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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/64031

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64031

Title:	Innovation activity and corporate financing: evidence from a developing economy
Authors:	詹凌菁 Chan, Ann Ling-Ching
Contributors:	會計系
Keywords:	innovation activity;patents;external financing;capital markets
Date:	2012
Issue Date:	2014-02-19 16:54:35 (UTC+8)
Abstract:	The present study investigates the extent to which technology-related asymmetric information between corporate managers and outside investors has an adverse effect on the external financing activities of innovation-intensive firms. The results indicate that innovation-intensive firms are more likely to engage in equity financing when their valuation multiples are higher than those of their industry peers. This finding is more pronounced among firms with low institutional shareholdings and fewer brokers following them. The empirical evidence supports the misvaluation explanation, as well as the timing and type of security issuance if the agency problem is severe. The findings provide insights into the timing of company financing choices in a highly innovative developing economy.
Relation:	Applied Financial Economics, 22(20), 1665-1678
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1080/09603107.2012.667547
DOI:	10.1080/09603107.2012.667547
Appears in Collections:	[會計學系] 期刊論文

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