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Private financing, R&D, and export activity: Evidence from Portugal

Pedro Bação et al.

Economics Letters2026https://doi.org/10.1016/j.econlet.2026.112876article
AJG 3ABDC A
Weight
0.50

Abstract

Using firm-level data for Portugal, 2006–2021, we investigate linkages between private financing — private equity (including venture capital) and private debt — and firms’ exporting and innovation. Combining matching and regression procedures, we find that private financing is associated with exporting and R&D activity. Firms financed by private equity are more likely to export and to export a larger share of their sales. They also exhibit higher propensity to allocate employees and funds to R&D, and to channel a larger share of investment into it. Private debt is likewise positively related to innovation inputs and exports, but both effects are limited to the extensive margin. • Private financing is linked to export and R&D activity. • Private equity is linked to export participation and higher export intensity. • Private equity is linked to R&D participation and greater R&D investment intensity. • Private debt is linked to export and R&D participation (extensive margins).

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https://doi.org/https://doi.org/10.1016/j.econlet.2026.112876

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@article{pedro2026,
  title        = {{Private financing, R&D, and export activity: Evidence from Portugal}},
  author       = {Pedro Bação et al.},
  journal      = {Economics Letters},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.econlet.2026.112876},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.