This paper analyzes the relationship between financial structure and innovation. Analysis of cross-country micro data over 2009–18 shows that a firm’s financial sources matter for the choice to innovate and the extent to which a firm innovates. The relationship is stronger for firms relying on non-bank financial intermediaries and for firms in low-technology sectors. Moreover, the use of external sources of finance is associated with improved prospects...
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INFORMATION
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2021/05/24
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Document de travail de recherche sur les politiques
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WPS9670
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1
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1
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2021/05/24
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Disclosed
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Financial Structure and Firm Innovation : Evidence from around the World
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Fixed Assets
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