Essays On Finance Of Innovation Firm Dynamics And Economic Growth
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Essays On Finance Of Innovation Firm Dynamics And Economic Growth
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Author : Sina T. Ateş
language : en
Publisher:
Release Date : 2015
Essays On Finance Of Innovation Firm Dynamics And Economic Growth written by Sina T. Ateş and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Aggregate productivity, fundamental cause of long-run economic growth, plays a crucial role in determining economic development and living standards of nations. The main source of aggregate productivity growth is technological advances that are the outcomes of firms' and entrepreneurs' innovative activity. Complementary to the growing literature that studies how firm dynamics shape technological change, my dissertation focuses on how financial decisions of these agents affect this process. The three chapters of my dissertation provide theoretical, empirical, and quantitative investigation of the interplay between financial and innovative actions of heterogeneous firms along with its implications on aggregate productivity growth. Chapter one studies the impact of financial system on net firm entry, an important source of aggregate productivity growth. Selective funding of most promising ideas by financial intermediaries creates a trade-off between the mass of entrant firms and their average contribution to aggregate productivity. This chapter highlights the relevance of firm heterogeneity for the relationship between finance and growth, and discusses the theoretical and empirical implications of the resulting trade-off in firm entry. Chapter two also builds on the above mass-composition link, and uses it to study the permanent productivity losses due to sudden stops (SS). The model embeds the main mechanism into a real business cycle small open economy framework to measure the forgone productivity contribution of entrants deprived of funding. The theoretical prediction is that, during SS, smaller yet on average more productive cohorts enter the market. Chilean plant-level data that cover the 1998 SS verify this prediction, while the calibrated model demonstrates the quantitative significance of heterogeneity and selection in measuring the long-run productivity loss. Chapter three focuses on a specific financial intermediary that is especially relevant to innovation and growth, namely venture capital (VC) finance. It studies VC's quantitative impact on firm dynamics and economic growth using a new dynamic equilibrium model of technological change with heterogeneous firms and an explicit VC market. Distinctively, the model incorporates a unique feature of VC firms: their operational knowledge (OK) bundled with their investment. Experiments based on the estimated model highlight the quantitative relevance of OK and analyze policy implications.
Innovation Organization And Economic Dynamics
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Author : Giovanni Dosi
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000
Innovation Organization And Economic Dynamics written by Giovanni Dosi and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Most reproduced from their original publication between 1982 and 1999 in a wide range of type styles, including double spaced, the 23 essays cover technological paradigms and innovation diffusion; economic behavior and learning; organizational structures and behavior in a changing environment; corporate finance and innovation; industrial dynamics; evolutionary theories in economics; and institutions, technical change, and economic growth. Dosi (economics, Saint Anna School of Advanced Studies, Pisa, Italy) includes an autobiographical introduction in which he discusses some of the main ideas that unify the essays. He does not provide a subject index. Annotation copyrighted by Book News, Inc., Portland, OR
Innovation Economic Development And Policy
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Author : Jan Fagerberg
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-04-27
Innovation Economic Development And Policy written by Jan Fagerberg and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-27 with Business & Economics categories.
This authoritative and enlightening book focuses on fundamental questions such as what is innovation, who is it relevant for, what are the effects, and what is the role of (innovation) policy in supporting innovation-diffusion? The first two sections present a comprehensive overview of our current knowledge on the phenomenon and analyse how this knowledge (and the scholarly community underpinning it) has evolved towards its present state. The third part explores the role of innovation for growth and development, while section four is concerned with the national innovation system and the role of (innovation) policy in influencing its dynamics and responding to the important challenges facing contemporary societies.
Essays On Macro Finance And Innovation
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Author : Mehmet Furkan Karaca
language : en
Publisher:
Release Date : 2023
Essays On Macro Finance And Innovation written by Mehmet Furkan Karaca and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Electronic dissertations categories.
This dissertation consists of two chapters of my work on macro-finance and innovation. In particular, it studies the impact of the dynamic process of credit reallocation on aggregate innovative activities. The first chapter introduces the main focus of my dissertation. In addition, it reviews the literature and discusses the contribution of this dissertation.The next chapter builds a model to draw out theoretical predictions. In the model economy, borrowing firms choose whether to innovate or retain a mature technology, while lenders decide their allocation of credit. The credit market is characterized with financial and matching frictions and investigates the consequences of lenders' credit reallocation decisions on borrowers' innovation choices. We posit that the innovation process is time consuming (e.g. due to the length of R&D projects). The different amount of time needed for production with the new and old technology exposes lenders to a liquidity risk. The analysis shows that lenders tend to reallocate credit when they face liquidity risks. We show that an intensification of the credit reallocation process improves the matching between lenders and innovative firms but, overall, it disrupts innovation activities.The final chapter empirically investigates the impact of credit reallocation on innovation and tests the predictions from the model. We use a novel data set on bank balance sheets and the number of patents in Italian (a bank-centered country) local markets (provinces) during a period of great economic growth and tighter banking regulation. We construct measures of credit reallocation following the established literature on job reallocation and examine their effect on innovation. To address the concerns about the endogeneity of credit reallocation in the provinces, we exploit indicators of the geographical diversity of the 1936 Italian Banking regulation. We then estimate a two-stage model that in the first stage projects the rate of credit reallocation in a province onto an indicator of tightness of the banking regulation in the province and in the second stage projects the measure of innovation (the number of patents) onto the value of credit reallocation in the province defined by the tightness of local banking regulation. Consistent with the predictions of the model, we find that an increase in credit reallocation depresses innovative activity while aggregate credit growth helps to expand it. Furthermore, we show that our results are robust across empirical specifications, and carry through when controlling for a broad battery of province characteristics or altering the estimation period.
Management Innovation
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Author : William Lazonick
language : en
Publisher: Oxford University Press
Release Date : 2012-03-08
Management Innovation written by William Lazonick and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-08 with Business & Economics categories.
Alfred D. Chandler, Jr. was, by general consensus, the pre-eminent business historian of the twentieth century. Through a prodigious body of work, Chandler made the study of the evolution of business enterprise integral to the study of the evolution of economy and society. His work combined detailed historical investigations with grand sociological syntheses. As a result, Chandler's study of the modern business enterprise invited social scientists and business academics as well as historians to contribute to our understanding of a central institution of our time. Chandler revealed how managerial activity was central to the functioning of successful industrial corporations, and hence to the performance of the economy as a whole. This book gathers together contributions from management scholars fundamentally influenced by the work of Chandler to discuss management innovation, the ways in which people who exercise strategic control over the allocation of resources put in place organizational structures that can enable an enterprise to prosper and grow. The volume offers a range of perspectives to examine the challenges that corporate management encounters.
Essays On Economic Growth And The Economics Of Innovation
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Author : Pengfei Han
language : en
Publisher:
Release Date : 2018
Essays On Economic Growth And The Economics Of Innovation written by Pengfei Han and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In my dissertation, I study how legal institutions and financial system affect innovation and their impact on economic growth. This dissertation consists of two chapters. The themes of chapter 1 and 2 are intellectual property rights and the venture capital system, respectively. Chapter 1 studies the impact of intellectual property rights on the business scope of firms. Stronger intellectual property rights induce specialization and contribute to economic growth. In the United States, a sweeping legal reform in 1982 created a more pro-patent legal environment. This legal reform fostered specialization and enhanced firm performance. Around the world, countries experience faster economic growth when their innovating sectors are characterized by a higher level of specialization. An endogenous growth model with endogenous firm boundaries is developed to disentangle the relationship between legal institutions, firm boundary decisions, and economic growth. I characterize the optimal strength of patent rights and evaluate the actual patent law enforcement in the United States. The pro-patent legal reform in 1982 was welfare-enhancing, but it was too extreme. Swinging back the legal pendulum and weakening patent rights can improve welfare. Chapter 2 evaluates the contribution of venture capital (VC) to promoting entrepreneurship and spawning innovation. We assemble the stylized facts of venture capital, innovation, and economic growth. Funding by venture capitalists is positively associated with patenting activity. VC-backed firms have higher IPO values when they are floated. Following flotation, they have higher R&D-to-sales ratios and grow faster in terms of employment and sales. At the country level, VC investment is positively linked with economic growth. The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. The model is matched with stylized facts about venture capital; viz., statistics by funding round concerning the success rate, failure rate, investment rate, equity shares, and the value of an IPO. We examine how the innovative activity is affected by the capital gains tax rate. Raising capital gains taxation reduces growth and welfare.
Mission Oriented Finance For Innovation
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Author : Mariana Mazzucato
language : en
Publisher: Rowman & Littlefield
Release Date : 2015-03-06
Mission Oriented Finance For Innovation written by Mariana Mazzucato and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-06 with Political Science categories.
The role of the state in modern capitalism has gone beyond fixing market failures. Those regions and countries that have succeeded in achieving “smart” innovation-led growth have benefited from long-term visionary “mission-oriented” policies—from putting a man on the moon to tackling societal challenges such as climate change and the wellbeing of an ageing population. This book collects the experience of different types of mission-oriented public institutions around the world, together with thought-provoking chapters from leading economists. As the global debate on deficits and debt levels continues to roar, the book offers a challenge to the conventional narrative—asking what kinds of visionary fiscal policies we need to help promote "smart” innovation-led, inclusive, and sustainable growth.
Essays On Firm Level Dynamics Of Innovation
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Author : Hyuk Chung
language : en
Publisher:
Release Date : 2013
Essays On Firm Level Dynamics Of Innovation written by Hyuk Chung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Research categories.
Systems Of Innovation
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Author : Christopher Freeman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008
Systems Of Innovation written by Christopher Freeman and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This set of essays by Chris Freeman, founder of SPRU and one of the pioneers of innovation studies, will be of interest to anyone wanting to gain a deeper understanding of technical and social change.
Essays On Innovation And Capital Structure
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Author : Jiahong Zhang
language : en
Publisher:
Release Date : 2010
Essays On Innovation And Capital Structure written by Jiahong Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This dissertation aims at improving the understanding of the relation between innovation investment, financial constraints and capital structure in the context of emerging economies. Since early 1930s, economists have argued that innovation is essential for firm survival, economic growth and development. An independent strand of the literature demonstrates that innovation by firms is a key driver of economic growth. Meanwhile, people also recognized that innovation investment is difficult to finance in a competitive marketplace due to various factors such as taxes, transaction costs, and especially informational asymmetries with external investors. Therefore, financing of innovation becomes an important managerial and policy challenge. A lot of studies have focused on identifying the financial constraints related to risky R&D and innovation investments. Nevertheless, there is little research highlighting the mechanisms that different external financing sources can affect innovation activities differently. Moreover, the implications of innovation investment for future capital structure decisions have not been fully analyzed. I try to shed light on these issues using micro evidence in the context of emerging markets, where financial markets, political systems and economic systems are different than those in the industrialized economies such as the US. Both of the chapters imply the importance of equity financing on innovation investment in developing countries especially for those young, small and private firms. The finding points to the significance of the private equity market for financing of innovation in the emerging economy context.