| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19708 |
| 来源ID | Working Paper 19708 |
| Financial Dependence and Innovation: The Case of Public versus Private Firms | |
| Viral V. Acharya; Zhaoxia Xu | |
| 发表日期 | 2013-12-05 |
| 出版年 | 2013 |
| 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 ; Corporate Finance ; Development and Growth ; Development ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w19708 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577383 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Zhaoxia Xu. Financial Dependence and Innovation: The Case of Public versus Private Firms. 2013. |
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