dc.contributor.author | Aghion, Philippe | |
dc.contributor.author | Bond, Stephen | |
dc.contributor.author | Klemm, Alexander | |
dc.contributor.author | Marinescu, Ioana | |
dc.date.accessioned | 2009-07-28T15:59:58Z | |
dc.date.issued | 2004 | |
dc.identifier.citation | Aghion, Philippe, Stephen Bond, Alexander Klemm, and Ioana Marinescu. 2004. Technology and financial structure: Are innovative firms different? Journal of the European Economic Association 2(2-3): 277-288. | en |
dc.identifier.issn | 1542-4774 | en |
dc.identifier.issn | 1542-4766 | en |
dc.identifier.uri | http://nrs.harvard.edu/urn-3:HUL.InstRepos:3200323 | |
dc.description.abstract | We use data on publicly traded U.K. firms to investigate whether financing choices differ systematically with R&D intensity. As well as looking at a balance sheet measure of the debt/assets ratio, we also consider the probability of raising finance by issuing new equity, and the shares of bank debt and secured debt in total debt. We find a nonlinear relationship with the debt/assets ratio: firms that report positive but low R&D use more debt finance than firms that report no R&D, but the use of debt finance falls with R&D intensity among those firms that report R&D. We find a simpler relationship with the probability of issuing new equity: Firms that report R&D are more likely to raise funds by issuing shares than firms that report no R&D, and this probability increases with R&D intensity. The shares of bank debt and secured debt in total debt are both lower for firms that report R&D compared to those that do not, and tend to fall as R&D intensity rises. We discuss possible explanations for these patterns. | en |
dc.description.sponsorship | Economics | en |
dc.language.iso | en_US | en |
dc.publisher | MIT Press | en |
dc.relation.isversionof | http://dx.doi.org/10.1162/154247604323067989 | en |
dash.license | LAA | |
dc.title | Technology and Financial Structure: Are Innovative Firms Different? | en |
dc.type | Journal Article | |
dc.description.version | Version of Record | |
dc.relation.journal | Journal of the European Economic Association | en |
dash.depositing.author | Aghion, Philippe | |
dc.identifier.doi | 10.1162/154247604323067989 | * |
dash.contributor.affiliated | Aghion, Philippe | |