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Capital control, debt financing and innovative activity


Czarnitzki, Dirk; Kraft, Kornelius


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-290617

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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. 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]
Thesaurusschlagwörter innovation; corporate governance
Klassifikation Management; Finanzwirtschaft, Rechnungswesen
Freie Schlagwörter Patents; Limited Dependent Variables
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 372-383
Zeitschriftentitel Journal of Economic Behavior & Organization, 71 (2009) 2
DOI http://dx.doi.org/10.1016/j.jebo.2009.03.017
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)