EconStor >
Verein für Socialpolitik >
Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/37156
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHöwer, Danielen_US
dc.contributor.authorSofka, Wolfgangen_US
dc.date.accessioned2010-08-11T09:09:43Z-
dc.date.available2010-08-11T09:09:43Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37156-
dc.description.abstractInvestments in R&D have been identified as a cornerstone for growth and competitive advantages of firms and whole economies. We investigate the role that a firm's main bank plays for its investment in R&D. Existing literature suggests that the inherent information asymmetries of R&D projects make them hardly applicable for bank lending. We challenge this assumption by arguing that banks are heterogeneous with regard to their information processing capabilities. They can benefit from information externalities arising from industry and geographical specialization in their overall loan portfolio. We combine finance as well as innovation management and economics literature to develop this argument. We test our theoretical framework for more than 7,500 firm observations in Germany and their R&D expenditures over a five year time period. A unique database allows us to construct the overall corporate client portfolio of the main bank for each of these firms. Our results show trade-offs in the degree and nature of bank specialization. Industry specialization of a firm's main bank has a u-shaped effect on its R&D investment. Regional specialization, though, has an inverse u-shaped effect. Recommendations on optimal firm-bank combinations for fostering R&D investment can be developed based on these results.en_US
dc.language.isoengen_US
dc.publisherVerein für Socialpolitik Frankfurt a. M.en_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Empirical Studies on Innovation and Financial Constraints A9-V2en_US
dc.subject.jelO32en_US
dc.subject.jelD21en_US
dc.subject.jelD82en_US
dc.subject.ddc330en_US
dc.subject.keywordInnovationen_US
dc.subject.keywordBankingen_US
dc.subject.keywordinformation asymmetriesen_US
dc.subject.keywordmicro-dataen_US
dc.titleInformation Externalities in Bank Based Financing for Private Innovation - Can Specialization Overcome Asymmetries?en_US
dc.typeConference Paperen_US
dc.identifier.ppn654863628-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie

Files in This Item:
File Description SizeFormat
VfS_2010_pid_369.pdf148.41 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.