The impact mechanism of enterprise financialization on firm innovation

Chenghang Duan and Xinxu Chen

Finance Research Letters, 2024, vol. 68, issue C

Abstract: Financial market development provided enterprises with more financing options, which affected their innovation activities. This study is based on 1,274 manufacturing companies. We found a significant inverted U-shaped relationship between enterprise financialization and ambidextrous innovation, and financing constraints can negatively regulate this relationship. The inverted U-shaped impact was more significant in enterprises with large-scale financial backgrounds and low innovation willingness. This study provides targeted guidance for improving corporate innovation.

Keywords: Financialization; Financing constraints; Ambidextrous innovation; Heterogeneity (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:68:y:2024:i:c:s154461232400998x

DOI: 10.1016/j.frl.2024.105968

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