Banks and innovation: Microeconometric evidence on Italian firms

• 成果类型: Article
• 署名作者: Benfratello, Luigi; Schiantarelli, Fabio; Sembenelli, Alessandro
• 署名单位: University of Turin; Consiglio Nazionale delle Ricerche (CNR); Boston College; IZA Institute Labor Economics; Collegio Carlo Alberto
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2008.01.001
• 发表日期: 2008
• 页码: 197-217
• 关键词: banks; financial development; INNOVATION; R&D; INVESTMENT

摘要

In this paper we investigate the effect of local banking development on firms' innovative activities, using a rich data set on innovation for a large number of Italian firms over the 1990s. There is evidence that banking development affects the probability Of Process innovation, particularly for firms in high-tech sectors, in Sectors more dependent upon external finance, and for firms that are small. The evidence for product innovation is much weaker and not robust. There is also some evidence that banking development reduces the cash flow sensitivity of fixed investment spending, particularly for small firms, and that it increases the probability they will engage in R&D. (C) 2008 Elsevier B,V. All rights reserved.