Product Innovation and Credit Market Disruptions

• 成果类型: Article
• 署名作者: Granja, Joao; Moreira, Sara
• 署名单位: University of Chicago; Northwestern University; Center for Economic & Policy Research (CEPR)
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhac064
• 发表日期: 2023
• 页码: 1930
• 关键词: capital structure; lending relationships; Financial dependence; corporate-investment; SHOCKS AFFECT; FIRMS; GROWTH; EMPLOYMENT; debt; decisions

摘要

We provide new evidence that disruptions in firms' access to credit during the Global Financial Crisis significantly affected product innovation in the consumer goods sector. We combine highly granular retail scan data with lending data and find that credit-constrained firms introduced fewer new products, those products were less novel, and new products sold less well. Overall, these findings suggest that disruptions to credit markets impair firms' ability to compete for profits through new product offerings.