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

Risultato della ricerca: Contributo in rivistaArticolo in rivista

8 Citazioni (Scopus)


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 ownershipconcentration. 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.
Lingua originaleEnglish
pagine (da-a)223-243
Numero di pagine21
RivistaIndustry and Innovation
Stato di pubblicazionePubblicato - 2016


  • Capital Structure
  • Community Innovation Survey
  • Dynamic panel data
  • Ownership Concentration
  • R&D

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