haku: @indexterm Corporate finance / yhteensä: 722
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| Tekijä: | Aghion, P. (et al.) |
| Otsikko: | Technology and financial structure: are innovative firms different? |
| Lehti: | Journal of the European Economic Association
2004 : APR-MAY, VOL. 2:2-3, p. 277-288 |
| Asiasana: | corporate finance innovation r&d technology United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | Data on publicly traded UK companies is used to investigate whether financing choices differ systematically with R&D intensity. As well as looking at a balance sheet measure of the debt/asset ratio, the probability of raising finance by issuing new equity, and the shares of bank debt and secured debt in total debt are also considered. A nonlinear relationship is found with the debt/asset ratio: companies that report positive but low R&D use more debt finance than companies that report no R&D, but the use of debt finance falls with R&D intensity among those companies that report R&D. |
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