Capital control, debt financing and innovative activity

Czarnitzki, Dirk; Kraft, Kornelius

[journal article]

dc.contributor.author	Czarnitzki, Dirk	de
dc.contributor.author	Kraft, Kornelius	de
dc.date.accessioned	2012-04-02T02:50:00Z	de
dc.date.accessioned	2012-08-29T23:10:19Z
dc.date.available	2012-08-29T23:10:19Z
dc.date.issued	2009	de
dc.identifier.uri	http://www.ssoar.info/ssoar/handle/document/29061
dc.description.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]	en
dc.language	en	de
dc.subject.ddc	Wirtschaft	de
dc.subject.ddc	Economics	en
dc.subject.other	Patents; Limited Dependent Variables
dc.title	Capital control, debt financing and innovative activity	en
dc.description.review	begutachtet (peer reviewed)	de
dc.description.review	peer reviewed	en
dc.source.journal	Journal of Economic Behavior & Organization	de
dc.source.volume	71	de
dc.source.issue	2	de
dc.subject.classoz	Management Science	en
dc.subject.classoz	Management	de
dc.subject.classoz	Financial Planning, Accountancy	en
dc.subject.classoz	Finanzwirtschaft, Rechnungswesen	de
dc.subject.thesoz	Corporate Governance	de
dc.subject.thesoz	corporate governance	en
dc.subject.thesoz	Innovation	de
dc.subject.thesoz	innovation	en
dc.identifier.urn	urn:nbn:de:0168-ssoar-290617	de
dc.date.modified	2012-04-02T09:20:00Z	de
dc.rights.licence	PEER Licence Agreement (applicable only to documents from PEER project)	de
dc.rights.licence	PEER Licence Agreement (applicable only to documents from PEER project)	en
ssoar.gesis.collection	SOLIS;ADIS	de
ssoar.contributor.institution	http://www.peerproject.eu/	de
internal.status	3	de
internal.identifier.thesoz	10060799
internal.identifier.thesoz	10047538
dc.type.stock	article	de
dc.type.document	journal article	en
dc.type.document	Zeitschriftenartikel	de
dc.rights.copyright	f	de
dc.source.pageinfo	372-383
internal.identifier.classoz	1090401
internal.identifier.classoz	1090406
internal.identifier.journal	196	de
internal.identifier.document	32
internal.identifier.ddc	330
dc.identifier.doi	https://doi.org/10.1016/j.jebo.2009.03.017	de
dc.description.pubstatus	Postprint	en
dc.description.pubstatus	Postprint	de
internal.identifier.licence	7
internal.identifier.pubstatus	2
internal.identifier.review	1
internal.check.abstractlanguageharmonizer	CERTAIN
internal.check.languageharmonizer	CERTAIN_RETAINED

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Management
Management Science
Finanzwirtschaft, Rechnungswesen
Financial Planning, Accountancy

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