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The aim of this study was to identify and assess the factors influencing the increase in the financial energy of a farm through the use of external capital, taking into account the farmer’s and farm characteristics. For its implementation, a logistic regression model and a classification-regression tree analysis (CRT) were used. The study was conducted on a group of farms in Central Pomerania (Poland) participating in the system of collecting and using data from farms (Farm Accountancy Data Network—FADN). Data on 348 farms were used for the analyses, obtained through a survey conducted in 2020 with the use of a questionnaire. Based on the analysis of the research results presented in the literature to date, it was established that the use of external capital in a farm as a factor increasing financial energy is determined, on the one hand, by the socio-demographic characteristics of the farmer and the characteristics of the farm, and on the other hand, by the availability of external financing sources. Factors relating to the first of these aspects were taken into account in the study. Using the logistic regression model, it was established that the propensity to indebtedness of farms is promoted by the following factors: gender of the head of the household (male, GEND), younger age of the head of the household (AGE), having a successor who will take over the farm in the future (SUC), higher value of generated production (PROD_VALUE), larger farm area (AREA) and multi-directional production of the farm (production diversification), as opposed to targeting plant or animal production only (farm specialization—SPEC). The results of the analysis carried out with the use of classification and regression trees (CRT) showed that the key factors influencing the use of outside capital as a source of financial energy in the agricultural production process are, first of all, features relating to an agricultural holding: the value of generated production (PROD_VALUE), agricultural area (AREA) and production direction (SPEC). The age of the farm manager (AGE) turned out to be of key importance among the farmer’s features favoring the tendency to take debt in order to finance agricultural activity. Full article

Although many studies examine the influence of external factors (e.g., financial development, institutional condition, government intervention, and degree of marketization) on firms’ innovation behavior, they are rarely related to the core issue of heterogeneity in entrepreneurship. The different levels of entrepreneurs’ characteristics usually mean huge differences in the skill level or efficiency of firms. Thus, the differences that exist in innovation ability and innovation behavior also reflect the difference of susceptibility to external factors. The core issue of heterogeneity determines not only the self-choice mode of a firm’s innovation but also the degree and pattern of an internal condition imposed by external factors, and it then influences the firm’s innovation behavior. Based on the perspective of entrepreneurship, this paper integrates heterogeneous trade theory into firms’ R&D analysis frameworks by using the data of listed companies on the Growth Enterprise Market to explore the heterogeneous influence mechanism of financial development and government intervention on firms’ R&D input. First, by constructing a theoretical model, this study finds that the innovation self-choice phenomenon exists in heterogeneous firms. A higher financial development and a lower government intervention lead to an increase in firms’ R&D input benefits. Second, the empirical research finds that financial development reduces the innovation‒cash flow sensitivity. Moreover, the reduction of government intervention alleviates the degree of capital misallocation of financial development and promotes R&D input. Third, as a moderator variable, entrepreneurs’ risk-taking propensity strengthens the promotion effect of financial development and government intervention on firms’ R&D investment. Financial development would strengthen the effect of government intervention on innovation self-choice behavior. Full article