The purpose of the article is to provide some evidence on the interconnection between capital structure, R&D investment and ownership concentration using a unique panel data-set of Italian firms. We study the effect of R&D intensity on leverage for two groups of firms which are different in terms of their degree of ownershipconcentration. Our results suggest for Public Limited Companies, a nonlinear relationship between R&D intensity and leverage, with the latter first increasing and then decreasing. Interestingly, the same result is not found to hold true for Private Limited Companies, which are characterized by a more concentrated ownership.

Bragoli, D., Cortelezzi, F., Marseguerra, G., R&D, capital structure and ownership concentration: evidence from Italian microdata, <<INDUSTRY AND INNOVATION>>, 2016; 23 (3): 223-243. [doi:10.1080/13662716.2016.1145573] [http://hdl.handle.net/10807/74683]

R&D, capital structure and ownership concentration: evidence from Italian microdata

Bragoli, Daniela
Primo
;
Cortelezzi, Flavia
Secondo
;
Marseguerra, Giovanni
Ultimo
2016

Abstract

The purpose of the article is to provide some evidence on the interconnection between capital structure, R&D investment and ownership concentration using a unique panel data-set of Italian firms. We study the effect of R&D intensity on leverage for two groups of firms which are different in terms of their degree of ownershipconcentration. Our results suggest for Public Limited Companies, a nonlinear relationship between R&D intensity and leverage, with the latter first increasing and then decreasing. Interestingly, the same result is not found to hold true for Private Limited Companies, which are characterized by a more concentrated ownership.
Inglese
Bragoli, D., Cortelezzi, F., Marseguerra, G., R&D, capital structure and ownership concentration: evidence from Italian microdata, <<INDUSTRY AND INNOVATION>>, 2016; 23 (3): 223-243. [doi:10.1080/13662716.2016.1145573] [http://hdl.handle.net/10807/74683]
File in questo prodotto:
File Dimensione Formato  
R D capital structure and ownership concentration evidence from Italian microdata.pdf

non disponibili

Tipologia file ?: Versione Editoriale (PDF)
Licenza: Non specificato
Dimensione 1.4 MB
Formato Unknown
1.4 MB Unknown   Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10807/74683
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 12
  • ???jsp.display-item.citation.isi??? 11
social impact