The author studies whether R&D-intensive firms are liquidity-constrained, by also modeling their antecedent decision to apply for credit. Findings indicate that firms with no or low R&D intensity to be less likely to request extra funds.
Link
http://econpapers.repec.org/scripts/redir.pl?u=http%3A%2F%2Fwww.lboro.ac.uk%2Fdepartments%2Fec%2FReasearchpapers%2F2005%2Fpiga2005wps6.pdf;h=repec:lbo:lbowps:2005_6