This paper discusses the incentives for innovation when liability is limited or not. Clearly innovative activity involves risk. On the one hand, the risk of firm owners is limited if their liability is limited. On the other hand credits will be more difficult to receive if liability is limited....

According to the prospect theory financial investors tend to sell winners too early and ride losers too long. Therefore, demand for financial advise should be high in a bull market and low in a bear market. Thus, we test the hypothesis whether the demand for business magazines is somehow related...

This paper discusses theoretically the different incentives of managers versus firm owners to invest in innovative activities. There are opposing effects concerning R&D intensity in the manager-controlled firm. Our study on the determinants of R&D intensity presents empirical results concerning...

Since the German reunification, Eastern German firms are prioritized in public policy schemes. This study analyzes the impact of public technology policies on innovation of firms located in Eastern Germany. The main question is whether public funding stimulates innovation activities or whether...

This paper considers the effect of different firm leadership on the innovative performance of firms from seven EU countries. We investigate whether owner-led or manager-led firms achieve a larger share of their turnover with product innovations. Economic theory does not propose clear answers to...

In dieser Arbeit werden die verschiedenen Anreize für Manager im Vergleich zu Unternehmenseignern untersucht, Innovationen durchzuführen. Bei den Anreizen treten gegenläufige Effekte der Innovationsanstrengungen auf. Unsere Untersuchung über die Determinanten des Innovationserfolges liefert...