G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9829
DP9829 Financial Dependence and Innovation: The Case of Public versus Private Firms
Viral Acharya
发表日期2014-02-09
出版年2014
语种英语
摘要This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the innovation activities of privately-held and publicly-traded firms We find that public firms in external finance dependent industries generate patents of higher quantity, quality, and novelty compared to their private counterparts, while public firms in internal finance dependent industries do not have a significantly better innovation profile than matched private firms. The results are robust to various empirical strategies that address selection bias. The findings suggest that public listing is beneficial to the innovation of firms in industries with a greater need for external capital.
主题Financial Economics
关键词Private firms Public firms Innovation R&d Finance and growth Financial constraints
URLhttps://cepr.org/publications/dp9829
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538665
推荐引用方式
GB/T 7714
Viral Acharya. DP9829 Financial Dependence and Innovation: The Case of Public versus Private Firms. 2014.
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