Innovation for Innovators: The Financing of Intangibles

Ana Babus, Matias Marzani and Sara Moreira

AEA Papers and Proceedings, 2023, vol. 113, 268-73

Abstract: This paper examines the characteristics of firms that adopt new financial products and their association with measures of performance. We build a novel firm-level panel dataset and document a positive association between intangible capital and the adoption of new products. We also find that access to external financing through new types of securities is associated with size growth and further investments into intangibles. These findings have important implications for understanding the role that financial innovation can play in meeting the financing needs of firms that rely heavily on intangible capital.

JEL-codes: D22 G12 G31 G32 L25 O34 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1257/pandp.20231023

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