Equity Financing for Innovation and Firm Value: International Evidence

• 영문명: Equity Financing for Innovation and Firm Value: International Evidence
• 발행기관: 강원대학교 경영경제연구소
• 저자명: Jin-Young Yang
• 간행물 정보: 『아태비즈니스연구』제14권 제4호, 23~36쪽, 전체 14쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.12.31

영문 초록

Purpose - This study investigates the impact of equity financing on the valuation of R&D investments using a sample of firms from 33 countries from 1997 to 2018. Design/methodology/approach - I use a modified version of the valuation regression widely used in the literature. Findings - I find evidence that R&D investments are more highly valued when financed through equity. In contrast, debt financing does not affect the valuation of R&D investments. I also document that the impact of equity financing on R&D investment valuation weakens during the financial crisis. Research implications or Originality - In light of the distinctive characteristics of innovative investment, previous research investigates its relationship with financing. What remains unexamined, however, is how financing choices impact the way investors value innovative investments. This study seeks to bridge this gap in the existing body of research using a sample of firms from 33 countries from 1997 to 2018, for 22 years.

목차

Ⅰ. Introduction

Ⅱ. Data and Summary Statistics

Ⅲ. Research Design and Empirical Results

Ⅳ. Robustness Checks

Ⅴ. Conclusion

References

키워드

Financing Firm Value Innovation Research and Development Valuation