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dc.contributor.authorHoewer, Danielen_US
dc.contributor.authorSchmidt, Tobiasen_US
dc.contributor.authorSofka, Wolfgangen_US
dc.date.accessioned2011-09-02en_US
dc.date.accessioned2011-09-29T15:45:24Z-
dc.date.available2011-09-29T15:45:24Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/49999-
dc.description.abstractInformation economics has emerged as the primary theoretical lens for framing financing decisions in firm R&D investment. Successful outcomes of R&D projects are either ex-ante impossible to predict or the information is asymmetrically distributed between inventors and investors. As a result, bank lending for firm R&D has been rare. However, firms can signal the value of their R&D activities and as a result reduce the information deficits that block the availability of external funding. In this study we focus on three types of signals: Firm's existing patent stock, the presences of a joint venture investor and whether the firm has received a government R&D subsidy. We argue theoretically that all of these signals have the potential to alter the risk assessment of the firm's main bank. Additionally, we explore heterogeneities in these risk assessments arising from the industry level and the main bank's portfolio. We test our theoretical predictions for a sample of more than 7,000 firm observations in Germany over a multi-year period. Our theoretical predictions are only supported for firms' past patent activity while other signals fail to alter the risk assessment of a firm's main bank. Besides, we confirm that the risk evaluation is not randomly distributed across bank-firm dyads but depends on industry and bank characteristics.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 11-055en_US
dc.subject.jelO32en_US
dc.subject.jelD82en_US
dc.subject.jelG30en_US
dc.subject.ddc330en_US
dc.subject.keywordInnovationen_US
dc.subject.keywordbankingen_US
dc.subject.keywordinformation asymmetryen_US
dc.subject.stwForschungsfinanzierungen_US
dc.subject.stwIndustrielle Forschungen_US
dc.subject.stwSignallingen_US
dc.subject.stwBanken_US
dc.subject.stwLieferanten-Kunden-Beziehungen_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwAsymmetrische Informationen_US
dc.subject.stwTheorieen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleAn information economics perspective on main bank relationships and firm R&Den_US
dc.typeWorking Paperen_US
dc.identifier.ppn667618287en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:zewdip:11055-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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