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Size matters : "Over" investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10010469958
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Size matters : "over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2018
The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...
Persistent link: https://www.econbiz.de/10011895831
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All you need is cash : corporate cash holdings and investment after the global financial crisis
Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021
Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … persistent and growing investment gap. The amplification effect was present for SMEs with both volatile and stable cash holdings …
Persistent link: https://www.econbiz.de/10012509557
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Are there financing constraints for R&D and investment in German manufacturing firms?
Harhoff, Dietmar - 1996
Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the … time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to … account, but a significant positive relationship between cash flow and investment remains for relatively small firms. In the …
Persistent link: https://www.econbiz.de/10011621855
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Public policy for start-up entrepreneurship with venture capital and bank finance
Keuschnigg, Christian; Nielsen, Søren Bo - 2003
This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially …
Persistent link: https://www.econbiz.de/10011514147
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Taxation, financing, and corporate investment : a model of the real and financial decisions of the firm
Nadeau, Serge J.; Strauss, Robert P. - 1991
Persistent link: https://www.econbiz.de/10000970175
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Subsidies and innovation in the recent financial crisis
Giebel, Marek; Kraft, Kornelius - 2021
We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing...
Persistent link: https://www.econbiz.de/10012793582
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R&D investment under financing constraints
Giebel, Marek; Kraft, Kornelius - 2020
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10012196342
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Are there financing constraints for R&D and investment in German manufacturing firms?
Harhoff, Dietmar - 1996
Persistent link: https://www.econbiz.de/10000647702
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Investor tax breaks and financing for start-ups : evidence from China
Güçeri, İrem; Hou, Xipei; Xing, Jing - 2024
deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases … substitution between eligible and non-eligible investments. There is no evidence that the tax incentive lowers investment quality …
Persistent link: https://www.econbiz.de/10014564279