015
Halle : COMPETE-EU - 18
The paper investigates the relationship between companies’ innovation strategies and their financing strategies. Innovation strategies are distinguished as in-house and outsourcing. A bivariate probit model is implemented using cross-section data on 1,393 agri-food firms in seven EU countries. Results show that: (1) agri-food firms with a higher proportion of fixed assets are more likely to innovate, both in-house and through outsourcing. Fixed assets can be used by the firm as collateral and hence facilitate long-term loans; (2) agri-food firms that have larger sales volumes are more likely to organise their innovation processes in-house; (3) profitability and working capital increase the likelihood to observe outsourcing of innovation activities; (4) long-term leverage is negatively related to R&D outsourcing. R&D activities increase a firm’s risk level.
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