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Property rights protection, financial access and corporate R&D: Evidence from a large representative sample of Chinese firms

Tong Fu and Ze Jian

Economic Systems, 2018, vol. 42, issue 2, 332-345

Abstract: The motivation of this paper is to explore why corporate R&D investments are significantly different under similar institutional backgrounds. Our estimates not only confirm a positive relationship from property rights protection (hereafter PRP) to corporate R&D, but also show the mediation effect of financial access on this positive relationship. Thus, we use financial access to explain the variant effect of PRP on corporate R&D. With exogenous instrumental variables, our estimates are robust to endogeneity issues.

Keywords: Property rights protection; Corporate R&D; Financial access (search for similar items in EconPapers)
JEL-codes: P26 O32 P20 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1016/j.ecosys.2017.07.004

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