Does R&D intensity influence leverage? Evidence from Indian firm-level data

被引：0

作者：

Ghosh, Saibal ^{[1
]}

机构：

[1] Reserve Bank India, Dept Econ Anal & Policy, New Cent Off Bldg,SBS Marg, Bombay 400001, Maharashtra, India

来源：

JOURNAL OF INTERNATIONAL ENTREPRENEURSHIP | 2012年 / 10卷 / 02期

关键词：

R&D intensity; Leverage; Tobit model; Financial crisis; India;

D O I：

10.1007/s10843-012-0087-4

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The paper examines the association between corporate leverage and their investment in R&D. Towards this end, it develops certain testable propositions. These propositions are tested using a dataset of manufacturing firms in India covering the period 1995-2010. Three main results are gleaned from the analysis. First, the optimal leverage ratio typically declines with R&D intensity. Second, the financial crisis has exerted a negative effect on leverage for firms. And finally, the dampening effect of R&D intensity on leverage is the highest for foreign private firms.

引用

页码：158 / 175

页数：18

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