This study provides fresh empirical evidence on the influence of various financing sources on firms’ technology investments and exporting decisions using a panel of firms from the service sector in India during the period 1999–2010. Allowing both activities to be jointly determined, our results show that the source of finance matters for exporting and investing in technology. Moreover, the importance of different types of finance varies across industries in the service sector. Overall, we find that internal funds and non-conventional sources of finance play an important role for exporting and investing in technology in both modern and traditional services. However, funding from conventional financial markets exerts divergent effects across service industries: while traditional service firms use resources from the banking sector to fund their technological investments, firms in the modern service sector rely more on funds raised through equity markets to support their exporting and technological efforts. These results contribute to the academic literature and policy debate on the importance of financial mechanisms to promote firms’ strategic investment decisions.

中文翻译：

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获得印度服务公司的融资，技术投资和出口决策的机会

这项研究使用来自印度服务业的公司小组在1999-2010年期间提供了各种融资来源对公司技术投资和出口决策的影响的最新经验证据。通过共同确定这两项活动，我们的结果表明，资金来源与技术的出口和投资息息相关。此外，服务业不同行业的不同类型融资的重要性也各不相同。总体而言，我们发现内部资金和非常规资金来源对于现代和传统服务中技术的出口和投资起着重要作用。但是，来自传统金融市场的资金在服务行业之间会产生不同的影响：传统服务公司利用银行业的资源来为其技术投资提供资金，而现代服务业的公司则更多地依靠通过股票市场筹集的资金来支持其出口和技术工作。这些结果有助于有关金融机制对促进公司战略投资决策的重要性的学术文献和政策辩论。