Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 2006
We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison … of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on … firm value proxied by ratings in Western Germany, but a negative impact in Eastern Germany. We also consider future …