English, Article, Journal or magazine article edition: Innovation in Business Groups Sharon Belenzon; Tomer Berkovitz

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Bookmark: http://trove.nla.gov.au/version/20232
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Innovation in Business Groups
Author
  • Sharon Belenzon
  • Tomer Berkovitz
Physical Description
  • preprint
Notes
  • Using novel data on European firms, this paper examines the effect of business group affiliation on innovation. We find that business groups foster the scale and novelty of corporate innovation. Group affiliation is particularly important in industries that rely more on external finance and have a higher degree of information asymmetry. We also find that the innovation of affiliates is less sensitive to operating cash flows. We interpret our results as supporting the `bright side` of business group internal capital markets and explain how legal boundaries between group affiliates mitigate the inefficiencies found in internal capital markets of US conglomerates.
  • RePEc:oxf:wpaper:368
  • business groups, innovation, internal capital markets
  • RePEc:cep:cepdps:dp0833
Language
  • English
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