Financing expansion in an international industry: The case of electronics
by Robert R. Miller, John A. Alic
International Journal of Technology Management (IJTM), Vol. 1, No. 1/2, 1986

Abstract: Funding rapid expansion is a challenge that semiconductor companies have shared with manufacturers of small computers and peripherals, software firms, and new entrants in other portions of the US electronics industry. In order to remain competitive, companies in such markets need to be able to finance growth rates that are, in contrast to more mature industries, explosive. Securing funds for rapid expansion &ndash not only of production, but also of R&D and product development – becomes still more difficult when compounded by the increasing capital intensity of some portions of the electronics industry. A prime example, though by no means the only one, is semiconductor manufacture: capital costs are rising due not only to escalating design complexity, but also to much more expensive production and testing equipment for a new generation of chips.

Online publication date: Wed, 27-May-2009

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