The purpose of this paper is to investigate how access to financing for incremental as well as radical innovation activities is affected by firm-specific structural and behavioral characteristics.,Deploying a two-stage Heckman probit model on survey data spanning the period 2000–2013 and covering 1,169 firms, this paper analyzes the effect of a firm’s engagement in incremental and radical innovation on its likelihood to get constrained in their access to external finance, and how this effect is moderated by the firm’s age and size.,In line with earlier research, it is confirmed that the type of innovation matters for the access to external finance, but in a more nuanced way than generally portrayed. While incremental innovation activities have little negative effect on the access to external finance, radical innovation activities tend to be penalized by capital markets. This effect appears to be particularly strong for small firms.,This paper provides nuanced insights into the interplay between types of firm-level innovation activities, structural characteristic and access to external finance.

中文翻译：

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资本市场对激进和渐进式创新的惩罚

本文的目的是研究企业特定的结构和行为特征如何影响渐进式创新和激进创新活动的融资渠道。在2000-2013年的调查数据上采用两阶段Heckman Probit模型本文涵盖了1,169家公司，分析了公司参与渐进式创新和激进创新对其受到外部融资机会的限制所产生的影响，以及该影响如何通过公司的年龄和规模来缓和。与早期研究一致，可以肯定的是，创新的类型对于获得外部融资至关重要，但其方式比通常所描述的更为细微。尽管渐进式创新活动对获取外部资金几乎没有负面影响，激进的创新活动往往会受到资本市场的惩罚。对于小型公司而言，这种影响似乎特别强烈。本文对公司级创新活动的类型，结构特征和获得外部融资之间的相互作用提供了细微的见解。