Debt Contract Enforcement and Product Innovation: Evidence from a Legal Reform in India
研究发现印度设立债务追偿法庭提高了债务合同执行效率，从而促进了产品创新，尤其是大型有形资产企业增加了研发投入并推出市场新产品。
We show that an increase in the efficiency of debt contract enforcement due to the introduction of debt recovery tribunals has a positive effect on product innovation in India. The increase in products is driven by larger firms with higher shares of tangible assets. These firms also experience an increase in secured borrowing and new long-term loans. Consistent with increased product innovation, these firms increase spending on research and development and enter into novel product lines that are new to the market. They also increase their spending on physical capital, compensation, advertising, and marketing.