Liquidity, innovation, and endogenous growth
نویسندگان
چکیده
منابع مشابه
Liquidity, Innovation, and Endogenous Growth∗
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that while financing frictions prompt firms to decrease production, they may also spur investment in innovation. We examine which types of firms substitute production for innovation in response to negative operating shock...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2019
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2018.11.002