R&D, capital structure and ownership concentration: evidence from Italian microdata

Daniela Bragoli, Flavia Cortelezzi and Giovanni Marseguerra

Industry and Innovation, 2016, vol. 23, issue 3, 223-242

Abstract: The purpose of the article is to provide some evidence on the interconnection between capital structure, R&D investment and ownership concentration using a unique panel data-set of Italian firms. We study the effect of R&D intensity on leverage for two groups of firms which are different in terms of their degree of ownership concentration. Our results suggest for Public Limited Companies, a nonlinear relationship between R&D intensity and leverage, with the latter first increasing and then decreasing. Interestingly, the same result is not found to hold true for Private Limited Companies, which are characterized by a more concentrated ownership.

Date: 2016
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DOI: 10.1080/13662716.2016.1145573

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