Earticle

초록

영어

In this study, I examine the effect of patent applications on the cost of debt. Using a sample of Korean listed firms, I show that debtholders charge a significantly lower cost of debt to a firm with higher patent counts or greater patent productivity. This finding remains robust while considering the differences of firms with patents versus without patents, controlling for unobservable firm-specific factors by employing a firm-fixed effect model, and using a dynamic panel data model to mitigate an endogeneity concern that debt financing affects patenting activity. I further explore three possible channels through which patent applications affect the cost of debt. First, patents mitigate the degree of information asymmetry between firms and potential debtholders. Second, they provide expectations for increased future cash flows. Third, patents enable improved redeployability of assets. This study sheds lights on the real effects of patent applications on firms’ costs of debt.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature review and hypothesis
1. Literature review
2. Hypothesis
Ⅲ. Sample, variables, and descriptive statistics
1. Sample
2. Variables
3. Descriptive Statistics
Ⅳ. Empirical results
1. Baseline results
2. Robustness checks
3. Possible underlying channels
4. Subsample tests
Ⅴ. Conclusions
References

키워드

저자

• Jeongdae Yim [ Research Professor, BK21 FOUR, College of Business Administration, Chonnam National University ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330