Credit supply and corporate innovation

被引:691
作者
Amore, Mario Daniele
Schneider, Cedric [1 ]
Zaldokas, Alminas [2 ]
机构
[1] Copenhagen Business Sch, Copenhagen, Denmark
[2] Hong Kong Univ Sci & Technol, Hong Kong, Hong Kong, Peoples R China
关键词
Financial development; Banking deregulation; Innovation; Risk diversification; RESEARCH-AND-DEVELOPMENT; FINANCIAL CONSTRAINTS; KNOWLEDGE SPILLOVERS; BANKING DEREGULATION; INDUSTRY STRUCTURE; PATENT CITATIONS; CASH FLOW; GROWTH; INVESTMENT; ENTREPRENEURSHIP;
D O I
10.1016/j.jfineco.2013.04.006
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We present evidence that banking development plays a key role in technological progress. We focus on manufacturing firms' innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities across US states during the 1980s and 1990s. We find that interstate banking deregulation had significant beneficial effects on the quantity and quality of innovation activities, especially for firms highly dependent on external capital and located closer to entering banks. Furthermore, we find that these results are strongly driven by a greater ability of deregulated banks to geographically diversify credit risk. (c) 2013 Elsevier B.V. All rights reserved.
引用
收藏
页码:835 / 855
页数:21
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