Political instability, access to private debt, and innovation investment in China

Douglas Cumming; Oliver Meng Rui; Yiping Wu

doi:10.1016/j.ememar.2016.08.013

Political instability, access to private debt, and innovation investment in China

Douglas Cumming (First Author), Oliver Meng Rui (Participant Author), Yiping Wu (Participant Author)

金融学

科研成果: 期刊稿件 › 期刊论文

54 引用 (Web of Science)

摘要

We provide evidence from China that access to loans positively affects the probability that a firm will invest in innovation. However, the positive effect of private debt on innovation investment is significantly moderated by political instability. The cost of political instability on innovation is less severe when the entrepreneur has political connections to party leaders. Furthermore, we show that political connections increase the probability that an entrepreneur has access to direct governmental support for innovation investment. These findings are more. pronounced for technology intensive industries.

源语言	英语
页（从-至）	68-81
期刊	Emerging Markets Review
卷	29
DOI	https://doi.org/10.1016/j.ememar.2016.08.013
州	已出版 - 2016

Corresponding author email

wu.yiping@shufe.edu.cn

Project name

国家自然基金：企业创新的财政激励机制扭曲：形成机制、经济后果与改革策略;;其他：Social Sciences and Humanities Research Council of Canada

Project sponsor

其他

Project No.

企业创新的财政激励机制扭曲：形成机制、经济后果与改革策略：71673174;;Social Sciences and Humanities Research Council of Canada：435-2012-1725

关键词

CONNECTED FIRMS
China
ECONOMETRIC EVALUATION ESTIMATOR
Innovation
MARKET
PERFORMANCE
PROPERTY-RIGHTS
Political instability
Private debt
TRANSITION
TURNOVER

成果物的来源

ABDC-A
Scopus
SSCI

联合国可持续发展目标

此成果有助于实现下列可持续发展目标：

访问文件

10.1016/j.ememar.2016.08.013许可: CC BY-NC-ND

OpenUrl 可用性

全文

其它文件与链接

View record in Web of Science

引用此

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abstract = "We provide evidence from China that access to loans positively affects the probability that a firm will invest in innovation. However, the positive effect of private debt on innovation investment is significantly moderated by political instability. The cost of political instability on innovation is less severe when the entrepreneur has political connections to party leaders. Furthermore, we show that political connections increase the probability that an entrepreneur has access to direct governmental support for innovation investment. These findings are more. pronounced for technology intensive industries.",

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year = "2016",

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journal = "Emerging Markets Review",

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AU - Cumming, Douglas

AU - Rui, Oliver Meng

AU - Wu, Yiping

PY - 2016

Y1 - 2016

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KW - ECONOMETRIC EVALUATION ESTIMATOR

KW - Innovation

KW - MARKET

KW - PERFORMANCE

KW - PROPERTY-RIGHTS

KW - Political instability

KW - Private debt

KW - TRANSITION

KW - TURNOVER

KW - CONNECTED FIRMS

KW - China

KW - ECONOMETRIC EVALUATION ESTIMATOR

KW - Innovation

KW - MARKET

KW - PERFORMANCE

KW - PROPERTY-RIGHTS

KW - Political instability

KW - Private debt

KW - TRANSITION

KW - TURNOVER

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DO - 10.1016/j.ememar.2016.08.013

M3 - Journal

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SP - 68

EP - 81

JO - Emerging Markets Review

JF - Emerging Markets Review

ER -

Political instability, access to private debt, and innovation investment in China

摘要

Corresponding author email

Project name

Project sponsor

Project No.

关键词

成果物的来源

联合国可持续发展目标

访问文件

OpenUrl 可用性

其它文件与链接

指纹

引用此