Managing liquidity in research-intensive firms : (Record no. 32579)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01988naa a2200193uu 4500 |
| 001 - CONTROL NUMBER | |
| control field | 0042611393937 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20190211171206.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 100426s2009 xx ||||gr |0|| 0 eng d |
| 999 ## - SYSTEM CONTROL NUMBERS (KOHA) | |
| Koha Dewey Subclass [OBSOLETE] | PHL2MARC21 1.1 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | eng |
| 100 1# - MAIN ENTRY--PERSONAL NAME | |
| Personal name | LEVITAS, Edward |
| 9 (RLIN) | 6056 |
| 245 10 - TITLE STATEMENT | |
| Title | Managing liquidity in research-intensive firms : |
| Remainder of title | signaling and cash flow effects of patents and alliance activities |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Place of publication, distribution, etc. | Bognor Regis : |
| Name of publisher, distributor, etc. | Wiley-Blackwell, |
| Date of publication, distribution, etc. | June 2009 |
| 520 3# - SUMMARY, ETC. | |
| Summary, etc. | The effective holding and management of liquid assets is critical to success in research-intensive industries. The primary output of invention is new knowledge. However, because of its sticky characteristics, knowledge may not easily diffuse to external shareholders, leading to knowledge asymmetries between managers/employees and external suppliers of capital. Many valuable R&D projects may thus fail to attract external financing, limiting a firm's ability to invest in R&D. In this study, we examine how the cash flow and signaling properties of a firm's patents and certain aspects of its alliance strategy can attenuate such problems. Specifically, we suggest that a firm's R&D investments positively predict the level of its liquid asset holdings. This is due to the fact that invention-induced knowledge asymmetries increase the firm's cost of accessing external liquid capital. However, holding cash entails opportunity costs. In this regard, we also find that patent production and certain alliance activities provide important signaling mechanisms, which reduce knowledge asymmetries between the firm and capital markets, and consequently lower the firm's need to hold liquid assets. Empirical tests were conducted using a sample of 108 U.S-based biotechnology firms. |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | MCFADYEN, M. Ann |
| 9 (RLIN) | 39661 |
| 773 08 - HOST ITEM ENTRY | |
| Title | Strategic Management Journal |
| Related parts | 30, 6, p. 659-678 |
| Place, publisher, and date of publication | Bognor Regis : Wiley-Blackwell, June 2009 |
| International Standard Serial Number | ISSN 01432095 |
| Record control number | |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Periódico |
| 998 ## - LOCAL CONTROL INFORMATION (RLIN) | |
| -- | 20100426 |
| Operator's initials, OID (RLIN) | 1139^b |
| Cataloger's initials, CIN (RLIN) | Daiane |
| 998 ## - LOCAL CONTROL INFORMATION (RLIN) | |
| -- | 20100428 |
| Operator's initials, OID (RLIN) | 1704^b |
| Cataloger's initials, CIN (RLIN) | Carolina |
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