Learning by Building: Complementary Assets and the Migration of Capabilities in U.S. Innovative Firms

2014 ◽  
pp. 81-108 ◽  
Author(s):  
Elisabeth B. Reynolds ◽  
Hiram M. Samel ◽  
Joyce Lawrence
Keyword(s):  
Innovative Firms ◽  
Complementary Assets

Proprietary information and the cost of bank debt

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
HyunJun Na
Keyword(s):  
Least Square ◽  
Bank Loan ◽  
Content Type ◽  
Loan Contracts ◽  
Proprietary Information ◽  
Banking Deregulation ◽  
Interstate Banking ◽  
Innovative Firms ◽  
Bank Loan Contracts ◽  
The Impact

PurposeThis study explores how the firm’s proprietary information has an impact on the bank loan contracts. It explains the propensity of using the competitive bid option (CBO) in the syndicate loans to solicit the best bid for innovative firms and how it changes based on industry competition and the degree of innovations. This research also examines how the interstate banking deregulation (Interstate Banking and Branching Efficiency Act) in 1994 affected the private loan contracts for innovative borrowers.Design/methodology/approachThe study uses various econometric analyses. First, it uses the propensity score matching analysis to see the impact of patents on pricing terms. Second, it uses the two-stage least square (2SLS) analysis by implementing the litigation and non-NYSE variables. Finally, it studies the impact of the policy change of the Interstate Banking and Branching Efficiency Act of 1994 on the bank loan contracts.FindingsFirms with more proprietary information pays more annual facility fees but less other fees. The patents are the primary determinants of the usage of CBO in the syndicate loans to solicit the best bid. While innovative firms can have better contract conditions by the CBO, firms with more proprietary information will less likely to use the CBO option to minimize the leakage of private information and the severe monitoring from the banks. Finally, more proprietary information lowered the loan spread for firms dependent on the external capital after the interstate banking deregulation.Originality/valueThe findings of this research will help senior executives with responsibility for financing their innovative projects. In addition, these findings should prove helpful for the lawmakers to boost economies.

scholarly journals Which access to which assets for an effective liberalization of the railway sector?

2021 ◽  
pp. 178359172110123
Author(s):  
Patrice Bougette ◽  
Axel Gautier ◽  
Frédéric Marty
Keyword(s):  
Rolling Stock ◽  
Large Set ◽  
Rail Industry ◽  
Ex Ante ◽  
New Entrants ◽  
Complementary Assets ◽  
Favorable Conditions

In the European rail industry, to enable competition in the market, entrants should be granted access to a large set of complementary services, beyond access to the tracks. For an efficient and effective entry, temporary access to quasi-essential complementary assets like rolling stock, mechanical maintenance workshops, data, schedules, etc. is required. In the liberalized rail sector, several observed anticompetitive practices involve distorted access to these quasiessential facilities. Therefore, competition agencies must deal with litigation between the incumbent and new entrants. Most cases have been settled, resulting in commitments from the incumbent. We argue that such transitory and case-by-case remedies fail to produce favorable conditions for a secure and efficient entry. Thus, we propose to systematize such remedies through asymmetric and enduring ex-ante regulation.

scholarly journals A Study on the Impact of R&D Intensity on Business Performance: Evidence from South Korea

2021 ◽  
Vol 7 (2) ◽  
pp. 135
Author(s):  
Hun Park ◽  
Jun-Hwan Park ◽  
Sujin Lee ◽  
Hyuk Hahn
Keyword(s):  
South Korea ◽  
Research And Development ◽  
Business Performance ◽  
Decision Makers ◽  
The Other ◽  
Research Groups ◽  
Innovative Firms ◽  
The Impact ◽  
Knowledge Services

The role of R&D (research and development) intensity on the effect of knowledge services on the business performance of firms has been discussed by using PLS-SEM and PLS-MGA methods. Research groups were divided into two groups, innovative and non-innovative. Respondents were classified into innovative firms if their R&D intensity was over 3% and vice versa. PLS-SEM and PLS-MGA results were compared for two groups and valuable insights were extracted. For innovative firms, knowledge services seemed to be verified and processed by the decision makers and utilized to achieve their business performance. On the other hand, a large number of non-innovative firms seemed to have a stronger tendency to utilize knowledge services directly for their business without sufficient verification by the decision makers.

WHICH UNIVERSITY TO PARTNER WITH: AN INVESTIGATION INTO PARTNER SELECTION MOTIVES AMONG SMALL INNOVATIVE FIRMS

2012 ◽  
Vol 16 (03) ◽  
pp. 1240002 ◽  
Author(s):  
BRIAN KARLSON ◽  
LISA CALLAGHER
Keyword(s):  
Early Stage ◽  
Partner Selection ◽  
Innovative Firms ◽  
Risk Reducing

The paper explores small innovative firms' motives for selecting university partners. As well as risk-reducing, cost-reducing, and value creating motives that are established in the literature, "enabling" is proposed as a fourth motive, which asserts that firms select university partners that enable the firm to remain flexible and adaptable in commercialising early-stage innovations.

How do non-innovative firms start innovation and build legitimacy? The case of professional service firms

2021 ◽  
Vol 137 ◽  
pp. 614-625
Author(s):  
Elisa Villani ◽  
Christian Linder ◽  
Christian Lechner ◽  
Lina Muller
Keyword(s):  
Professional Service ◽  
Service Firms ◽  
Professional Service Firms ◽  
Innovative Firms
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