Hai, Benlu; Yin, Ximing; Xiong, Jie; Chen, Jin - In: Financial innovation : FIN 8 (2022), pp. 1-26
innovation output and economic returns remain mixed. In this study, we develop the profiting from innovation (PFI) framework and … address the crucial role of financial constraints in the relationship between innovation output and financial performance. We …, leading to a U-shaped relationship between firms' innovation output and financial performance. We further document the …