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Financial constraints of firms with environmental innovation

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  4. Vol. 88, Issue 3
  5. pp. 43–65

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Jensen, F., Schäfer, D., Stephan, A. Financial constraints of firms with environmental innovation. Vierteljahrshefte zur Wirtschaftsforschung, 88(3), 43-65. https://doi.org/10.3790/vjh.88.3.43
Jensen, Febi; Schäfer, Dorothea and Stephan, Andreas "Financial constraints of firms with environmental innovation" Vierteljahrshefte zur Wirtschaftsforschung 88.3, , 43-65. https://doi.org/10.3790/vjh.88.3.43
Jensen, Febi/Schäfer, Dorothea/Stephan, Andreas: Financial constraints of firms with environmental innovation, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 88, iss. 3, 43-65, [online] https://doi.org/10.3790/vjh.88.3.43
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Financial constraints of firms with environmental innovation

Jensen, Febi | Schäfer, Dorothea | Stephan, Andreas

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 88 (2019), Iss. 3 : pp. 43–65

7 Citations (CrossRef)

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Duncker & Humblot
DOI
https://doi.org/10.3790/vjh.88.3.43
Language
English
Pages
23
Keywords

Author Details

Febi Jensen, University of Gothenburg, School of Business, Economics and Law, Sweden, febi.caesara.jensen@gu.se

  • Febi Jensen, is a Ph.D. student in finance at the University of Gothenburg, School of Business, Economics and Law. She previously worked as a research assistant to Professor Andreas Stephan at Jönköping International Business School. Her main research interests include financial markets, green finance, and the intersection between corporate finance and economics of innovation. She holds a BSc in Economics and an MSc in Finance from Jönköping International Business School.
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Dorothea Schäfer, DIW Berlin and Jönköping International Business School, Jönköping University, Sweden, dschaefer@diw.de

  • Dorothea Schäfer Research Director Financial Markets at the German Institute for Economic Research (DIW Berlin) and Adjunct Professor of Jönköping International Business School, Jönköping University; she is Editor-in-Chief of the Eurasian Economic Review (EAER) and the Vierteljahrshefte zurWirtschaftsforschung (Quarterly Journal of Economic Research); Head of various research projects, inter alia, funded by the German Science Foundation (Deutsche Forschungsgemeinschaft DFG) and the EU Commission. She was Evaluator/reviewer of research programs/proposals for theGerman Science Foundation, EUCommission, the Federal Ministry of Education and Research (BMBF) and the LOEWE (Initiative for the Development of Scientific and Economic Excellence). She has published in The European Journal of Finance, Finance Research Letters, Small Business Economics, the Journal of Financial Stability, the International Journal of Money and Finance, German Economic Review, Economics of Transition, the Journal of Comparative Economics, the Journal of Institutional and Theoretical Economics and many other journals. She is a co-organizer of the DIW Lectures on Money and Finance. Schäfer gave expert testimonies for the Finance Committee of the Deutsche Bundestag, for the Committee on Social Affairs, Health and Sustainable Development, Parliamentary Assembly, The Council of Europe and for the Commission on the Financing of the Nuclear Phase-out. She was a member of the Fortschrittsforum and an advisor to the Sub-Committee “Policy for a Sustainable Political and Economic Governance” (Nachhaltige Ordnungspolitik) of the Enquete “Committee of Growth – Prosperity – Quality of Life” (Wachstum Wohlstand Lebensqualität).
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Andreas Stephan, Jönköping International Business School, Jönköping University, Sweden and DIW Berlin, andreas.stephan@ju.se

  • Andreas Stephan is professor of Economics and Finance at Jönköping International Business School, Jönköping University, Sweden. He graduated with a MSc in Industrial Engineering from Technical University in Berlin and earned a Ph.D. in Economics at Humboldt University Berlin.He previously held positions at the Social Science Research Center Berlin (WZB), at the German Institute for Economic Research (DIW) and at the European University Viadrina. He is a research affiliate with CESIS – Centre of Excellence for Science and Innovation Studies at the Royal Institute of Technology in Stockholm and guest professor at the Linnaeus university, Sweden. His research interests are in the areas of Green finance, SME and startup finance, banking, regulation, asset pricing and financial markets. His research has been published in Research Policy, Journal of Public Economics, Economic Inquiry, European Journal of Political Economy, Industrial and Corporate Change, Journal of Comparative Economics, Kyklos, Public Choice, among others.
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Cited By

  1. The impact of public procurement on financial barriers to general and green innovation

    Schäfer, Dorothea | Stephan, Andreas | Fuhrmeister, Sören

    Small Business Economics, Vol. 62 (2024), Iss. 3 P.939

    https://doi.org/10.1007/s11187-023-00790-2 [Citations: 10]

  2. Small and medium sized European firms and energy saving measures: The role of financing

    Caporale, Guglielmo Maria | Donati, Cristiana | Spagnolo, Nicola

    Energy Policy, Vol. 179 (2023), Iss. P.113613

    https://doi.org/10.1016/j.enpol.2023.113613 [Citations: 11]

  3. Is interest rate hiking a recipe for missing several goals of monetary policy—beating inflation, preserving financial stability, and keeping up output growth?

    Schäfer, Dorothea | Semmler, Willi

    Eurasian Economic Review, Vol. 14 (2024), Iss. 2 P.235

    https://doi.org/10.1007/s40822-023-00256-6 [Citations: 0]

  4. Clean innovation, heterogeneous financing costs, and the optimal climate policy mix

    Campiglio, Emanuele | Spiganti, Alessandro | Wiskich, Anthony

    Journal of Environmental Economics and Management, Vol. 128 (2024), Iss. P.103071

    https://doi.org/10.1016/j.jeem.2024.103071 [Citations: 0]

  5. Finanzmärkte, Arbeitsmärkte und Inflation – Beschleunigt die Zinspolitik der Zentralbank die Inflation und den Banken Crash?

    Schäfer, Dorothea | Semmler, Willi

    Vierteljahrshefte zur Wirtschaftsforschung, Vol. 92 (2023), Iss. 2 P.45

    https://doi.org/10.3790/vjh.92.2.45 [Citations: 1]

  6. How Does an Environmental Information Disclosure of a Buyer’s Enterprise Affect Green Technological Innovations of Sellers’ Enterprise?

    Zhang, Chenxi | Jin, Shanyue

    International Journal of Environmental Research and Public Health, Vol. 19 (2022), Iss. 22 P.14715

    https://doi.org/10.3390/ijerph192214715 [Citations: 7]

  7. Firms in Green Public Procurement: Financial Strength Indicators’ Impact on Contract Awards and Its Repercussion on Financial Strength

    Baum, Christopher F. | Kordestani, Arash | Schäfer, Dorothea | Stephan, Andreas

    Vierteljahrshefte zur Wirtschaftsforschung, Vol. 90 (2021), Iss. 4 P.71

    https://doi.org/10.3790/vjh.90.4.71 [Citations: 1]

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Abstract

Summary: Using the Mannheim Innovation Panel, we explore whether Environmental Innovator Firms (EIFs) have higher financial needs and are more financially constrained than Non-Environmental Innovator firms (OIFs). We find that EIFs are more likely to have higher latent financial need in comparison to OIFs. This implies that EIFs have latent projects that they have not yet realized, but would implement if they had the financial means to do so. EIFs adopting environmental technologies have higher financial needs compared to firms that do not. One tentative conclusion from this finding is that public subsidies might mitigate the financial restrictions of environmental innovation.

Table of Contents

Section Title Page Action Price
Febi Jensen, Dorothea Schäfer, and Andreas Stephan: Financial constraints of firms with environmental innovation 43
Summary 43
Zusammenfassung 43
1 Introduction 44
2 Previous Studies on Environmental Innovation and Financing Constraints 45
3 Empirical Approach 46
3.1 Data and Variables 46
3.2 Econometric Estimations 49
3.3 Descriptive Results 50
3.4 Regression Analysis 43
4 Conclusions 44
References 44

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