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Intellectual capital and financing decisions / Qiao Liu in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1861-1878 Titre : Intellectual capital and financing decisions : Evidence from the U.S. patent data Type de document : texte imprimé Auteurs : Qiao Liu, Auteur ; Kit Pong Wong, Auteur Année de publication : 2012 Article en page(s) : pp. 1861-1878 Note générale : Management Langues : Anglais (eng) Mots-clés : Capital  structure  Default  Intellectual  capital  Patent-based  metrics  R&D-based  metrics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops a real options model to understand two distinct roles played by intellectual capital in corporate financing decisions. Whereas limiting a firm's debt capacity because of its low liquidation value, intellectual capital enhances a firm's debt capacity through its positive impact on earnings. Our model shows that the former dominates or is dominated by the latter, depending on whether the rate of dissipation of intellectual capital upon default is larger or smaller than a critical level, respectively. Using patent-based and research-and-development-based variables as proxies for intellectual capital, we find robust evidence that the relation between intellectual capital and leverage is positive. Specifically, a one-standard-deviation increase in the level of a firm's intellectual capital is associated with an increase of 6.6% to 21.1% in its market leverage. We further find this positive relation to be stronger for biotechnology firms. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1861.abstract [article] Intellectual capital and financing decisions : Evidence from the U.S. patent data [texte imprimé] / Qiao Liu, Auteur ; Kit Pong Wong, Auteur . - 2012 . - pp. 1861-1878. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1861-1878 Mots-clés : Capital  structure  Default  Intellectual  capital  Patent-based  metrics  R&D-based  metrics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops a real options model to understand two distinct roles played by intellectual capital in corporate financing decisions. Whereas limiting a firm's debt capacity because of its low liquidation value, intellectual capital enhances a firm's debt capacity through its positive impact on earnings. Our model shows that the former dominates or is dominated by the latter, depending on whether the rate of dissipation of intellectual capital upon default is larger or smaller than a critical level, respectively. Using patent-based and research-and-development-based variables as proxies for intellectual capital, we find robust evidence that the relation between intellectual capital and leverage is positive. Specifically, a one-standard-deviation increase in the level of a firm's intellectual capital is associated with an increase of 6.6% to 21.1% in its market leverage. We further find this positive relation to be stronger for biotechnology firms. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1861.abstract