Do Bank Loans To Financially Distressed Firms Lead To Innovation?

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2016-12-12 DOI:10.1111/jere.12131

Minjung Kim, Jungsoo Park

引用次数: 3

Abstract

This study scrutinizes the association between a bank loan to a financially distressed firm and technological innovation. Using probit model estimations based on a comprehensive Korean manufacturing firm-level data set on innovation and bank loans, we first find that a bank loan to a troubled firm with a weak incentive system has no or little effect on innovation. Second, beneficial effects on innovation are observed when the firm has a strong incentive-based pay system. Third, financially distressed firms with strong incentive systems pursue product innovation rather than process innovation. Finally, the innovation performance of these firms strengthens with more stable financing.

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银行贷款给陷入财务困境的公司会带来创新吗?

本研究考察了银行贷款给陷入财务困境的企业与技术创新之间的关系。利用基于韩国制造业企业层面创新和银行贷款的综合数据集的probit模型估计，我们首先发现，银行贷款给激励机制薄弱的陷入困境的企业对创新没有或只有很小的影响。其次，当公司有一个强有力的基于激励的薪酬制度时，可以观察到对创新的有益影响。第三，财务困难且激励机制较强的企业追求的是产品创新，而不是流程创新。融资越稳定，企业的创新绩效越强。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.