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This paper investigates whether failure in innovation at the firm level can account for cross-country heterogeneity in …, differs in a number of ways from much of the previous cross-country comparisons on the relationship between innovation and … productivity using firm-level data. First, a broader definition of innovation input is used in which research and development is …
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This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...
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