Resumen de Financial constraints and R&D and exporting strategies for Spanish manufacturing firms

Juan Antonio Máñez Castillejo, María Engracia Rochina Barrachina, Juan Alberto Sanchis Llopis, Óscar Vicente Chirivella

• We investigate the role of internal and external financial constraints in the firms� joint decision to export and invest in R&D. We use objective measures at the firm level such as cash flow and financial costs. We further analyze both if firms� size and the onset of the current economic crisis have had an impact. We estimate our model with Spanish manufacturing firms for the period 1990�2011, and obtain that both internal and external financial constraints are relevant.