Análisis de las interacciones de la actividad financiera y de la innovación en la actividad realun enfoque desde diferentes perspectivas

Abstract

This thesis aims to integrate, through different approaches, elements and economic contexts, the relationship between the financial economy and the real economy, making three substantial contributions to the literature studying the relationship between the financial and the productive economy. The chapters of this thesis are connected since they contribute to the main objective of the research, but the contribution is made through different approaches and elements. The specific objectives to be achieved are the following. The first chapter of this thesis aims to demonstrate the relationship and direction of causality between the financial system and economic activity through a financial market, specifically the stock market, in a group of countries with emerging stock market development: the CEECs (Central and Eastern European countries). The empirical analysis focuses on three different measures of causality (Granger causality, frequency domain approach and Toda-Yamamoto approach). The second chapter aims to determine how the economic context and the characteristics of companies affect the financial restrictions they suffer when carrying out their innovation, studying the Spanish case in which the financial restrictions during the crisis were particularly important and innovative firms are few in number, compared to European economies, and therefore carry out this activity less intensely. The empirical study consists of studying the relationship between the cost factors which hinder the innovation of innovative firms in Spain, as well as the different time scenarios and specific characteristics, in a context of choice models (logit). The third chapter seeks to analyse the extent to which the network of bank branches constitutes a factor which facilitates access to credit. The situation between countries is very diverse and the Spanish case, in which there has been an important restructuring of financial institutions and a very notable reduction in the network of branches for customer contact, makes it an appropriate case for the study. The relationship between the number of credit institution offices and the level of corporate debt to credit institutions is analysed from a regional territorial perspective, through the balance sheets of a sample of firms in Spain. On the one hand, the relationship between the size of the stock market (stock market capitalisation) and economic activity (real GDP) in a group of CEECs is demonstrated, highlighting the two-way causality between the stock market and economic activity in this group of countries. These findings have been reinforced by similar results in an Asian country (Thailand). On the other hand, it has been revealed that, in an economic context of crisis and recession, financial tensions were transmitted as financial restrictions to innovative firms when they were innovating in Spain, as well as the importance of the size of the firm in the suffering of these restrictions, with more significant difficulties being evident in SMEs. In addition, the negative relationship between the concentration of credit institution branches and corporate indebtedness to credit institutions has been confirmed, despite the restructuring process of the financial sector in Spain. From a global perspective and taking into account the different markets and financial institutions, the economic consequences and implications arising cannot be overlooked because of their relevance and impact on economic systems, as well as the repercussions for economic and financial policymakers and economic agents.