Innovative performance and bankruptcy risk in Swedish private firms

Detta är en C-uppsats från Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

Sammanfattning: This study examines how innovative performance impacts the probability of bankruptcy. We use three different measures of innovative performance with the aim of capturing the intensity of innovative input, the quantity of innovative output as well as the innovative efficiency. These are R&D intensity, patent count and the patent-to-R&D ratio, respectively. We formulate a hypothesis for each of the three measures and its association to the probability of bankruptcy. To investigate the respective associations, we perform multiple logistic regressions using an unbalanced panel dataset consisting of Swedish private firms between 2002 and 2019. We find evidence indicating that the quantity of innovative output as well as innovative efficiency are negatively associated with the probability of bankruptcy. However, we do not find any statistically significant association between the intensity of innovative input and the probability of bankruptcy. Our findings are in line with previous studies that suggest that the quantity of innovative output and innovative efficiency are negatively related to bankruptcy risk, although our exact definition of innovative efficiency to the best of our knowledge is unprecedented in the literature on bankruptcy prediction.

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