According to Schumpeter (1924, p. 165f), the financial market is the quasi-headquarter of the capitalist economy and an essential premise for innovation and economic growth. An empirical study of the impact of finance on innovation and economic growth is provided, for instance, by King and Levine (1993). This thesis ' contribution is to examine the impact of innovation – in the form of patents – on external financing.
KeywordsVenture Capitalist Bank Loan Intangible Asset Debt Financing Financial Account Standard Board
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