Informed finance and technological change: Evidence from credit relationships

• 成果类型: Article
• 署名作者: Herrera, Ana Maria; Minetti, Raoul
• 署名单位: Michigan State University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2005.12.001
• 发表日期: 2007
• 页码: 223-269
• 关键词: banks; Credit relationships; technological change

摘要

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. (c) 2006 Elsevier B.V. All rights reserved.