Does R&D intensity influence leverage? Evidence from Indian firm-level data

被引：12
作者：
Saibal Ghosh
机构：
[1] Department of Economic Analysis and Policy, Reserve Bank of India, Mumbai, Maharashtra 400001, New Central Office Building, S B S Marg, Fort
来源：
Journal of International Entrepreneurship | 2012年 / 10卷 / 2期
关键词：
Financial crisis; India; Leverage; R&D intensity; Tobit model;
D O I：
10.1007/s10843-012-0087-4
中图分类号：
学科分类号：
摘要：
The paper examines the association between corporate leverage and their investment in R&D. Towards this end, it develops certain testable propositions. These propositions are tested using a dataset of manufacturing firms in India covering the period 1995-2010. Three main results are gleaned from the analysis. First, the optimal leverage ratio typically declines with R&D intensity. Second, the financial crisis has exerted a negative effect on leverage for firms. And finally, the dampening effect of R&D intensity on leverage is the highest for foreign private firms. © 2012 Springer Science+Business Media, LLC.
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页码：158 / 175
页数：17
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