Resumen

GARCIA PEREZ DE LEMA, Domingo; BARONA ZULUAGA, Bernardo  y  MADRID GUIJARRO, Antonia. Financing of innovation in ibero-american Msmes. estud.gerenc. [online]. 2013, vol.29, n.126, pp.12-16. ISSN 0123-5923.

Innovation enables companies to achieve a sustainable timely competitive advantage and is a key determinant of economic growth. Funding has often been mentioned as a major barrier to carry out innovation activities. This empirical paper analyzes the relationship between funding sources and innovative activity by Ibero American micro, small and medium- sized enterprises (Msmes) based on the results of a survey conducted on a sample of 1970 firms. The results indicate a significant positive relationship between the use of borrowed funds and innovative activity. This demonstrates the importance of mechanisms to facilitate Msmes access to external debt funding in order to achieve high levels of innovation.

Palabras clave : Msme; Corporate finance; Innovation.

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