Affiliation:
1. University of Chicago , USA
2. Northwestern University and CEPR , USA
Abstract
Abstract
We provide new evidence that disruptions in firms’ access to credit during the Global Financial Crisis significantly affected product innovation in the consumer goods sector. We combine highly granular retail scan data with lending data and find that credit-constrained firms introduced fewer new products, those products were less novel, and new products sold less well. Overall, these findings suggest that disruptions to credit markets impair firms’ ability to compete for profits through new product offerings.
Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
Publisher
Oxford University Press (OUP)
Subject
Economics and Econometrics,Finance,Accounting
Reference97 articles.
1. Financial dependence and innovation: The case of public versus private firms;Acharya,;Journal of Financial Economics,2017
2. Firm age, investment opportunities, and job creation;Adelino,;Journal of Finance,2017
3. Lessons from Schumpeterian Growth Theory;Aghion,;American Economic Review,2015
4. Growth through Heterogeneous Innovations;Akcigit,;Journal of Political Economy,2018
5. Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis;Almeida,;Critical Finance Review,2012
Cited by
9 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献