Article ID Journal Published Year Pages File Type
5089399 Journal of Banking & Finance 2013 15 Pages PDF
Abstract
► We examine the intersection between tangible asset sales and intangible investment. ► Constrained firms exhibit a strong, positive R&D sensitivity to asset sale proceeds. ► Unconstrained firms show no link between cash inflows from asset sales and R&D. ► Financing frictions appear to have a substantial impact on innovative activity.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Preview
R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment
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