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]
- Extent
-
Seite(n): 372-383
- Language
-
Englisch
- Notes
-
Status: Postprint; begutachtet (peer reviewed)
- Bibliographic citation
-
Journal of Economic Behavior & Organization, 71(2)
- Subject
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Wirtschaft
Management
Finanzwirtschaft, Rechnungswesen
Corporate Governance
Innovation
- Event
-
Geistige Schöpfung
- (who)
-
Czarnitzki, Dirk
Kraft, Kornelius
- Event
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Veröffentlichung
- (when)
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2009
- DOI
- URN
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urn:nbn:de:0168-ssoar-290617
- Rights
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GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
- Last update
-
21.06.2024, 4:26 PM CEST
Data provider
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln. If you have any questions about the object, please contact the data provider.
Object type
- Zeitschriftenartikel
Associated
- Czarnitzki, Dirk
- Kraft, Kornelius
Time of origin
- 2009
Other Objects (12)
Capital Control, Debt Financing and Innovative Activity
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Extent and Evolution of the Productivity Gap in Eastern Germany
Capital Control, Debt Financing and Innovative Activity
Patent collateral and access to debt
Collaborative R&D as a strategy to attenuate financing constraints
Management Control and Innovative Activity
R&D Investment and Financing Constraints of Small and Medium-Sized Firm
On the Profitability of Innovative Assets
Young innovative companies: The new high-growth firms?
Firm leadership and innovative performance: evidence from seven EU Countries
Research and development: financial constraints and the role of public funding for small and medium-sized enterprises
The virtue of industry-science collaborations
Die Auswirkungen der Forschungs- und Technologiepolitik auf die Innovationsaktivitäten ostdeutscher Unternehmen
Extent and Evolution of the Productivity Gap in Eastern Germany
Capital Control, Debt Financing and Innovative Activity
Patent collateral and access to debt
Collaborative R&D as a strategy to attenuate financing constraints
Management Control and Innovative Activity
R&D Investment and Financing Constraints of Small and Medium-Sized Firm
On the Profitability of Innovative Assets
Young innovative companies: The new high-growth firms?
Firm leadership and innovative performance: evidence from seven EU Countries
Research and development: financial constraints and the role of public funding for small and medium-sized enterprises
The virtue of industry-science collaborations
Die Auswirkungen der Forschungs- und Technologiepolitik auf die Innovationsaktivitäten ostdeutscher Unternehmen