金融结构与创新:非洲公司层面的证据

IF 2.3 Q2 BUSINESS, FINANCE
Misraku Molla Ayalew, Joseph H. Zhang
{"title":"金融结构与创新:非洲公司层面的证据","authors":"Misraku Molla Ayalew, Joseph H. Zhang","doi":"10.1108/ara-11-2022-0276","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The purpose of this paper is to examine the effect of the financial structure on innovation.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>We utilize the matched firm-level data from two sources: the World Bank Enterprise Survey and the Innovation Follow-Up Survey. A total of 3,664 firms from 11 African countries are included.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The authors find a financially constrained and low technology-intensive firm that uses internal finance more than its peers is less likely to innovate. Our results also show that a firm that uses new equity and debt finance more than its peers is more likely to innovate. The results particularly suggest the significant effect of bank and trade credit finance on firms’ innovation. The extent and, in some cases, the direction of the effect of dependence on internal finance, new equity finance and debt finance on innovation vary due to the heterogeneity in firm size, age and ownership status. Corporate innovation is also associated with firm size, R&amp;D, cooperation, staff training, public support, exportation and group membership.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>The management of companies, particularly financially constrained firms, should reduce their dependence on internal finance, which negatively affects their innovation. As a remedy, they could improve their reliance on new equity finance and debt finance, especially bank finance and trade credit finance, which positively affect their innovativeness.</p><!--/ Abstract__block -->\n<h3>Social implications</h3>\n<p>A pending policy task for African business leaders is to design and evaluate reforms that help create strong financial sectors willing to provide capital to a broad range of firms, particularly small and young firms.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This study adds new evidence to the recent surge of debate on the trade-off between going public, using debt or heavily using internal sources to finance innovative projects, and which of these is more important in promoting firm-level innovation.</p><!--/ Abstract__block -->","PeriodicalId":8562,"journal":{"name":"Asian Review of Accounting","volume":"7 1","pages":""},"PeriodicalIF":2.3000,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Financial structure and innovation: firm-level evidence from Africa\",\"authors\":\"Misraku Molla Ayalew, Joseph H. Zhang\",\"doi\":\"10.1108/ara-11-2022-0276\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>The purpose of this paper is to examine the effect of the financial structure on innovation.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>We utilize the matched firm-level data from two sources: the World Bank Enterprise Survey and the Innovation Follow-Up Survey. A total of 3,664 firms from 11 African countries are included.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The authors find a financially constrained and low technology-intensive firm that uses internal finance more than its peers is less likely to innovate. Our results also show that a firm that uses new equity and debt finance more than its peers is more likely to innovate. The results particularly suggest the significant effect of bank and trade credit finance on firms’ innovation. The extent and, in some cases, the direction of the effect of dependence on internal finance, new equity finance and debt finance on innovation vary due to the heterogeneity in firm size, age and ownership status. Corporate innovation is also associated with firm size, R&amp;D, cooperation, staff training, public support, exportation and group membership.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>The management of companies, particularly financially constrained firms, should reduce their dependence on internal finance, which negatively affects their innovation. As a remedy, they could improve their reliance on new equity finance and debt finance, especially bank finance and trade credit finance, which positively affect their innovativeness.</p><!--/ Abstract__block -->\\n<h3>Social implications</h3>\\n<p>A pending policy task for African business leaders is to design and evaluate reforms that help create strong financial sectors willing to provide capital to a broad range of firms, particularly small and young firms.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This study adds new evidence to the recent surge of debate on the trade-off between going public, using debt or heavily using internal sources to finance innovative projects, and which of these is more important in promoting firm-level innovation.</p><!--/ Abstract__block -->\",\"PeriodicalId\":8562,\"journal\":{\"name\":\"Asian Review of Accounting\",\"volume\":\"7 1\",\"pages\":\"\"},\"PeriodicalIF\":2.3000,\"publicationDate\":\"2024-09-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Review of Accounting\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ara-11-2022-0276\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Review of Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ara-11-2022-0276","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

本文旨在研究金融结构对创新的影响。我们利用了世界银行企业调查和创新跟踪调查这两个来源的匹配企业级数据。研究结果作者发现,一家资金紧张、技术密集度低的企业,如果比同行更多使用内部融资,其创新的可能性就更小。我们的研究结果还表明,比同行更多使用新股权和债务融资的企业更有可能进行创新。结果特别表明,银行和贸易信贷融资对企业创新有重大影响。由于企业规模、年龄和所有权状况的异质性,依赖内部融资、新股权融资和债务融资对创新的影响程度不同,有时甚至是方向不同。企业创新还与企业规模、研发、合作、员工培训、公共支持、出口和集团成员资格有关。作为补救措施,他们可以改善对新股权融资和债务融资的依赖,特别是银行融资和贸易信贷融资,这对他们的创新能力有积极影响。社会影响非洲企业领导者面临的一项政策任务是设计和评估改革,以帮助建立愿意为各类企业,特别是小型和年轻企业提供资金的强大金融部门。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial structure and innovation: firm-level evidence from Africa

Purpose

The purpose of this paper is to examine the effect of the financial structure on innovation.

Design/methodology/approach

We utilize the matched firm-level data from two sources: the World Bank Enterprise Survey and the Innovation Follow-Up Survey. A total of 3,664 firms from 11 African countries are included.

Findings

The authors find a financially constrained and low technology-intensive firm that uses internal finance more than its peers is less likely to innovate. Our results also show that a firm that uses new equity and debt finance more than its peers is more likely to innovate. The results particularly suggest the significant effect of bank and trade credit finance on firms’ innovation. The extent and, in some cases, the direction of the effect of dependence on internal finance, new equity finance and debt finance on innovation vary due to the heterogeneity in firm size, age and ownership status. Corporate innovation is also associated with firm size, R&D, cooperation, staff training, public support, exportation and group membership.

Practical implications

The management of companies, particularly financially constrained firms, should reduce their dependence on internal finance, which negatively affects their innovation. As a remedy, they could improve their reliance on new equity finance and debt finance, especially bank finance and trade credit finance, which positively affect their innovativeness.

Social implications

A pending policy task for African business leaders is to design and evaluate reforms that help create strong financial sectors willing to provide capital to a broad range of firms, particularly small and young firms.

Originality/value

This study adds new evidence to the recent surge of debate on the trade-off between going public, using debt or heavily using internal sources to finance innovative projects, and which of these is more important in promoting firm-level innovation.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Asian Review of Accounting
Asian Review of Accounting BUSINESS, FINANCE-
CiteScore
3.20
自引率
25.00%
发文量
32
期刊介绍: Covering various fields of accounting, Asian Review of Accounting publishes research papers, commentary notes, review papers and practitioner oriented articles that address significant international issues as well as those that focus on Asia Pacific in particular.Coverage includes but is not limited to: -Financial accounting -Managerial accounting -Auditing -Taxation -Accounting information systems -Social and environmental accounting -Accounting education Perspectives or viewpoints arising from regional, national or international focus, a private or public sector information need, or a market-perspective or social and environmental perspective are greatly welcomed. Manuscripts that present viewpoints should address issues of wide interest among accounting scholars internationally and those in Asia Pacific in particular.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信