R&D, capital structure and ownership concentration: evidence from Italian microdata
利用意大利企业面板数据，研究了研发强度对杠杆率的影响，发现上市公司中两者呈倒U型关系，而所有权更集中的私营公司则无此关系。
The purpose of the article is to provide some evidence on the interconnection between capital structure, R&D investment and ownership concentration using a unique panel data-set of Italian firms. We study the effect of R&D intensity on leverage for two groups of firms which are different in terms of their degree of ownership concentration. Our results suggest for Public Limited Companies, a nonlinear relationship between R&D intensity and leverage, with the latter first increasing and then decreasing. Interestingly, the same result is not found to hold true for Private Limited Companies, which are characterized by a more concentrated ownership.