--- title: "Firms’ Intangible Investments and Financing Constraints: Evidence from Survey Data" authors: - name: "Pajarinen, Mika" url: "https://www.etla.fi/henkilot/pajarinen-mika/" sameAs: - "https://orcid.org/0000-0001-9087-5991" - "https://scholar.google.com/citations?user=7sGKgwsAAAAJ" - name: "Rouvinen, Petri" url: "https://www.etla.fi/henkilot/rouvinen-petri/" sameAs: - "https://orcid.org/0000-0002-7666-6971" - "https://scholar.google.com/citations?user=qYHEFroAAAAJ" - "https://twitter.com/Petri_Rouvinen" date_published: "2026-10-30" series: "ETLA Working Papers" series_number: "153" issn: - "2323-2420" - "2323-2439" jel_codes: - "D22" - "E22" - "G32" - "O31" language: "fi" publisher: "ETLA Economic Research" pdf_url: "https://www.etla.fi/wp-content/uploads/ETLA-Working-Papers-153.pdf" identifier: "https://www.etla.fi/julkaisut/id/ETLA-Working-Papers-153" abstract_translations: en: "This report examines the links between firms’ intangible investments and financing constraints using four complementary surveys: the Finnish SME Barometer (autumn 2018 – spring 2026), the Finnish Industry Investment’s (Tesi’s) Growth Company Pulse (2024–2025), the ECB’s SAFE survey (2015–2025), and the EIB Investment Survey, EIBIS (2016–2025). Analyses across the four surveys yield the same basic result: firms investing in intangibles – especially in R&D and innovative activity – are more likely than other firms to face financing constraints. In the Finnish data, financing constraints have become more common since 2022. International comparisons show that the earlier edge of firms operating in Finland in access to finance relative to other EU countries has narrowed, and relative to Sweden the position has turned unfavourable – most markedly for firms investing in intangibles and engaged in innovative activity. The results are consistent with the finding in literature that intangible capital serves poorly as collateral and is therefore particularly exposed to financial market frictions. From the perspective of economic renewal, the financial system should be developed in a direction that better supports intangibles-based growth." --- # Firms’ Intangible Investments and Financing Constraints: Evidence from Survey Data **Published:** 2026-10-30 **Categories:** Working Papers **URL:** https://www.etla.fi/en/publications/working-papers-en/yritysten-aineettomat-investoinnit-ja-rahoitusrajoitteet-kyselyaineistojen-valossa/ #### Abstract This report examines the links between firms’ intangible investments and financing constraints using four complementary surveys: the Finnish SME Barometer (autumn 2018 – spring 2026), the Finnish Industry Investment’s (Tesi’s) Growth Company Pulse (2024–2025), the ECB’s SAFE survey (2015–2025), and the EIB Investment Survey, EIBIS (2016–2025). Analyses across the four surveys yield the same basic result: firms investing in intangibles – especially in R&D and innovative activity – are more likely than other firms to face financing constraints. In the Finnish data, financing constraints have become more common since 2022. International comparisons show that the earlier edge of firms operating in Finland in access to finance relative to other EU countries has narrowed, and relative to Sweden the position has turned unfavourable – most markedly for firms investing in intangibles and engaged in innovative activity. The results are consistent with the finding in literature that intangible capital serves poorly as collateral and is therefore particularly exposed to financial market frictions. From the perspective of economic renewal, the financial system should be developed in a direction that better supports intangibles-based growth. --- ## Additional Information **Issn:** 2323-2420, 2323-2439 (Pdf) **Sarja Nro:** 153 **Kieli:** fi **Sarja:** ETLA Working Papers **Sivuja:** 30 **Paivays:** 30.10.2026 **Jel:** D22, E22, G32, O31 **Kansikuva:** https://www.etla.fi/wp-content/uploads/etla-working-papers-153-kansi.jpg **Lataa Pdf:** https://www.etla.fi/wp-content/uploads/ETLA-Working-Papers-153.pdf **Key Words:** Intangible investment, Financing constraint, Research and development, Innovation, Firm **Saatavuus:** 2 **Kirjoittajat:** Pajarinen, Mika - Rouvinen, Petri ## Bibliographic metadata (JSON-LD) ```json { "@context": "https://schema.org", "@type": "ScholarlyArticle", "@id": "https://www.etla.fi/julkaisut/id/ETLA-Working-Papers-153", "headline": "Firms’ Intangible Investments and Financing Constraints: Evidence from Survey Data", "inLanguage": "fi", "publisher": { "@type": "Organization", "name": "ETLA Economic Research", "url": "https://www.etla.fi", "logo": { "@type": "ImageObject", "url": "https://www.etla.fi/wp-content/uploads/logo-etla_logo.svg" } }, "datePublished": "2026-10-30T00:00:00+00:00", "author": [ { "@type": "Person", "name": "Pajarinen, Mika", "url": "https://www.etla.fi/henkilot/pajarinen-mika/", "sameAs": [ "https://orcid.org/0000-0001-9087-5991", "https://scholar.google.com/citations?user=7sGKgwsAAAAJ" ] }, { "@type": "Person", "name": "Rouvinen, Petri", "url": "https://www.etla.fi/henkilot/rouvinen-petri/", "sameAs": [ "https://orcid.org/0000-0002-7666-6971", "https://scholar.google.com/citations?user=qYHEFroAAAAJ", "https://twitter.com/Petri_Rouvinen" ] } ], "abstract": "", "keywords": [ { "@type": "DefinedTerm", "name": "Intangible investment", "@language": "en" }, { "@type": "DefinedTerm", "name": "Financing constraint", "@language": "en" }, { "@type": "DefinedTerm", "name": "Research and development", "@language": "en" }, { "@type": "DefinedTerm", "name": "Innovation", "@language": "en" }, { "@type": "DefinedTerm", "name": "Firm", "@language": "en" } ], "isPartOf": { "@type": "PublicationIssue", "issueNumber": "153", "isPartOf": { "@type": "Periodical", "name": "ETLA Working Papers", "issn": [ "2323-2420", "2323-2439" ] } }, "mainEntityOfPage": "https://www.etla.fi/en/publications/working-papers-en/yritysten-aineettomat-investoinnit-ja-rahoitusrajoitteet-kyselyaineistojen-valossa/", "url": "https://www.etla.fi/en/publications/working-papers-en/yritysten-aineettomat-investoinnit-ja-rahoitusrajoitteet-kyselyaineistojen-valossa/", "hasPart": { "@type": "CreativeWork", "inLanguage": "en", "text": "This report examines the links between firms’ intangible investments and financing constraints using four complementary surveys: the Finnish SME Barometer (autumn 2018 – spring 2026), the Finnish Industry Investment’s (Tesi’s) Growth Company Pulse (2024–2025), the ECB’s SAFE survey (2015–2025), and the EIB Investment Survey, EIBIS (2016–2025). 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