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Replication data for: Financing Constraints, Radical versus Incremental Innovation, and Aggregate Productivity
Principal Investigator(s): View help for Principal Investigator(s) Andrea Caggese
Version: View help for Version V1
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Project Citation:
Caggese, Andrea. Replication data for: Financing Constraints, Radical versus Incremental Innovation, and Aggregate Productivity. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114145V1
Project Description
Summary:
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I provide new empirical evidence on the negative relationship between financial frictions and productivity growth over a firm's life cycle. I show that a model of firm dynamics with incremental innovation cannot explain this evidence. However, further including radical innovation, which is very risky but potentially very productive, allows for the joint replication of several stylized facts about the dynamics of young and old firms and the differences in productivity growth in industries with different degrees of financing frictions. These frictions matter because they act as a barrier to entry that reduces competition and the risk-taking of young firms.
Scope of Project
JEL Classification:
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D22 Firm Behavior: Empirical Analysis
D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L25 Firm Performance: Size, Diversification, and Scope
L60 Industry Studies: Manufacturing: General
O31 Innovation and Invention: Processes and Incentives
D22 Firm Behavior: Empirical Analysis
D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L25 Firm Performance: Size, Diversification, and Scope
L60 Industry Studies: Manufacturing: General
O31 Innovation and Invention: Processes and Incentives
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