Matches in SemOpenAlex for { <https://semopenalex.org/work/W3124016502> ?p ?o ?g. }
- W3124016502 endingPage "165" @default.
- W3124016502 startingPage "151" @default.
- W3124016502 abstract "We study how access to private equity financing affects real firm activities using a broad panel of publicly traded U.S. firms that raise external equity through private placements (PIPEs) between 1995 and 2008. The public firms relying on PIPEs are generally small, high-tech firms that cannot finance investment internally and likely face severe external financing constraints; PIPEs are by far the most important source of finance for these firms. We show that firms use PIPE inflows to maintain extremely high R&D investment ratios and to build substantial cash reserves. We also use GMM techniques that control for firm-specific effects and the endogeneity of the decision to raise private equity and find that PIPE funding has a substantial impact on corporate investment in cash reserves and R&D, and a smaller but significant impact on investment in non-cash working capital, but little impact on fixed investment or acquisitions. Our estimates indicate that R&D investment initially increases by $0.20–$0.25 for each dollar of private equity flowing into the firm, and that PIPE funds initially invested in cash ultimately go to R&D. These findings offer direct evidence that access to private equity finance has an important effect on the key input that drives innovation at the firm- and economy-wide levels." @default.
- W3124016502 created "2021-02-01" @default.
- W3124016502 creator A5023137351 @default.
- W3124016502 creator A5088832294 @default.
- W3124016502 date "2012-02-01" @default.
- W3124016502 modified "2023-10-16" @default.
- W3124016502 title "Access to private equity and real firm activity: Evidence from PIPEs" @default.
- W3124016502 cites W1538548636 @default.
- W3124016502 cites W2025610165 @default.
- W3124016502 cites W2035554302 @default.
- W3124016502 cites W2062269829 @default.
- W3124016502 cites W2067562502 @default.
- W3124016502 cites W2075913967 @default.
- W3124016502 cites W2100952793 @default.
- W3124016502 cites W2106605532 @default.
- W3124016502 cites W2113203866 @default.
- W3124016502 cites W2134246329 @default.
- W3124016502 cites W2149088624 @default.
- W3124016502 cites W2585721783 @default.
- W3124016502 cites W3094402076 @default.
- W3124016502 cites W3121403162 @default.
- W3124016502 cites W3121528026 @default.
- W3124016502 cites W3121586704 @default.
- W3124016502 cites W3121720731 @default.
- W3124016502 cites W3121817381 @default.
- W3124016502 cites W3121986562 @default.
- W3124016502 cites W3122204825 @default.
- W3124016502 cites W3122374802 @default.
- W3124016502 cites W3122404339 @default.
- W3124016502 cites W3122420217 @default.
- W3124016502 cites W3122693450 @default.
- W3124016502 cites W3122848945 @default.
- W3124016502 cites W3122966794 @default.
- W3124016502 cites W3123321248 @default.
- W3124016502 cites W3123911820 @default.
- W3124016502 cites W3124012175 @default.
- W3124016502 cites W3124046399 @default.
- W3124016502 cites W3124114405 @default.
- W3124016502 cites W3124167540 @default.
- W3124016502 cites W3124456399 @default.
- W3124016502 cites W3124500764 @default.
- W3124016502 cites W3124716048 @default.
- W3124016502 cites W3124880609 @default.
- W3124016502 cites W3125140669 @default.
- W3124016502 cites W3125570299 @default.
- W3124016502 cites W3125688476 @default.
- W3124016502 cites W3125850625 @default.
- W3124016502 cites W4211141187 @default.
- W3124016502 cites W4233834317 @default.
- W3124016502 cites W4235613824 @default.
- W3124016502 cites W4251823193 @default.
- W3124016502 doi "https://doi.org/10.1016/j.jcorpfin.2011.11.005" @default.
- W3124016502 hasPublicationYear "2012" @default.
- W3124016502 type Work @default.
- W3124016502 sameAs 3124016502 @default.
- W3124016502 citedByCount "35" @default.
- W3124016502 countsByYear W31240165022012 @default.
- W3124016502 countsByYear W31240165022013 @default.
- W3124016502 countsByYear W31240165022014 @default.
- W3124016502 countsByYear W31240165022015 @default.
- W3124016502 countsByYear W31240165022016 @default.
- W3124016502 countsByYear W31240165022017 @default.
- W3124016502 countsByYear W31240165022018 @default.
- W3124016502 countsByYear W31240165022019 @default.
- W3124016502 countsByYear W31240165022020 @default.
- W3124016502 countsByYear W31240165022021 @default.
- W3124016502 countsByYear W31240165022022 @default.
- W3124016502 countsByYear W31240165022023 @default.
- W3124016502 crossrefType "journal-article" @default.
- W3124016502 hasAuthorship W3124016502A5023137351 @default.
- W3124016502 hasAuthorship W3124016502A5088832294 @default.
- W3124016502 hasBestOaLocation W31240165022 @default.
- W3124016502 hasConcept C10138342 @default.
- W3124016502 hasConcept C109168655 @default.
- W3124016502 hasConcept C120527767 @default.
- W3124016502 hasConcept C137577040 @default.
- W3124016502 hasConcept C144133560 @default.
- W3124016502 hasConcept C149782125 @default.
- W3124016502 hasConcept C161473905 @default.
- W3124016502 hasConcept C162324750 @default.
- W3124016502 hasConcept C163428354 @default.
- W3124016502 hasConcept C17744445 @default.
- W3124016502 hasConcept C178297102 @default.
- W3124016502 hasConcept C199539241 @default.
- W3124016502 hasConcept C199728807 @default.
- W3124016502 hasConcept C202093079 @default.
- W3124016502 hasConcept C27548731 @default.
- W3124016502 hasConcept C2778776786 @default.
- W3124016502 hasConcept C38731271 @default.
- W3124016502 hasConcept C47702881 @default.
- W3124016502 hasConcept C556758197 @default.
- W3124016502 hasConcept C610760 @default.
- W3124016502 hasConcept C71110296 @default.
- W3124016502 hasConcept C80515813 @default.
- W3124016502 hasConcept C93236110 @default.
- W3124016502 hasConcept C94625758 @default.
- W3124016502 hasConceptScore W3124016502C10138342 @default.
- W3124016502 hasConceptScore W3124016502C109168655 @default.