Jean Belin

University of Bordeaux · Department of Social and Human Sciences

We study how young and small firms’ R &D investment responds to the tightening of credit conditions. Using detailed R &D information on over 25,000 French companies, we show that financially constrained firms were relatively more likely to scale back their R &D activities during the European sovereign debt crisis (2010–2012), in particular those re...

We study how private R&D investment in France was affected by the tightening of credit conditions during the European Sovereign Debt Crisis. Using detailed R&D information on more than 25000 French companies, we show that financially constrained firms were relatively more likely to scale back their R&D activities following the sovereign debt crisis...

Using a large matched bank-firm database containing information on 83,900 French firms and 159 European banks for the period 2014–2016, we show that bank capital affects the type of lending relationships and firms’ access to credit even during a phase of economic expansion. Informationally opaque borrowers are more likely to borrow from banks with...

We study how private R&D investment in France was affected by the tightening of credit conditions during the European Sovereign Debt Crisis. Using detailed R&D information on more than 25000 French companies, we show that financially constrained firms were relatively more likely to scale back their R&D activities at both the extensive and intensive...

Our article provides empirical findings for France related to sustainable consumption and what triggers sustainable behavior. We investigate various potential key explanatory variables including social influence and environmental values, among others. Our main contribution is to survey and to analyze a set of consumption practices (rather than the...

Using a large panel dataset of more than 60.000 firms matched to 125 banks in France, we investigate the transmission of the Sovereign Debt Crisis to the French economy via lending relations. We show that French banks’ exposure to sovereign stress negatively affected their corporate borrowers and this impact is heterogeneous across firms. We docume...

Using a large panel dataset of more than 60.000 firms matched to 125 banks in France, we investigate the transmission of the Sovereign Debt Crisis to the French economy via lending relations. We show that French banks’ exposure to sovereign stress negatively affected their corporate borrowers and this impact is heterogeneous across firms. We docume...

The deliberate use of chemical, biological, radiological, and nuclear (CBRN) materials in war or terrorist attacks is perceived as a great threat globally. In the event of a release of CBRN agents, protection by means of medical countermeasures (MedCMs) could reduce health vulnerability. Nonetheless, for some diseases caused by these agents, innova...

This chapter analyzes the dynamics of innovation specific to defence industries to understand the changes in the behavior of the different actors involved since the late 1980s. The defence innovation system has undergone profound changes to which the various stakeholders have had to adapt. These changes mainly reflect the structural changes that ha...

This article presents the first results of a statistical analysis of the ownership links between the major European and American defense contractors. This approach, centered on the shareholders and subsidiaries of these companies, enables us to explore the depth of the national links (company and country of origin) and the density of the ownership...

The structural changes inside the French innovation system have impacted the role of defense firms since the late 1980s. Major changes have affected the defense budget and public R&D funding system in particular. The aim of this article is to understand French defense firms’ repositioning within the National Innovation System (NIS) based on an anal...

Some chemical, biological, radiological, and nuclear agents, whether naturally, accidentally, or intentionally released, can be very damaging and pose a high risk to national security, owing to their potential for economic and social disruption. Efficacious pharmaceutical research and development could protect populations against such agents via ne...

The European Commission’s initiatives in the field of armament should lead to a deeper integration of European DTIBs in the coming years. In parallel, the links between European and American DTIBs take the form of technological and armament cooperation, and of capital links between European or American companies. This report aims at analysing the l...

There are countless chemical, biological, radiological, and nuclear (CBRN) agents that are proficient enough to harm individuals. Examples include viruses (e.g. influenza) and bacteria which are widely distributed by nature, but also some which are far less common, such as the Ebola virus. Cases include chemical (e.g. organophosphorus compounds [OP...

There are countless chemical, biological, radiological, and nuclear (CBRN) agents that are proficient enough to harm individuals. Examples include viruses (e.g. influenza) and bacteria which are widely distributed by nature, but also some which are far less common, such as the Ebola virus. Cases include chemical (e.g. organophosphorus compounds [OP...

Les entreprises françaises de défense jouent un rôle majeur dans notre économie, avec des caractéristiques et des exigences propres, avec l’État comme acteur régulateur et client. La connaissance de ce secteur est indispensable pour en comprendre les enjeux.

Cet article montre qu’en réponse aux mutations des activités aéronautiques apparaissent au sein de la supply chain des firmes pivots de rang 1, comprises comme des architectes intégrateurs pour des composants majeurs. Selon l’approche Relational-Based, cette position de pivot devrait leur permettre d’obtenir une surperformance. L’analyse statistiqu...

The present paper shows that in response to deep-seated changes in the aeronautics sector, tier-one hub firms now feature in the supply chain in the role of architect-integrators for key components. According to the Relational-Based approach, this pivotal position should enable them to achieve supernormal performance. Our statistical analysis, perf...

Many recent papers deal with exploring and explaining the determinants of eco-innovations for different countries supporting the formulation of efficient policy measures to trigger eco-innovation activities of firms. Unfortunately, there is still a lack of econometric cross-country analyses allowing recognizing common cross-country determinants, bu...

Bank debt financing: does the type of R&D matter ? This paper provides a better understanding of the negative impact of R&D-to-sales ratio on bank debt financing by exploring whether it can be related to the type of R&D firms are involved in. Using a large panel of French firms, we show that this negative impact is mainly due to the more risky acti...

Cet article analyse l'influence des différents types d'activités de R&D sur le poids de la dette bancaire dans la structure financière d'un large panel d'entreprises françaises à partir d'une spécification dynamique. Les résultats obtenus montrent que l'impact négatif de l'effort de R&D sur le taux d'endettement bancaire et sur la part de la dette...

Many recent papers dealt with exploring and explaining the determinants of eco-innovations for different countries supporting the formulation of efficient policy measures to trigger eco-innovation activities of firms. Unfortunately, there is still a lack of cross-country analyses allowing to recognize "international" stylized facts but also regiona...

This article offers a dynamic analysis of the debt ratio of a broad panel of French firms , incorporating R & D activity and using the system GMM estimation method. The results show that R & D intensity (ratio of R & D expenditures to sales) has a negative influence on the ratios of bank debt to total resources and to total debt. Profitability also...

Les entreprises rencontrent des difficultés pour financer leurs projets innovants. Cependant, l'activité d'innovation est rarement considérée comme un élément déterminant dans les nombreux travaux empiriques consacrés à la structure financière des entreprises. L'objet de cet article est de proposer une analyse dynamique de la structure financière d...

We study the financing of R&D and innovation expenditures of French defence firms at the end of a period characterised by a decline of defence purchasing. Our results provide some support for the hypothesis of a dependence of these firms on public aid. However, large groups receive most of this aid and small independent firms are more dependent on...

European defence firms are progressively being privatized and the recourse to private finance in the defence sector is increasing. We use data on French firms to examine at the firm level the impact of defence dependence on firms' financial structure at the end of a period characterised by a decline of defence purchasing. In terms of leverage and f...

L’industrie de l’armement opère sur un marché spécifique: les États, seuls acheteurs, déterminent la taille du marché, la rentabilité des produits et facilitent la R&D et l'innovation par l'octroi de financements publics. Il en résulte une forte dépendance à la commande publique des entreprises liées à la défense ainsi qu’un risque économique et un...

The financing of innovation and R& D in French investments The purpose of this paper is to analyse all the available French data on the financing of innovation and R& D investments. Firstly, we study the financial structure of innovative projects. We show the importance of internal finance and to a lesser extent of public aid. In addition a high d...

INVENTORIES AND FINANCIAL FACTORS: AN EMPIRICAL STUDY ON A FRENCH PANEL DATA SET This paper examines inventory investment of 835 french firms from 1987 to 1995. The estimates indicate that small firms are more sensitive than large firms to financial factors. Moreover, this sensitivity is amplified during shocks. Thus, results obtained would confirm...

This paper examines inventory investment of 835 french firms from 1987 to 1995. The estimates indicate that small firms are more sensitive than large firms to financial factors. Moreover, this sensitivity is amplified during shocks. Thus, results obtained would confirm the existence of a "financial accelerator" and would explain the fluctuations in...

[fre] Evolution des stocks et facteurs financiers. Une étude sur données d'entreprises françaises. . Ce travail met en évidence le rôle des imperfections du marché des capitaux en France au cours des années 1990. Dans ce but, nous étudions le comportement de stockage de 835 entreprises françaises suivies sur la période 1987-1995. Les estimations ré...

This paper provides evidence on the determinants of firm financial structure. We suggest that innovation is a key factor in firm debt financing. Using French panel data, we propose a dynamic analysis of firm debt ratios by applying GMM system estimator. Our results show that an increase in the R&D-to-sales ratio is associated with a decrease of the...