R&D disclosure and corporate innovation: Mediating role of financing structure

Zhiying Liu, Kaili Hu and Ammar Hussain

Finance Research Letters, 2023, vol. 56, issue C

Abstract: Using data from 854 listed companies on the GEM between 2009 and 2020, we revealf that R&D disclosure has a positive impact on corporate innovation. Mechanism analysis indicates that R&D disclosure attracts internal and equity financings to facilitate corporate innovation, while debt financing doesn't play an intermediary role. Additionally, the transmission effects of equity financing and debt financing are more significant in companies with lower financing constraints. These conclusions are supported by robustness tests and provide recommendations for improving the efficiency of financing and promoting high-quality corporate development.

Keywords: R&D disclosure; Financing structure; Innovation (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612323004786
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:56:y:2023:i:c:s1544612323004786

DOI: 10.1016/j.frl.2023.104106

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().