Purpose

The authors investigate whether firms in learning-intensive industries are more prone to bankruptcy and how this shapes a firm's financing choices.

Design/methodology/approach

Industry learning estimates based on US manufacturing firms are obtained from the study of Balasubramanian and Lieberman (2010; 2011), who collected these estimates from the US Census Bureau. Merging the learning estimates with data from Compustat gives us a final sample of 6,138 publicly-traded US manufacturing firms (56,930 firm-years) between 1973 and 2000. The authors use both OLS and IV estimation approaches to test the hypotheses.

Findings

The findings confirm that firms operating in learning-intensive industries have a higher threat of bankruptcy. The authors also find that a debt-intensive capital structure exacerbates the threat of bankruptcy; therefore, firms in such industries have a significantly lower reliance on debt financing.

Practical implications

In the current turbulent business environment, managers operating in learning-intensive industries need to be more careful while making financing choices between debt and equity, and they can explore sources of financing that go beyond the capital markets.

Originality/value

No study so far has examined how industry learning intensity, a key industry characteristic, makes firms more prone to bankruptcy, and how this threat of bankruptcy results in more conservative financing choices. By integrating the theoretical perspectives from the structure–conduct–performance (SCP), transaction cost economics (TCE) and threat rigidity paradigms, this paper contributes to the literature by adding the industry learning environment as a novel determinant of firm financing choices and the threat of bankruptcy.

中文翻译：

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学习密集型产业的破产威胁与融资策略

目的

作者调查了学习密集型行业的公司是否更容易破产，以及这如何影响公司的融资选择。

设计/方法/方法

Balasubramanian 和 Lieberman（2010 年；2011 年）的研究基于美国制造企业的行业学习估计，他们从美国人口普查局收集了这些估计。将学习估计与来自 Compustat 的数据相结合，我们得到了 1973 年至 2000 年间 6,138 家美国上市制造公司（56,930 家公司年）的最终样本。作者使用 OLS 和 IV 估计方法来检验假设。

发现

调查结果证实，在学习密集型行业运营的公司面临更高的破产威胁。作者还发现，债务密集型资本结构加剧了破产的威胁；因此，这些行业的公司对债务融资的依赖程度大大降低。

实际影响

在当前动荡的商业环境中，学习密集型行业的管理者在债权和股权融资选择上需要更加谨慎，可以探索超越资本市场的融资来源。

原创性/价值

迄今为止，还没有研究调查行业学习强度（一个关键行业特征）如何使公司更容易破产，以及这种破产威胁如何导致更保守的融资选择。通过整合结构-行为-绩效 (SCP)、交易成本经济学 (TCE) 和威胁刚性范式的理论观点，本文通过添加行业学习环境作为公司融资选择和威胁的新决定因素来为文献做出贡献。的破产。