Authors

Title

Country(ies)

Years

Data Sources

Sample

Dependent Variable

Main independent variable

Econometric model

Clausen (2008)

Search Pathways to Innovation

Norway

2002-2004

Community Innovation Survey 4

4655

Firms

Innovation outputs

Lack of internal funds, Lack of external funds

Logit

Ayyagari et al. (2011)

Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition

Global

2002-2004

World Bank Enterprise Survey

19,000

Firms

Innovation index

Use of External finance in investments

Ordered Logit

D’este et al. (2012)

What hampers innovation? Revealed barriers versus deterring barriers

United Kingdom

2002-2004

Community Innovation Survey 4

28,000

Firms

Barriers of Innovation

Innovation index

Multivariate Probit

Lööf & Nabavi (2016)

Innovation and credit constraints: evidence from Swedish exporting firms

Sweden

1997-2007

Statistics Sweden, PATSTAT

8300

Firms

Product Innovation, Patent Applications

Cash Flow

Negative Binomial Regression

Adegboye & Iweriebor (2018)

Does Access to Finance Enhance SME Innovation and Productivity in Nigeria? Evidence from the World Bank Enterprise Survey

Nigeria

Not mentioned

World Bank Enterprise Survey

2127

Firms

Innovation outputs

Internal finance, External finance, Access to bank finance, Financial constraints

Logit

Ferrando & Lekpek (2018)

Access to finance and innovative activity of EU firms: A cluster analysis

Europe

2015

Survey of European Investment Bank

9067

Firms

Product Innovation

Clusters of Financing Sources

Logit

Fombang & Adjasi (2018)

Access to Finance and Firm Innovation

Africa

2007-2014

World Bank Enterprise Survey

5304

Firms

Innovation index (aggregate)

Results of Applying for Finance

2SLS