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Innovation in business groups
Belenzon, Sharon; Berkovitz, Tomer - London School of Economics (LSE) - 2007
Using novel data on European firms, this paper examines the effect of business group affiliation on innovation. We find … that business groups foster the scale and novelty of corporate innovation. Group affiliation is particularly important in … industries that rely more on external finance and have a higher degree of information asymmetry. We also find that the innovation …
Persistent link: https://www.econbiz.de/10010746363
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The effect of credit rationing on the shape of the competition-innovation relationship
Bena, Jan - London School of Economics (LSE) - 2009
Using a dynamic model of a step-by-step innovation race between financially constrained firms, I study how financial … constraints affect innovation activity. The novel theoretical results derive from an analysis of the interaction between the … incentive effect of competition on innovation and the effect competition has on the degree of credit rationing. I find that the …
Persistent link: https://www.econbiz.de/10010745834
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Recovering the sunk costs of R&D: the moulds industry case
Santos, Carlos Daniel - London School of Economics (LSE) - 2009
Sunk costs for R&D are an important determinant of the level of innovation in the economy. In this paper I recover them … created the incentives for firms to pay the costs of investment. Trade-induced innovation reinforced the selection effect by …
Persistent link: https://www.econbiz.de/10010745785
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Information technology, organisational change and productivity growth: evidence from UK firms
Crespi, Gustavo; Criscuolo, Chiara; Haskel, Jonathan - London School of Economics (LSE) - 2007
We examine the relationships between productivity growth, IT investment and organisational change (∆O) using UK firm data. Consistent with the small number of other micro studies we find (a) IT appears to have high returns in a growth accounting sense when ∆O is omitted; when ∆O is included...
Persistent link: https://www.econbiz.de/10011071253
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Strong managers, weak boards?
Adams, Renee B.; Ferreira, Daniel - London School of Economics (LSE) - 2009
Many governance reform proposals are based on the view that boards have been too friendly to executives, for example, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they have systematically failed to function in the interests of...
Persistent link: https://www.econbiz.de/10011126080
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Corporate R&D and productivity in Germany and the United Kingdom
Bond, Stephen; Harhoff, Dietmar; Van Reenen, John - London School of Economics (LSE) - 2003
This paper analyzes differences in R&D spending and in the impact of R&D on productivity between German and UK firms. We confirm that German firms spend significantly larger amounts on R&D than their UK counterparts, even after controlling for firm size and industry effects. Using a dynamic...
Persistent link: https://www.econbiz.de/10010745353
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Underinvestment and market structure
Nocke, Volker - London School of Economics (LSE) - 1998
This paper analyses a dynamic game of investment in R&D or advertising, where current investments change future market conditions. It investigates whether underinvestment can be supported in equilibrium by the threat of escalation in investment outlays. When there are no spillovers, or there is...
Persistent link: https://www.econbiz.de/10010745545
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Investment, R&D and financial constraints in Britain and Germany
Bond, Stephen; Harhoff, Dietmar; Van Reenen, John - London School of Economics (LSE) - 2003
This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in two countries between 1985 and 1994. For German firms, cash flow is not informative in simple econometric models of fixed investment or R&D. In identical specifications for...
Persistent link: https://www.econbiz.de/10010884496
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A general analysis of sequential merger games with an application to cross-border mergers
Salvo, Alberto - London School of Economics (LSE) - 2004
This paper seeks to uncover why the pattern of equilibria in sequential merger games of a certain type is similar across a fairly wide class of models much studied in the literature. By developing general conditions characterising each element of the set of possible equilibria, I show that the...
Persistent link: https://www.econbiz.de/10010745143
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Coordinating tasks in M-form and U-form organisations
Qian, Yingyi; Roland, Gerard; Xu, Cheng-Gang - London School of Economics (LSE) - 2003
compare the performance of organisational forms (M-form and U-form) in implementing changes such as innovation and reform. In … more innovation and reform. The theory is illustrated by the organisational differences between China and the former Soviet …
Persistent link: https://www.econbiz.de/10010928762