R&D and Firm Performance in a Transition Economy


Czarnitzki, Dirk ; Kraft, Kornelius


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URL: http://ub-madoc.bib.uni-mannheim.de/1357
URN: urn:nbn:de:bsz:180-madoc-13579
Document Type: Working paper
Year of publication: 2006
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: P27 O38 O31 O12 L33 ,
Subject headings (SWD): Deutschland <Westliche Länder> , Deutschland <Östliche Länder> , Forschung und Entwicklung , Bonitätsprüfung , Bankrott
Abstract: We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a negative impact in Eastern Germany. We also consider future financial distress, and find that R&D in Eastern German firms leads to higher default risk, in contrast to Western Germany. There, R&D enhances future performance. This result is highly politically relevant, since the high level of subsidies present in Eastern Germany may be subject to misallocation.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Czarnitzki, Dirk ; Kraft, Kornelius (2006) R&D and Firm Performance in a Transition Economy. Open Access [Working paper]
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