Prof. Dr. Kornelius Kraft
Current research projects
The effects of company rating and equity capitalization on the innovation activities of German companies
The fundamental aim of this project is to investigate the effects of changes in the financial market situation on innovation and also on the development of sales and value creation as well as return on equity. In the first step, the effects of the financial market crisis on individual banks will be examined. The second step looks at the extent to which deteriorating framework conditions for financial institutions affect key performance indicators of the respective business customers. Furthermore, the effects of the Basel II Accord regulations on the innovation behavior of German companies will be included. The Basel II Accords stipulate a more precise risk assessment than was previously customary. As innovation activities such as research and development (R&D) projects are always highly risky, these new regulations may well have consequences for innovation projects. Further aspects of the planned research project are the investigation of possible shifts in the sources of financing depending on the extent to which house banks are affected by the financial crisis, the differentiation between short and long-term effects of the financial crisis and the influence of the ownership structure and management structure of companies. This project intends to combine various data sources such as Bankscope (Bureau van Dijk), dafne (Bureau van Dijk), Mannheim Innovation Panel (ZEW), Creditreform, Patstat (European Patent Office) and R&D data (Stifterverband für die Deutsche Wissenschaft).
Publications:
- Marek Giebel and Kornelius Kraft (2019), "External Financing Constraints and Firm Innovation" (2019), Journal of Industrial Economics, vol. 67, 91-126.
- Marek Giebel and Kornelius Kraft (2019), "The Impact of the Financial Crisis on Capital Investments in Innovative Firms" (2019), Industrial and Corporate Change, vol. 28, 1079-1099.
- Marek Giebel and Kornelius Kraft, "Bank Credit Supply and Firm Innovation Behavior in the Financial Crisis" (2020), Journal of Banking and Finance, vol. 121.
- Marek Giebel and Kornelius Kraft (2021), "Subsidies and Innovation in the Recent Financial Crisis", ZEW Discussion Paper No. 21-097.
- Marek Giebel and Kornelius Kraft (2023), "The Effects of Subsidies on R&D in the Financial Crisis - The Role of Financial Constraints of Firms and Banks", forthcoming in Industrial and Corporate Change.
- Marek Giebel and Kornelius Kraft (2024), "R&D Investments Under Financing Constraints", to be published in Industry and Innovation.