In this paper, we examine the relation between innovation and a firm's financial dependence using a sample of privately … do not have a better innovation profile than private firms. The results are robust to various empirical strategies that … address selection bias. The findings indicate that the influence of public listing on innovation depends on the need for …

This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms. We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …