Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/81465
Title: Does credit information sharing benefit firm innovation?
Authors: Hou, Fangfang
Advisors: Xu, Xinpeng (AF)
Ng, Jeffrey (AF)
Zhang, Shaojun (AF)
Keywords: Consumer credit
Credit -- Management
Issue Date: 2019
Publisher: The Hong Kong Polytechnic University
Abstract: Credit information sharing plays an important role in mitigating information asymmetry between borrowers and (potential) lenders. In my dissertation, I use international patent data to investigate whether and how credit information sharing among lenders affects borrowers' innovation activities, and whether this effect varies across firm-specific characteristics and institution-level features. Using a difference-in-differences framework based on a novel firm-patent panel dataset from 30 countries, I find that credit information sharing through the introduction of public credit registries (PCRs) is positively associated with firms' innovation outcomes. This positive effect derives from credit information sharing's implicit contracting role in lowering firms' overall cost of credit and facilitating their innovation efficiency. My difference-in-differences test results are robust to alternative measures, various specifications and controlling for other concurrent economic reforms. Cross-sectionally, I find the positive effect of credit information sharing on innovation is more pronounced among firms dependent on external finance, suggesting the importance of credit information sharing in facilitating credit allocation. I also find that firms from economies with more power in enforcing contracts, and/or less concentrated banking system enjoy better innovation outcomes after the introduction of PCRs, which shed light on the monitoring role of information sharing. In addition, the positive effect is stronger among less transparent firms, emphasizing PCRs' important role in improving lenders' information set. Overall, these findings are consistent with the idea that credit information sharing leads to better financing opportunities for borrowers and enhances their innovation portfolios by improving lenders' information set.
Description: x, 112 pages : color illustrations
PolyU Library Call No.: [THS] LG51 .H577P AF 2019 Hou
URI: http://hdl.handle.net/10397/81465
Rights: All rights reserved.
Appears in Collections:Thesis

Files in This Item:
File Description SizeFormat 
991022270855203411_link.htmFor PolyU Users168 BHTMLView/Open
991022270855203411_pira.pdfFor All Users (Non-printable)1.35 MBAdobe PDFView/Open
Show full item record
PIRA download icon_1.1View/Download Contents

SCOPUSTM   
Citations

7
Last Week
0
Last month
Citations as of Nov 15, 2019

WEB OF SCIENCETM
Citations

7
Last Week
0
Last month
Citations as of Nov 10, 2019

Page view(s)

46
Last Week
0
Last month
Citations as of Nov 13, 2019

Download(s)

22
Citations as of Nov 13, 2019

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.