Poziom wewnętrznych źródeł finansowania jako determinanta inwestycji w działalność B + R przedsiębiorstw
The level of internal sources of finance as a determinant of investment in R & D of enterprises

Summary/Abstract: To maintain competitiveness firms have to conduct R & D activity. Therefore there is a need to identify the factors affecting the level of business expenditure on research and development. In the light of the neoclassical theory of investment financial factors should not play a significant importance for this type of activity. However, the assumptions of the theory are usually not fulfilled. As a result, the access to finance can affect the size of the business expenditures on R & D. This article aims to answer the question if the level of internal sources of financing affects business spending on R & D.

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