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This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The...
Persistent link: https://www.econbiz.de/10010300385
This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The...
Persistent link: https://www.econbiz.de/10008494188
The paper considers the impact of multiple shareholder-oriented governance practices on R&D decisions. Based on a sample of 5,713 firms belonging to 110 large French listed business groups, our results substantiate the idea that shareholder-oriented governance practices and a lower position in a...
Persistent link: https://www.econbiz.de/10004973302
); reduce investment drastically (by 19); and reduce very substantially process innovation and information technology investment …
Persistent link: https://www.econbiz.de/10010746023
We introduce a novel empirical strategy to measure credit shocks. Theoretically, we show that credit shocks reduce the value of long term investments relative to short term ones. Under the (conservative) assumption that demand shocks affect short and long run investments similarly, credit shocks...
Persistent link: https://www.econbiz.de/10010711338
In innovation contests, the progress of the competing firms in the innovation process is usually their private … information. We analyze an innovation contest in which research firms have a stochastic technology to develop innovations at a …
Persistent link: https://www.econbiz.de/10010293366
I study the incentives of Cournot duopolists to share their technologies with their competitor in markets where intellectual property rights are absent and imitation is costless. The trade-off between a signaling effect and an expropriation effect determines the technology-sharing incentives. In...
Persistent link: https://www.econbiz.de/10010266975
The imperfect appropriability of revenues from innovation affects the incentives of firms to invest, and to disclose … information about their innovative productivity. It creates a free-rider effect in the competition for the innovation that … strategic disclosure for the firms.profits and the probability of innovation. …
Persistent link: https://www.econbiz.de/10005772764