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R&D, capital structure and ownership concentration: : evidence from Italian microdata

  • Autores: Daniela Bragoli, Flavia Cortelezzi, Giovanni Marseguerra
  • Localización: Industry and Innovation, ISSN-e 1469-8390, Vol. 23, Nº. 3, 2016, págs. 223-242
  • Idioma: inglés
  • Texto completo no disponible (Saber más ...)
  • Resumen
    • The purpose of the article is to provide some evidence on the interconnection between capital structure, R&D investment and ownership concentration using a unique panel data-set of Italian firms. We study the effect of R&D intensity on leverage for two groups of firms which are different in terms of their degree of ownership concentration. Our results suggest for Public Limited Companies, a nonlinear relationship between R&D intensity and leverage, with the latter first increasing and then decreasing. Interestingly, the same result is not found to hold true for Private Limited Companies, which are characterized by a more concentrated ownership.


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