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Sources of Finance, R&D Investment and Productivity: Correlation or
Causality?
An attempt to contribute to the empirical analysis of the causal relationship between investment and performance, the study examines the interaction between a number of financial indicators represented by investments in research and development and tangible capital and a number of performance variables. Empirical results are
based on a large panel data set of Swedish manufacturing firms over the period 1992-2000.
Link
http://www.infra.kth.se/cesis/documents/WP11.pdf