This paper aims to evaluate the role played by different sources of financing when analyzing firms' attitudes towards innovating. The empirical investigation is based on a large sample of European small and medium‐sized enterprises (SMEs) observed over the period 2012–2017. Different measures of finance and several robustness checks are used to select a well‐behaved probit model. The results show that the probability to innovate increases when firms use internal financing and grants. The same applies when funds come from family and friends, while no conclusive evidence is found for bank loans. Recommendations for public policy to encourage firm‐tailored policies to promote investment in intangibles allow firms to benefit from innovation activities. European SMEs will also benefit from capital market developments and the advancement of new financial tools devoted to supporting innovation.

中文翻译：

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企业如何为创新融资。欧洲中小型企业的进一步经验

本文旨在评估不同融资来源在分析企业对创新的态度时所扮演的角色。实证研究基于2012-2017年期间观察到的大量欧洲中小企业样本。使用不同的财务度量和几种稳健性检查来选择行为良好的概率模型。结果表明，当企业使用内部融资和赠款时，创新的可能性增加。当资金来自家人和朋友时也是如此，而找不到银行贷款的确凿证据。有关鼓励企业量身定制的政策以促进无形资产投资的公共政策建议，可使企业从创新活动中受益。