The empirical strategy aims to test implications derived from the theoretical framework in order to assess the impact of financing on innovation and growth in the greentech sector. The empirical analysis is composed of two main parts. The first part analyzes the main characteristics of firm cohorts in each state of development, i.e. start-up, early growth, expansion and maturity with. This part focuses especially on innovation, growth and financing at firm level. The methodology is primarily based on non-parametric testing methods for independent samples and descriptive analysis. The second part seeks to translate the theoretical framework into a testable empirical model. Essentially, capital endowment is regressed toward innovation, growth and financial constraints while taking into account relevant control factors derived from literature. Analysis uses two logit models and one OLS model to test the research hypotheses. The overall chapter is structured as follows: First, it outlines the sampling approach and the underlying database. Second, it shows how the data was validated. Third, it defines all relevant variables and describes how they are measured. Fourth, it presents the methodology for and results of the comparative analysis. Finally, it provides an overview of the empirical models, presents the findings, assesses validity and reliability, and ends with a brief conclusion. The combined assessment, discussion of findings and implications for theory and practice are the subject of the chapter 6.
KeywordsCapital Structure Financial Constraint Trade Credit Young Firm Innovative Firm
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