haku: @author Schiantarelli, F. / yhteensä: 8
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| Tekijä: | Benfratello, L. Schiantarelli, F. Sembenelli, A. |
| Otsikko: | Banks and innovation: Microeconometric evidence on Italian firms |
| Lehti: | Journal of Financial Economics
2008 : NOV, VOL. 90:2, p. 197-217 |
| Asiasana: | banking finance development innovation R&D investments companies Italy |
| Kieli: | eng |
| Tiivistelmä: | Based on a data set on innovation for a large number of Italian firms during the 1990s, this study examines the effect of local banking development (henceforth as: b-d.) on firms' innovative activities. It is shown that b-d. has an effect on the probability of process innovation, especially for firms in high-tech sectors, in sectors more dependent on external finance, and for small firms. The evidence for product innovation is much weaker, and not robust. In addition, b-d. is indicated to reduce the cash flow sensitivity of fixed investment spending, particularly for small firms. It is indicated to increase their probability to get engaged in R&D. |
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