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Capital control, debt financing and innovative activity

[journal article]

Czarnitzki, Dirk
Kraft, Kornelius

Abstract

"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... view more

"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]... view less

Keywords
corporate governance; innovation

Classification
Management Science
Financial Planning, Accountancy

Free Keywords
Patents; Limited Dependent Variables

Document language
English

Publication Year
2009

Page/Pages
p. 372-383

Journal
Journal of Economic Behavior & Organization, 71 (2009) 2

DOI
https://doi.org/10.1016/j.jebo.2009.03.017

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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