Entrepreneurial risk, investment, and innovation

被引：53
|
作者：
Caggese, Andrea [1 ,2 ]
机构：
[1] Pompeu Fabra Univ, Barcelona 08005, Spain
[2] Barcelona Grad Sch Econ, Barcelona, Spain
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2012年 / 106卷 / 02期
关键词：
Precautionary saving; Entrepreneurial risk; Uncertainty; Innovation; IDIOSYNCRATIC PRODUCTION RISK; PRODUCTIVITY; CONSTRAINTS; EMPLOYMENT; FINANCE; GROWTH; CHOICE;
D O I：
10.1016/j.jfineco.2012.05.009
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I estimate the effect of uncertainty on risky innovation using a panel of 11,417 manufacturing firms. I find that an increase in uncertainty has a large negative effect on the risky innovation of entrepreneurial firms, while it does not have any significant impact on other firms. This negative effect is stronger for the less diversified entrepreneurial firms in the sample. The estimation results are consistent with the innovation dynamics generated in a model in which entrepreneurs are risk averse and cannot diversify the risk of their business. (C) 2012 Elsevier B.V. All rights reserved.
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页码：287 / 307
页数：21
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