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I propose a theory of debt maturity as an incentive device to motivate innovation when contracts are fundamentally … when contracts are incomplete. I show how an appropriate choice of debt maturity, together with ex-post contract …
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market economies. The primary focus of the study is on competition and market structure, finance and the structure of lending … interpretation of the evidence on competition is that there is an initial move by firms into niches to exploit local market power …. -- Transition ; convergence ; market structure ; competition ; enterprise finance ; enterprise restructuring …
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Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...
Persistent link: https://www.econbiz.de/10010249680
We develop a growth model with endogenous technological progress in which the financial sector plays an explicit role. Thereby we discuss the role of different financial regimes in the growth process. We contrast a bank-dominated financial system with a market-dominated system. In the first one...
Persistent link: https://www.econbiz.de/10010405331
This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing...
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employing the intensity of banking competition at the district level as an exclusion restriction. We can explain the better …
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