Journal article | Zeitschriftenartikel
Capital control, debt financing and innovative activity
"The present paper discusses the effects of dispersed versus concentrated capital ownership on investment into innovative activity. While the market for equity capital might exert insufficient control on top managements’ behavior, this weakness may be mitigated by a suitable degree of debt financing. We report the results of an empirical study on the determinants of innovative activity measured by patent applications. Using a large sample of German manufacturing firms, we find that companies with widely held capital stock are more active in innovation, i.e. weakly controlled managers show a higher innovation propensity. However, the higher the leverage the more disciplined the managers behave." [author's abstract]
- Umfang
-
Seite(n): 372-383
- Sprache
-
Englisch
- Anmerkungen
-
Status: Postprint; begutachtet (peer reviewed)
- Erschienen in
-
Journal of Economic Behavior & Organization, 71(2)
- Thema
-
Wirtschaft
Management
Finanzwirtschaft, Rechnungswesen
Corporate Governance
Innovation
- Ereignis
-
Geistige Schöpfung
- (wer)
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Czarnitzki, Dirk
Kraft, Kornelius
- Ereignis
-
Veröffentlichung
- (wann)
-
2009
- DOI
- URN
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urn:nbn:de:0168-ssoar-290617
- Rechteinformation
-
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
- Letzte Aktualisierung
-
21.06.2024, 16:26 MESZ
Datenpartner
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GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Zeitschriftenartikel
Beteiligte
- Czarnitzki, Dirk
- Kraft, Kornelius
Entstanden
- 2009
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