Microeconometric Evidence of Financing Frictions and Innovative Activity
نویسندگان
چکیده
منابع مشابه
Investment Frictions versus Financing Frictions
Bertola/Caballero (1994) and Abel/Eberly (1996) extended Jorgensons classical model of rmsoptimal investment. By introducing investment frictions, they were able to capture the role of future anticipations in investment decisions as well as the lumpy and intermittent nature of investment dynamics. We extend Jorgensons model to the other direction of nancing frictions. We construct a model ...
متن کاملCapital Control, Debt Financing and Innovative Activity
The present paper first discusses theoretically the different incentives of managerversus owner-controlled firms for investment into innovative activity. In addition, the role of debt financing is analyzed. Subsequently the results from an empirical study on the determinants of innovative activity measured by patent applications are presented. A sample of German firms covering 2,793 observation...
متن کاملFinancing Frictions and the Substitution Between Internal and External Funds*
Ample evidence points to a negative relation between internal funds (profitability) and the demand for external funds (debt issuance). This relation has been interpreted as evidence supporting the pecking order theory. We show, however, that the negative effect of internal funds on the demand for external financing is concentrated among firms that are least likely to face high external financin...
متن کاملPolitical Connection, Financing Frictions, and Corporate Investment: Evidence from Chinese Listed Family Firms
Using a sample of Chinese family firms from 2000 to 2007, we investigate whether the political connection of the family firms will help them to reduce the frictions they face in external financing in a relationship-based economy. We find that political connectedness of family firms could reduce their investment-cash flow sensitivity. More interestingly, this political connectedness effect exist...
متن کاملThe financing of innovative firms
Bronwyn H. Hall ([email protected]) is Professor in the Graduate School, University of California at Berkeley and Professor of Technology and the Economy at the University of Maastricht. She is also a Research Associate of the National Bureau of Economic Research (NBER) in Cambridge (MA) and the Institute for Fiscal Studies, London. To what extent are new and/or innovative firms fundamen...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2153767