Bação, PedroMartins, AntónioPortela, Miguel2026-03-302026-03-302026-05-01Bação, P., Martins, A., & Portela, M. (2026). Private financing, R&D, and export activity: evidence from Portugal. Economics Letters, 263, Article 112876. https://doi.org/10.1016/j.econlet.2026.1128760165-1765e776d969-6063-4a42-b247-8faffa4b11cehttp://hdl.handle.net/10400.14/57432Using 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.engExportsPrivate debtPrivate equityResearch and development (R&D)research article10.1016/j.econlet.2026.112876105035677271001717468400001