Importancia y efecto de los factores financieros y asociados a la financiación en la intensidad de la innovación de las pymes colombianas
DOI:
https://doi.org/10.46661/revmetodoscuanteconempresa.5581Palabras clave:
financiación de la innovación, intensidad de la innovación, redes neuronales, pymesResumen
La financiación de la innovación se ha caracterizado por ser un campo fragmentado donde coexisten múltiples teorías, cada una enfocada en uno o en unos pocos aspectos de la financiación a la vez. El presente artículo busca identificar las variables financieras que más influyen y su efecto en la intensificación de las actividades de innovación de las pymes colombianas en un único modelo empírico comprehensivo que predice la intensidad de la innovación a partir de más de cuarenta subvariables asociadas a la financiación de la innovación. El modelo de predicción (que logró un coeficiente de determinación por fuera de la muestra sobre 0.5 o 0.6), según la definición utilizada, se basa en un conjunto de redes neuronales optimizadas mediante técnicas bayesianas. Los resultados de este trabajo sugieren como conclusión que para que las pymes decidan intensificar sus actividades de innovación predominan las variables capaces de limitar la innovación, como el costo de ajuste y algunos obstáculos para innovar, pero sobre todo las variables centradas en el riesgo, como el riesgo de quiebra de la empresa o del proyecto de innovación y la aversión al riesgo del gerente.
Descargas
Citas
Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. The Journal of Finance, 55(6), 2747-2766. https://doi.org/10.1111/0022-1082.00305
Acharya, V. V., & Subramanian, K. V. (2009). Bankruptcy codes and innovation. The Review of Financial Studies, 22(12), 4949-4988. https://doi.org/10.1093/rfs/hhp019
Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2002). Competition and innovation: An inverted U relationship. The Quarterly Journal of Economics, 120(2), 701-728. https://doi.org/10.3386/w9269
Álvarez, R., & Crespi, G.A. (2015). Heterogeneous effects of financial constraints on innovation: Evidence from Chile. Science and Public Policy, 42(5), 711-724. https://doi.org/10.1093/scipol/scu091
Banco de la República de Colombia (2017). Salario mínimo legal de Colombia. Recuperado de https://www.banrep.gov.co/es/estadisticas/salarios#gsc.tab=0
Barona-Zuluaga, B., & Rivera-Godoy, J.A. (2017). Análisis comparativo de la inversión-financiación de la innovación entre sectores manufacturero y de servicios en Colombia. Libre Empresa, 14(1), 11-27. https://doi.org/10.18041/libemp.2017.v14n1.27101
Barona-Zuluaga, B., Rivera-Godoy, J. A., Aguilera-Cifuentes, C. I., & Garizado-Román, P. A. (2015). Financiación de la innovación en Colombia. Entramado, 11(1), 80-93. https://doi.org/10.18041/entramado.2015v11n1.21126
Beaudry, C., & Allaoui, S. (2012). Impact of public and private research funding on scientific production: The case of nanotechnology. Research Policy, 41(9), 1589-1606. https://doi.org/10.1016/j.respol.2012.03.022
Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6-8), 613-673. https://doi.org/10.1016/S0378-4266(98)00038-7
Botta, A. (2017). The complex inequality-innovation-public investment nexus: What we (don’t) know, what we should know and what we have to do. Forum for Social Economics, 46(3), 275-298. https://doi.org/10.1080/07360932.2016.1150867
Brancati, E. (2015). Innovation financing and the role of relationship lending for SMEs. Small Business Economics, 44(2), 449-473. https://doi.org/10.1007/s11187-014-9603-3
Brown, J.R., Fazzari, S.M., & Petersen, B.C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1), 151-185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
Brown, J.R., Martinsson, G., & Petersen, B.C. (2012). Do financing constraints matter for R&D? European Economic Review, 56(8), 1512-1529. https://doi.org/10.1016/j.euroecorev.2012.07.007
Campbell, I. (2007). Chi-squared and Fisher-Irwin tests of two-by-two tables with small sample recommendations. Statistics in Medicine, 26(19), 3661-3675. https://doi.org/10.1002/sim.2832
Canepa, A., & Stoneman, P. (2007). Financial constraints to innovation in the UK: Evidence from CIS2 and CIS3. Oxford Economic Papers, 60(4), 711-730. https://doi.org/10.1093/oep/gpm044
Carayannis, E.G., & Provance, M. (2008). Measuring firm innovativeness: Towards a composite innovation index built on firm innovative posture, propensity and performance attributes. International Journal of Innovation and Regional Development, 1(1), 90-107. https://doi.org/10.1504/IJIRD.2008.016861
Chen, H.-L., Hsu, W.-T., & Huang, Y.-S. (2010). Top management team characteristics, R&D investment and capital structure in the IT industry. Small Business Economics, 35(3), 319-333. https://doi.org/10.1007/s11187-008-9166-2
Chien, S.-C., Wang, T.-Y., & Lin, S.-L. (2010). Application of neuro-fuzzy networks to forecast innovation performance - The example of Taiwanese manufacturing industry. Expert Systems with Applications, 37(2), 1086-1095. https://doi.org/10.1016/j.eswa.2009.06.107
Cucculelli, M. (2018). Firm age and the probability of product innovation. Do CEO tenure and product tenure matter? Journal of Evolutionary Economics, 28(1), 153-179. https://doi.org/https://doi.org/10.1007/s00191-017-0542-4
Czarnitzki, D. (2006). Research and development in small and medium-sized enterprises: The role of financial constraints and public funding. Scottish Journal of Political Economy, 53(3), 335-357. https://doi.org/10.1111/j.1467-9485.2006.00383.x
Czarnitzki, D., & Hottenrott, H. (2010). Financing constraints for industrial innovation: What do we know? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1749386
Czarnitzki, D., Hottenrott, H., & Thorwarth, S. (2011). Industrial research versus development investment: The implications of financial constraints. Cambridge Journal of Economics, 35(3), 527-544. https://doi.org/10.2139/ssrn.1494312
Damanpour, F. (1991). Organizational innovation: A meta-analysis of effects of determinants and moderators. Academy of Management Journal, 34(3), 555-590. https://doi.org/10.2307/256406
DANE (2017). Encuesta de desarrollo e innovación tecnológica en la industria manufacturera-EDIT VIII [Conjunto de datos]. https://microdatos.dane.gov.co/index.php/catalog/553/datafile/F37/V10700
DANE (2018). Encuesta de desarrollo e innovación tecnológica en el sector servicios EDITS VI. [Conjunto de datos]. https://microdatos.dane.gov.co/index.php/catalog/584/datafile/F35/V10179
EMIS (2017). Financial statements - Colombian companies (real sector). [Conjunto de datos]. https://www.emis.com
Farlex Financial Dictionary (2012). Adjustment costs. Farlex Financial Dictionary. http://financial-dictionary.thefreedictionary.com/Adjustment+Costs
Fernández, V. (2017). The finance of innovation in Latin America. International Review of Financial Analysis, 53, 37-47. https://doi.org/10.1016/j.irfa.2017.08.008
Galia, F., & Legros, D. (2004). Complementarities between obstacles to innovation: Evidence from France. Research Policy, 33(8), 1185-1199. https://doi.org/10.1016/j.respol.2004.06.004
Galia, F., Mancini, S., & Morandi, V. (19-21 de junio de 2012). Obstacles to innovation: What hampers innovation in France and Italy [conferencia]. Druid Society Conference 2012 Innovation and Competitiveness. Copenhagen, Denmark. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.477.4363&rep=rep1&type=pdf
García-Pérez de Lema, D., Barona-Zuluaga, B., & Madrid-Guijarro, A. (2013). Financiación de la innovación en las mipyme iberoamericanas. Estudios Gerenciales, 29(126), 12-16. https://doi.org/10.1016/S0123-5923(13)70015-9
García-Quevedo, J., Segarra-Blasco, A., & Teruel, M. (2018). Financial constraints and the failure of innovation projects. Technological Forecasting and Social Change, 127, 127-140. https://doi.org/10.1016/j.techfore.2017.05.029
Ghadim, A.K.A., Pannell, D.J., & Burton, M.P. (2005). Risk, uncertainty, and learning in adoption of a crop innovation. Agricultural Economics, 33(1), 1-9. https://doi.org/10.1111/j.1574-0862.2005.00433.x
Ghisetti, C., & Montresor, S. (2020). On the adoption of circular economy practices by small and medium-size enterprises (SMEs): Does “financing-as-usual” still matter? Journal of Evolutionary Economics, 30(2), 559-586. https://doi.org/10.1007/s00191-019-00651-w
Guariglia, A., & Liu, P. (2014). To what extent do financing constraints affect Chinese firms’ innovation activities? International Review of Financial Analysis, 36(C), 223-240. https://doi.org/10.1016/j.irfa.2014.01.005
Hahn, D., Minola, T., Vismara, S., & De Stasio, V. (2019). Financing innovation: Challenges, opportunities, and trends. Foundations and Trends® in Entrepreneurship, 15(3-4), 328-367. https://doi.org/10.1561/0300000085-1
Hall, B.H. (2010). The financing of innovative firms. Review of Economics and Institutions, 14(2), 8-29. https://doi.org/10.5202/rei.v1i1.4
Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. En B. H. Hall & N. Rosenberg (Eds.), Handbook of the economics of innovation (1a ed., Vol. 1, pp. 609-639). Amsterdam: Elsevier North Holland. https://doi.org/10.1016/S0169-7218(10)01014-2
Hall, B. H., & Rosenberg, N. (2010). Introduction of the handbook. En B. H. Hall & N. Rosenberg (Eds.), Handbook of the economics of innovation (1a ed., Vol. 1, pp. 3-9). Amsterdam: Elsevier North Holland. https://doi.org/10.1016/S0169-7218(10)01001-4
Higgins, R. C. (2012). Analysis for financial management (10a ed.). New York, NY: McGraw-Hill/Irwin.
Himmelberg, C. P., & Petersen, B. C. (1994). R&D and internal finance: A panel study of small firms in high-tech industries. The Review of Economics and Statistics, 76(1), 38-51. https://doi.org/10.2307/2109824
Ho, R. (2012). Big data machine learning: Patterns for predictive analytics . DZone Refcardz, Vol. 2014. http://refcardz.dzone.com/refcardz/machine-learning-predictive
Holmstrom, B. (1989). Agency costs and innovation. Journal of Economic Behavior & Organization, 12(3), 305-327. https://doi.org/10.1016/0167-2681(89)90025-5
Hottenrott, H., & Richstein, R. (2020). Start-up subsidies: Does the policy instrument matter? Research Policy, 49(1), 103888. https://doi.org/10.1016/j.respol.2019.103888
Howell, S.T. (2017). Financing innovation: Evidence from R&D grants. American Economic Review, 107(4), 1136-1164. https://doi.org/10.1257/aer.20150808
Hsu, P.-H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics, 112(1), 116-135. https://doi.org/10.1016/j.jfineco.2013.12.002
Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Kingma, D.P., & Ba, J. (2017). Adam: A method for stochastic optimization. ArXiv. https://arxiv.org/abs/1412.6980.
Kleinknecht, A. (2016). Innovation patterns in crisis and prosperity: Schumpeter’s long cycle reconsidered. Berlin: Alemania: Springer.
Kuhn, M., & Johnson, K. (2013). Applied predictive modeling. Nueva York, NY: Springer.
Kvalseth, T.O. (1985). Cautionary Note about R2. The American Statistician, 39(4), 279-285. https://doi.org/10.2307/2683704
Landry, R., Amara, N., & Lamari, M. (2002). Does Social Capital Determine Innovation? To What Extent? Technological Forecasting and Social Change, 69(7), 681-701. https://doi.org/10.1016/S0040-1625(01)00170-6
Langebaek, A., & Vásquez, D. (2007). Determinantes de la actividad innovadora en la industria manufacturera colombiana. Borradores de Economía, 433(Marzo), 1-35. https://www.banrep.gov.co/docum/ftp/borra433.pdf
Leiponen, A.E., & Poczter, S. (2014). Financing of innovation strategies in emerging economies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2403494
Ley 905/2004. Por medio de la cual se modifica la Ley 590 de 2000 sobre promoción del desarrollo de las micro, pequeña y mediana empresa Colombiana y se dictan otras disposiciones. Diario Oficial No. 45.628 de 2 de agosto de 2004, Colombia: Congreso de la República de Colombia. http://www.secretariasenado.gov.co/senado/basedoc/ley_0905_2004.html
Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13-37. https://doi.org/10.2307/1924119
Lussuamo, J.M., & Serrasqueiro, Z. (2020). Restrictions on access to bank finance for SMEs in Cabinda-Angola. Small Enterprise Research, 27(3), 275-288. https://doi.org/10.1080/13215906.2020.1835705
Mancusi, M.L., & Vezzulli, A. (2014). R&D and credit rationing in SMEs. Economic Inquiry, 52(3), 1153-1172. https://doi.org/10.1111/ecin.12080
Markman, G.D., Balkin, D.B., & Schjoedt, L. (2001). Governing the innovation process in entrepreneurial firms. The Journal of High Technology Management Research, 12(2), 273-293. https://doi.org/10.1016/S1047-8310(01)00040-2
Mazzucato, M. (2013). Financing innovation: Creative destruction vs. destructive creation. Industrial and Corporate Change, 22(4), 851-867. https://doi.org/10.1093/icc/dtt025
Menshchikova, V.I., & Sayapin, A.V. (2016). Model of innovation-oriented state economic policy. European Research Studies Journal, XIX(1), 189-200. https://doi.org/10.35808/ersj/514
Merz, M. (2019). Innovative efficiency as a lever to overcome financial constraints in R&D contests. Economics of Innovation and New Technology, 30(3), 284-294. https://doi.org/10.1080/10438599.2019.1695946
Modigliani, F., & Miller, M.H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297. http://www.jstor.org/stable/1809766
Mohnen, P., Palm, F.C., van der Loeff, S.S., & Tiwari, A. (2008). Financial constraints and other obstacles: Are they a threat to innovation activity? De Economist, 156(2), 201-214. https://doi.org/10.1007/s10645-008-9089-y
Molnar, C. (2020). Interpretable machine learning. A guide for making black box models explainable. https://christophm.github.io/interpretable-ml-book/
Moon, B. (2021). Strategic R&D projects choice of the firm: Theory and evidence from Korea. Technology Analysis & Strategic Management, 33(5), 465-475. https://doi.org/10.1080/09537325.2019.1644310
Mossin, J. (1966). Equilibrium in a capital asset market. Econometrica, 34(4), 768-783. https://doi.org/10.2307/1910098
Myers, S.C. (1984). Capital structure puzzle. The Journal of Finance, 39(3), 574-592. https://doi.org/10.3386/w1393
Nor, N.G.M., Bhuiyan, A.B., Said, J., & Alam, S.S. (2016). Innovation barriers and risks for food processing SMEs in Malaysia: A logistic regression analysis. Malaysian Journal of Society and Space, 12(2), 167 - 178.
O’Brien, J.P. (2003). The capital structure implications of pursuing a strategy of innovation. Strategic Management Journal, 24(5), 415-431. https://doi.org/10.1002/smj.308
OECD/Eurostat (2018). Oslo Manual 2018: Guidelines for Collecting, Reporting and Using Data on Innovation, 4th Edition. The Measurement of Scientific, Technological and Innovation Activities. OECD Publishing, Paris/Eurostat, Luxemburgo. https://doi.org/10.1787/9789264304604-en
OECD/Eurostat (2005). Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data, 3rd Edition. The Measurement of Scientific and Technological Activities. OECD Publishing, Paris, https://doi.org/10.1787/9789264013100-en
Padilla-Ospina, A.M., Medina-Vásquez, J.E., & Ospina-Holguín, J.H. (2021). Financial determinants of innovation in SMEs: A machine learning approach. Journal of Small Business Strategy, 31(5), 117-131. https://doi.org/10.53703/001c.29839
Padilla-Ospina, A.M., Medina-Vásquez, J.E., & Rivera-Godoy, J.A. (2018). Financing innovation: A bibliometric analysis of the field. Journal of Business & Finance Librarianship, 23(1), 63-102. https://doi.org/10.1080/08963568.2018.1448678
Padilla-Ospina, A.M., Rivera-Godoy, J.A., & Ospina-Holguín, J.H. (2015). Determinantes de la estructura de capital de las mypimes del sector real participantes del Premio Innova. Revista Finanzas y Política Económica, 15(1), 359-380. https://doi.org/10.14718/revfinanzpolitecon.2015.7.2.8
Rivera-Godoy, J.A. (2015). Análisis de la relación de la innovación empresarial con la financiación en Colombia. Cuadernos de Administración, 28(50), 11-37. https://doi.org/10.11144/Javeriana.cao28-50.arie
Romijn, H., & Albaladejo, M. (2002). Determinants of innovation capability in small electronics and software firms in Southeast England. Research Policy, 31(7), 1053-1067. https://doi.org/10.1016/S0048-7333(01)00176-7
Ross, S.A. (1976). The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13(3), 341-360. https://doi.org/10.1016/0022-0531(76)90046-6
Serrasqueiro, Z., Nunes, P.M., & da Rocha Armada, M. (2016). Capital structure decisions: Old issues, new insights from high-tech small- and medium-sized enterprises. The European Journal of Finance, 22(1), 59-79. https://doi.org/10.1080/1351847X.2014.946068
Sharpe, W.F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425-442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
Sierra, J., Malaver, F., Vargas, M., Robledo, J., & Malaver, F. (2009). La financiación de la innovación: un análisis a partir de la encuesta de innovación de Bogotá y Cundinamarca. En J. R. Velásquez, F. Malaver-Rodríguez, & M. Vargas-Pérez (Eds.), Encuestas, datos y descubrimiento de conocimiento sobre la innovación en Colombia (pp. 175-210). Bogotá: Colombia: Universidad Nacional de Colombia, Pontificia Universidad Javeriana, Universidad Pontificia Bolivariana y Observatorio Colombiano de Ciencia y Tecnología.
Titterington, M. (2010). Neural networks. Wiley Interdisciplinary Reviews: Computational Statistics, 2(1), 1-8. https://doi.org/10.1002/wics.50
Treynor, J.L. (1961). Market value, time, and risk. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2600356
Tsur, Y., Sternberg, M., & Hochman, E. (1990). Dynamic modelling of innovation process adoption with risk aversion and learning. Oxford Economic Papers, 42(2), 336-355. https://doi.org/https://doi.org/10.1093/oxfordjournals.oep.a041950
Wang, T.-Y., & Chien, S.-C. (2006). Forecasting innovation performance via neural networks-a case of Taiwanese manufacturing industry. Technovation, 26(5-6), 635-643. https://doi.org/10.1016/j.technovation.2004.11.001
Wang, Y., Li, J., & Furman, J.L. (2017). Firm performance and state innovation funding: Evidence from China’s innofund program. Research Policy, 46(6), 1142-1161. https://doi.org/10.1016/j.respol.2017.05.001
Xu, Z. (2020). Economic policy uncertainty, cost of capital, and corporate innovation. Journal of Banking & Finance, 111, 105698. https://doi.org/10.1016/j.jbankfin.2019.105698
Zhang, D., & Zheng, W. (2020). Does financial constraint impede the innovative investment? Micro evidence from China. Emerging Markets Finance and Trade, 56(7), 1423-1446. https://doi.org/10.1080/1540496X.2018.1542594
Zhu, Y., Wittmann, X., & Peng, M. W. (2012). Institution-based barriers to innovation in SMEs in China. Asia Pacific Journal of Management, 29(4), 1131-1142. https://doi.org/10.1007/s10490-011-9263-7
Publicado
Cómo citar
Número
Sección
Licencia
Esta obra está bajo una licencia internacional Creative Commons Atribución-CompartirIgual 4.0.
El envío de un manuscrito a la Revista supone que el trabajo no ha sido publicado anteriormente (excepto en la forma de un abstract o como parte de una tesis), que no está bajo consideración para su publicación en ninguna otra revista o editorial y que, en caso de aceptación, los autores están conforme con la transferencia automática del copyright a la Revista para su publicación y difusión. Los autores retendrán los derechos de autor para usar y compartir su artículo con un uso personal, institucional o con fines docentes; igualmente retiene los derechos de patente, de marca registrada (en caso de que sean aplicables) o derechos morales de autor (incluyendo los datos de investigación).
Los artículos publicados en la Revista están sujetos a la licencia Creative Commons CC-BY-SA de tipo Reconocimiento-CompartirIgual. Se permite el uso comercial de la obra, reconociendo su autoría, y de las posibles obras derivadas, la distribución de las cuales se debe hacer con una licencia igual a la que regula la obra original.
Hasta el volumen 21 se ha estado empleando la versión de licencia CC-BY-SA 3.0 ES y se ha comenzado a usar la versión CC-BY-SA 4.0 desde el volumen 22.
