References
- Abdo Ahmad, I., and A. Fakih. 2021. “Does the Legal Form Matter for Firm Performance in the MENA Region?” Annals of Public and Cooperative Economics, 1–23. doi:https://doi.org/10.1111/apce.12324.
- Akerlof, G. A. 1970. “The Market for “Lemons”: Quality Uncertainty and the Market Mechanism*.” The Quarterly Journal of Economics 84 (3): 488–500. doi:https://doi.org/10.2307/1879431.
- Alhassan, A., L. Li, K. Reddy, and G. Duppati. 2021. “The Relationship Between Political Instability and Financial Inclusion: Evidence from Middle East and North Africa.” International Journal of Finance and Economics 26: 353–374. doi:https://doi.org/10.1002/ijfe.1793.
- Allard, G., C. A. Martinez, and C. Williams. 2012. “Political Instability, pro-Business Market Reforms and Their Impacts on National Systems of Innovation.” Research Policy 41 (3): 638–651. doi:https://doi.org/10.1016/j.respol.2011.12.005.
- Almeida, H., P.-H. Hsu, and D. Li. 2013. Less is More : Financial Constraints and Innovative Efficiency. SSRN 1831786. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1831786.
- Álvarez, R., and G. A. Crespi. 2015. “Heterogeneous Effects of Financial Constraints on Innovation: Evidence from Chile.” Science and Public Policy 42 (5): 711–724. doi:https://doi.org/10.1093/scipol/scu091.
- Archer, L. T., P. Sharma, and J. Su. 2020. “Do Credit Constraints Always Impede Innovation ? Empirical Evidence from Vietnamese SMEs.” Applied Economics 00 (00): 1–17. doi:https://doi.org/10.1080/00036846.2020.1751049.
- Ayalew, M. M., and Z. Xianzhi. 2019. “The Effect of Financial Constraints on Innovation in Developing Countries.” Asian Review of Accounting 28 (3): 273–308. doi:https://doi.org/10.1108/ARA-02-2019-0036.
- Bakhouche, A. 2021. “Assessing the Innovation-Finance Nexus for SMEs : Evidence from the Arab Region (MENA).” Journal of the Knowledge Economy 0123456789. doi:https://doi.org/10.1007/s13132-021-00786-x.
- Bond, S., H. Dietmar, and J. Van Reenen. 2005. “Investment, R&D and Financial Constraints in Britain and Germany.” Annales D’Économie Et De Statistique 79/80: 433–460. doi:https://doi.org/10.2307/20777584.
- Brancati, E. 2015. “Innovation Financing and the Role of Relationship Lending for SMEs.” Small Business Economics 44: 449–473. doi:https://doi.org/10.1007/s11187-014-9603-3.
- Canepa, A., and P. Stoneman. 2007. “Financial Constraints to Innovation in the UK: Evidence from CIS2 and CIS3.” Oxford Economic Papers 60 (4): 711–730. doi:https://doi.org/10.1093/oep/gpm044.
- Carpenter, R. E., and B. C. Petersen. 2002. “Capital Market Imperfections, High-Tech Investment, and New Equity Financing.” The Economic Journal 112 (477): F54–F72. doi:https://doi.org/10.1111/1468-0297.00683.
- Chau, F., R. Deesomsak, and J. Wang. 2014. “Political Uncertainty and Stock Market Volatility in the Middle East and North African (MENA) Countries.” Journal of International Financial Markets, Institutions & Money 28: 1–19. doi:https://doi.org/10.1016/j.intfin.2013.10.008.
- Chundakkadan, R., and S. Sasidharan. 2020. “Financial Constraints, Government Support, and Firm Innovation: Empirical Evidence from Developing Economies.” Innovation and Development 10 (3): 279–301. doi:https://doi.org/10.1080/2157930x.2019.1594680.
- Creane, S., R. Goyal, M. A. Mobarak, and R. Sab. 2004. Financial Sector Development in the Middle East and North Africa. IMF Waking Paper (Vol. WP/04/201).
- Cumming, D., O. Rui, and Y. Wu. 2016. “Political Instability, Access to Private Debt, and Innovation Investment in China.” Emerging Markets Review 29: 68–81. doi:https://doi.org/10.1016/j.ememar.2016.08.013.
- De Fuentes, C., F. Santiago, and S. Temel. 2020. “Perception of Innovation Barriers by Successful and Unsuccessful Innovators in Emerging Economies.” The Journal of Technology Transfer 45 (4): 1283–1307. doi:https://doi.org/10.1007/s10961-018-9706-0.
- D’Este, P., S. Iammarino, M. Savona, and N. Von Tunzelmann. 2008. What hampers innovation? Evidence from the UK CIS4. SPRU Electronic Working Paper Series Paper. Retrieved from http://www.sussex.ac.uk/spru/.
- D’Este, P., S. Iammarino, M. Savona, and N. von Tunzelmann. 2012. “What Hampers Innovation? Revealed Barriers versus Deterring Barriers.” Research Policy 41 (2): 482–488. doi:https://doi.org/10.1016/j.respol.2011.09.008.
- D'este, P., F. Rentocchini, and J. M. Vega Jurado. 2010. “Lowering Barriers to Engage in Innovation: Evidence from the Spanish Innovation Survey.” Openloc Working Papers 1020, Public Policies and Local Development.
- Efthyvoulou, G., and P. Vahter. 2016. “Financial Constraints, Innovation Performance and Sectoral Disaggregation.” Manchester School 84 (2): 125–158. doi:https://doi.org/10.1111/manc.12089.
- ElBannan, M. A. in press. On the prediction of financial distress in emerging markets: What matters more? Empirical evidence from Arab spring countries. Emerging Markets Review. doi:https://doi.org/10.1016/j.ememar.2021.100806.
- Enterprise Surveys. (http://www.enterprisesurveys.org), The World Bank.
- Fakih, A., N. Haimoun, and M. Kassem. 2020. “Youth Unemployment, Gender and Institutions During Transition: Evidence from the Arab Spring.” Social Indicators Research 150: 311–336. doi:https://doi.org/10.1007/s11205-020-02300-3.
- Feng, Y. 1997. “Democracy, Political Stability and Economic.” British Journal of Political Science 27 (September 2000): 391–418. doi:https://doi.org/10.1017/S0007123497000197.
- Filippetti, A., and D. Archibugi. 2011. “Innovation in Times of Crisis: National Systems of Innovation, Structure, and Demand.” Research Policy 40 (2): 179–192. doi:https://doi.org/10.1016/j.respol.2010.09.001.
- García-Quevedo, J., A. Segarra-Blasco, and M. Teruel. 2018. “Financial Constraints and the Failure of Innovation Projects.” Technological Forecasting and Social Change 127: 127–140. doi:https://doi.org/10.1016/j.techfore.2017.05.029.
- Giudici, G., and S. Paleari. 2000. “The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-Based Small Firms.” Small Business Economics 14 (1): 37–53. doi:https://doi.org/10.1023/A:1008187416389.
- Globerman, S., and D. Shapiro. 2003. “Governance Infrastructure and US Foreign Direct Investment.” Journal of International Business Studies 34 (1): 19–39. doi:https://doi.org/10.1057/palgrave.jibs.8400001.
- Greene, W. H. 1998. “Gender Economics Courses in Liberal Arts Aolleges: Further Results.” The Journal of Economic Education 29 (4): 291–300. doi:https://doi.org/10.1080/00220489809595921.
- Greene, W. H. 2003. Econometric Analysis (Fifth). New Jersey: Prentice Hall.
- Hajivassiliou, V., and F. Savignac. 2011. “Novel Approaches to Coherency Conditions in LDV Models with an Application to Interactions Between Financing Constraints and a Firm ‘ s Decision and Ability to Innovate.” LSE Discussion Papers 36: 1–61.
- Hall, B. H. 1992. Investment and research and development at the firm level: does the source of financing matter? (No. w4096). National bureau of economic research.
- Hammed, A. 2018. Corruption, Political Instability and Development Nexus in Africa : A Call for Sequential Policies Reforms. Munich Personal RePEc Archive (MPRA) Paper, (85277).
- Hammond, A. 2013. Arab Spring three years on: Why instability will continue into 2014.
- Hearn, B. 2014. “The Political Institutional and Firm Governance Determinants of Liquidity: Evidence from North Africa and the Arab Spring.” Journal of International Financial Markets, Institutions and Money 31 (1): 127–158. doi:https://doi.org/10.1016/j.intfin.2014.03.006.
- Himmelberg, C. P., and B. C. Petersen. 1994. “R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries.” Review of Economics & Statistics 76 (1): 38–51. doi:https://doi.org/10.2307/2109824.
- Hoffmann, A. O. I., and S. Kleimeier. 2019. “Financial Disclosure Readability and Innovative Firms’ Cost of Debt.” International Review of Finance, 1–15. doi:https://doi.org/10.1111/irfi.12292.
- Hoffmann, A. O. I., and S. Kleimeier. 2021. “How do Banks Finance R&D Intensive Firms? the Role of Patents in Overcoming Information Asymmetry ✰.” Finance Research Letters 38: 101485. doi:https://doi.org/10.1016/j.frl.2020.101485.
- Hu, J., G. Li, and F. Zhu. 2017. “Regional Financial Developments and Research and Development Investment–Cash Flow Sensitivity: Evidence on Chinese Public High-Tech Companies.” International Review of Finance 17 (4): 627–643. doi:https://doi.org/10.1111/irfi.12122.
- Iammarino, S., F. Sanna-Randaccio, and M. Savona. 2009. “The Perception of Obstacles to Innovation. Foreign Multinationals and Domestic Firms in Italy.” Revue d'économie industrielle (125): 75–104. doi:https://doi.org/10.4000/rei.
- Kassouf, A. L., and R. Hoffmann. 2006. “Work-Related Injuries Involving Children and Adolescents: Application of a Recursive Bivariate Probit Model.” Brazilian Review of Econometrics 26 (1): 105. doi:https://doi.org/10.12660/bre.v26n12006.2499.
- Khan, M. 2014. The Economic Consequences of the Arab Spring. Atlantic Council of the United States.
- Lau, A. K. W., and W. Lo. 2015. “Regional Innovation System, Absorptive Capacity and Innovation Performance: An Empirical Study.” Technological Forecasting and Social Change 92: 99–114. doi:https://doi.org/10.1016/j.techfore.2014.11.005.
- Lee, N., H. Sameen, and M. Cowling. 2015. “Access to Finance for Innovative SMEs Since the Financial Crisis.” Research Policy 44 (2): 370–380. doi:https://doi.org/10.1016/j.respol.2014.09.008.
- Leydesdorff, L., and M. Meyer. 2006. “Triple Helix Indicators of Knowledge-Based Innovation Systems Introduction to the Special Issue.” Research Policy 35: 1441–1449. doi:https://doi.org/10.1016/j.respol.2006.09.016.
- Männasoo, K., and J. Meriküll. 2014. “R&D, Credit Constraints, and Demand Fluctuations.” Eastern European Economics 52 (2): 49–64. doi:https://doi.org/10.2753/EEE0012-8775520203.
- Männasoo, K., and J. Meriküll. 2020. “Credit Constraints and R&D Over the Boom and Bust: Firm-Level Evidence from Central and Eastern Europe.” Economic Systems 44 (2): 100747. doi:https://doi.org/10.1016/j.ecosys.2020.100747.
- Mazzucato, M. 2013. “Financing Innovation: Creative Destruction vs. Destructive Creation.” Industrial and Corporate Change 22 (4): 851–867. doi:https://doi.org/10.1093/icc/dtt025.
- Millar, C., Y. Udalov, and H. Millar. 2012. “The Ethical Dilemma of Information Asymmetry in Innovation: Reputation, Investors and Noise in the Innovation Channel.” Creativity and Innovation Management 21 (2): 224–237. doi:https://doi.org/10.1111/j.1467-8691.2012.00642.x.
- Myers, S. C. 1984. “The Capital Structure Puzzle.” The Journal of Finance 39: 574–592. doi:https://doi.org/10.1111/j.1540-6261.1984.tb03646.x.
- Myers, S. C., and N. S. Majluf. 1984. “Corporate financing and investment decisions when firms have information that investors do not have.” Journal of Financial Economics 13 (2): 187–221. doi:https://doi.org/10.1016/0304-405X(84)90023-0.
- Neaime, S., and I. Gaysset. 2018. “Financial Inclusion and Stability in MENA: Evidence from Poverty and Inequality.” Finance Research Letters 24: 230–237. doi:https://doi.org/10.1016/j.frl.2017.09.007.
- O’Sullivan, A., M. Rey, and J. G. Mendez. 2011. Opportunities and Challenges in the MENA Region. Arab world competitiveness report, 2012.
- Oudgou, M. 2021. “Financial and non-Financial Obstacles to Innovation: Empirical Evidence at the Firm Level in the MENA Region.” Journal of Open Innovation: Technology, Market, and Complexity 7 (28): 1–18. doi:https://doi.org/10.3390/joitmc7010028.
- Pellegrino, G., and M. Savona. 2017. “No Money, No Honey? Financial versus Knowledge and Demand Constraints on Innovation.” Research Policy 46 (2): 510–521. doi:https://doi.org/10.1016/j.respol.2017.01.001.
- Savignac, F. 2008. “Impact of Financial Constraints on Innovation: What Can be Learned from a Direct Measure?” Economics of Innovation and New Technology 17 (6): 553–569. doi:https://doi.org/10.1080/10438590701538432.
- Shihadeh, A. 2014. How unrest of Arab Spring sparked innovation and creativity.
- Shumetie, A., and M. D. Watabaji. 2019. “Effect of Corruption and Political Instability on Enterprises’ Innovativeness in Ethiopia: Pooled Data Based.” Journal of Innovation and Entrepreneurship 8 (11): 1–19.
- StataCorp. 2019. Stata: Release 16. Statistical Software. College Station, TX: StataCorp LLC.
- UNESCO. 2016. Regional overview: Arab States. https://en.unesco.org/unesco_science_report/arab-states.
- Ünlü, H. 2016a. Financial Constraints to Innovation Activities: Revealed Barriers versus Deterring Barriers. Unpublished Doctoral Thesis, Yildirim Beyazit University, Ankara.
- Ünlü, H. 2016b. “The Development of Active Venture Capital Markets and Determinants of Venture Capital Markets in Pakistan and Turkey.” In Methodological Approaches to Social Sciences, edited by R. Davis, 266–279. London and Istanbul: AGP Research. AGP.
- Ünlü, H. 2019. “The Effect of Revealed and Deterred Financial Barriers on Innovation Activities in Turkey (Türkiye’de Zorlayıcı ve Durdurucu/Engelleyici Finansal Bariyerlerin İnovasyon Faaliyetleri Üzerine Etkileri).” In Türkiye’nin Güncel İktisadi Sorunları, edited by H. Türe, and E. Ağaslan, 201–224. Ankara: Gazi Kitabevi.
- Ünlü, H. 2020. “Financing Innovation (İnovasyonun Finansmanı).” In Ekonomik ve Teknolojik Değişim Sürecinde İnovasyon, edited by G. Muratoğlu, 107–132. Ankara: Gazi Kitabevi.
- Ünlü, H., and M. Karacaer Ulusoy. 2021. “Innovation and Corruption in Turkey: “Grease the Wheels” or “Sand the Wheels.” In Handbook of Research on Theory and Practice of Financial Crimes, edited by A. Rafay, 80–104. Hershey, PA: IGI Global.
- Ünlü, H. in press. “The Effect of Credit Constraints on Innovation Activities During Different Economic Conditions: Firm-Level Evidence from Turkey.” International Journal of Business Innovation and Research, doi:https://doi.org/10.1504/ijbir.2020.10033958.
- Weigand, J. 1991. “Innovation, Investment, and Corporate Finance.” In Competition, Efficiency, and Welfare: Essays in Honor of Manfred Neumann, edited by D. C. Mueller, A. Haid, and J. Weigand, 27–56. Boston, MA: Springer US. doi:https://doi.org/10.1007/978-1-4615-5559-9_3.
- Wellalage, N. H., and S. Locke. 2020. “Formal Credit and Innovation: Is There a Uniform Relationship Across Types of Innovation?” International Review of Economics and Finance 70 (December 2018): 1–15. doi:https://doi.org/10.1016/j.iref.2020.07.004.
- White, H. L. 1996. Estimation, Inference and Specification Analysis. Vol. 22, 1–380. Cambridge: Cambridge University Press.
- Wooldridge, J. M. 2010. Econometric Analysis of Cross Section and Panel Data. Cambridge: The MIT Press.
- Zahler, A., D. Goya, and M. Caamaño. 2018. “The Role of Obstacles to Innovation on Innovative Activities: An Empirical Analysis.” IDB Working Paper Series No. IDB-WP-965: 1–32. doi:https://doi.org/10.18235/0001505.