How Does Firms' Innovation Disclosure Affect Their Banking Relationships?

被引:44
作者
Saidi, Farzad [1 ]
Zaldokas, Alminas [2 ]
机构
[1] Boston Univ, Questrom Sch Business, Boston, MA 02215 USA
[2] Hong Kong Univ Sci & Technol, Dept Finance, Sch Business, Kowloon, Hong Kong, Peoples R China
关键词
innovation disclosure; credit markets; patenting; private information; FINANCIAL INTERMEDIATION; PROPRIETARY INFORMATION; INTELLECTUAL PROPERTY; PATENT PUBLICATION; CREDIT; PROTECTION; CHOICE; IMPACT; TRADE; PRODUCTIVITY;
D O I
10.1287/mnsc.2017.3498
中图分类号
C93 [管理学];
学科分类号
12 ; 1201 ; 1202 ; 120202 ;
摘要
Firms face a trade-off between patenting, thereby disclosing innovation, and secrecy. We show that this trade-off interacts with firms' financing choices. As a shock to innovation disclosure, we study the American Inventor's Protection Act that made firms' patent applications public 18 months after filing, rather than when granted. We find that such increased innovation disclosure helps firms switch lenders, resulting in lower cost of debt, and facilitates their access to syndicated-loan and public capital markets. Our evidence lends support to the idea that public-information provision through patents and private information in financial relationships are substitutes, and that innovation disclosure makes credit markets more contestable.
引用
收藏
页码:742 / 768
页数:28
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