Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition

被引：527

作者：

Ayyagari, Meghana ^{[1
]}

Demirguec-Kunt, Asli ^{[2
]}

Maksimovic, Vojislav ^{[3
]}

机构：

[1] George Washington Univ, Sch Business, Washington, DC 20052 USA

[2] World Bank, Washington, DC 20433 USA

[3] Univ Maryland, Smith Sch Business, College Pk, MD 20742 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2011年 / 46卷 / 06期

基金：

美国国家科学基金会;

关键词：

PRODUCT-MARKET; CORPORATE GOVERNANCE; FAMILY OWNERSHIP; DOMESTIC FIRMS; PERFORMANCE; ENVIRONMENT; INVESTMENT; GROWTH; STATE; CONSTRAINTS;

D O I：

10.1017/S0022109011000378

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the firm characteristics associated with innovation in over 19,000 firms across 47 developing economies. While existing finance literature on innovation is limited to large public firms in developed markets such as the United States, our database includes public and private firms, and small and medium-sized enterprises. We define innovation broadly to include introduction of new products and technologies, knowledge transfers, and new production processes. We find that access to external financing is associated with greater firm innovation. Further, having highly educated managers, ownership by families, individuals, or managers, and exposure to foreign competition is associated with greater firm innovation.

引用

页码：1545 / 1580

页数：36

共 102 条

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