کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960031 | 929401 | 2007 | 47 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Informed finance and technological change: Evidence from credit relationships Informed finance and technological change: Evidence from credit relationships](/preview/png/960031.png)
This paper empirically investigates the effect of “informed finance” on technological change. The theoretical literature offers conflicting predictions on whether the information of financiers fosters or inhibits firms’ innovation. Using data from a sample of Italian manufacturing firms, we find that the information of firms’ main banks, proxied by the duration of credit relationships, promotes innovation. This positive effect is economically and statistically more significant for product than for process innovations. Nonetheless, the role of relationship banks in innovation is quite unsophisticated: they do not foster internal research but rather fund the relevant investments that the introduction and acquisition of new technologies entails.
Journal: Journal of Financial Economics - Volume 83, Issue 1, January 2007, Pages 223–269