Marek Giebel | Copenhagen Business School, CBS (original) (raw)

Papers by Marek Giebel

Research paper thumbnail of R&D investments under financing constraints

Industry and innovation, Mar 27, 2024

Research paper thumbnail of Navigating uncertainty: Employee participation dynamics in times of crisis

Labour, Feb 27, 2024

The flow of information continues to expand exponentially while, at the same time, decision‐makin... more The flow of information continues to expand exponentially while, at the same time, decision‐making becomes more complex. Employees, organizations, and societies face an increasingly hard challenge in identifying and utilizing information effectively. In the context of a crisis, the need for timely and correct information increases even more to support management decisions. Communication channels such as meetings and staff involvement committees (voluntary or mandatory) are crucial for efficient knowledge flows between employees, management, and within divisions. However, less is known about their pattern of creation at different stages of a crisis. This empirical study investigates the relevance of the Financial Crisis for the introduction and dissolution of staff involvement committees. Using the German IAB Establishment Panel, we use a conditional difference‐in‐differences framework and provide empirical evidence of whether employers initiated or abolished staff involvement committees in different stages of the recession. Our findings reveal that negatively affected establishments are more likely to introduce communication channels, especially during the crisis.

Research paper thumbnail of The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks

Industrial and Corporate Change, Dec 12, 2023

Research paper thumbnail of Is more always better? External consultants and firm innovation in emerging markets

Applied Economics, Nov 15, 2023

I analyse the relationship between hiring external consultants and firm innovation in emerging ma... more I analyse the relationship between hiring external consultants and firm innovation in emerging markets. Firms in these economic environments face specific problems that hinder organizational activities such as innovation. Hiring external consultants is considered a particularly important strategy to overcome these corporate inefficiencies as it provides firms with access to skills and knowledge. The results for a sample of firms from 32 countries imply that firms that hire external consultants are more likely to conduct product and process innovation. Moreover, the use of advisory services is positively associated with the likelihood of undertaking more ambitious innovation projects in terms of disruptiveness and the number of innovation types. Determining the impact of the consulting intensity, I show that the relation between the number of interactions with external consultants and innovation is inversely U-shaped. This implies that more consulting is not always better.

Research paper thumbnail of R&D investments under financing constraints

Industry and Innovation, 2024

We analyse the effect of credit supply constraints on R&D conditional on the financial strength o... more We analyse the effect of credit supply constraints on R&D conditional on the financial strength of firms and heterogeneity in the restrictions in the supply of external financing. The financial strength of firms and access to external financing are identified by an exogenously calculated rating index. Restrictions in the supply of external financing are determined by the specific time period (crisis vs. non-crisis) and the balance sheet strength of the firm’s main bank in terms of bank capital. Our results support the theoretical prediction that financing constraints negatively affect R&D. We find that firms with a lower financial strength reduce R&D to a stronger extent in times of stress on financial markets and when the firm faces restrictions in external financing. Additionally, the effect does not persist over time.

Research paper thumbnail of Navigating uncertainty: Employee participation dynamics in times of crisis

Labour, 2024

The flow of information continues to expand exponentially while, at the same time, decision‐makin... more The flow of information continues to expand exponentially while, at the same time, decision‐making becomes more complex. Employees, organizations, and societies face an increasingly hard challenge in identifying and utilizing information effectively. In the context of a crisis, the need for timely and correct information increases even more to support management decisions. Communication channels such as meetings and staff involvement committees (voluntary or mandatory) are crucial for efficient knowledge flows between employees, management, and within divisions. However, less is known about their pattern of creation at different stages of a crisis. This empirical study investigates the relevance of the Financial Crisis for the introduction and dissolution of staff involvement committees. Using the German IAB Establishment Panel, we use a conditional difference‐in‐differences framework and provide empirical evidence of whether employers initiated or abolished staff involvement committees in different stages of the recession. Our findings reveal that negatively affected establishments are more likely to introduce communication channels, especially during the crisis.

Research paper thumbnail of The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks

Industrial and Corporate Change, 2023

We analyze the effect of subsidies on firm R&D, conditional on firms’ access to external financin... more We analyze the effect of subsidies on firm R&D, conditional on firms’ access to external financing during the financial crisis when access to external financing was particularly difficult. Specifically, we determine whether subsidies can mitigate or completely offset the effect of external financing constraints of firms or banks. Financial constraints are considered through (i) firms’ credit ratings, and (ii) the capital reserves of their banks. Subsidies were found to help maintain R&D investments during the crisis, especially when financial constraints were present. After the crisis, the subsidized firms reached the level of R&D spending they had prior to the crisis.

Research paper thumbnail of Is more always better? External consultants and firm innovation in emerging markets

Applied Economics, 2023

I analyse the relationship between hiring external consultants and firm innovation in emerging ma... more I analyse the relationship between hiring external consultants and firm innovation in emerging markets. Firms in these economic environments face specific problems that hinder organizational activities such as innovation. Hiring external consultants is considered a particularly important strategy to overcome these corporate inefficiencies as it provides firms with access to skills and knowledge. The results for a sample of firms from 32 countries imply that firms that hire external consultants are more likely to conduct product and process innovation. Moreover, the use of advisory services is positively associated with the likelihood of undertaking more ambitious innovation projects in terms of disruptiveness and the number of innovation types. Determining the impact of the consulting intensity, I show that the relation between the number of interactions with external consultants and innovation is inversely U-shaped. This implies that more consulting is not always better.

Research paper thumbnail of The Divisional Games, the Case of Teva’s Blockbuster Drug, Copaxone: A Law and Economics Perspective

Research paper thumbnail of OUP accepted manuscript

Industrial And Corporate Change, 2018

This article investigates the impact of the financial crisis on decisions by innovative versus no... more This article investigates the impact of the financial crisis on decisions by innovative versus non-innovative firms regarding capital investments. This question is of particular interest, as distortions of financial markets especially affect innovative firms (i.e., firms with riskier business models) and thereby impact economic growth. The empirical test is based on German establishment data for the years 2004–2011, thus before and during the recent financial crisis. It turns out that innovative firms using external sources for investment finance reduce their capital expenditures during the financial crisis to a larger extent than (i) non-innovative firms using external finance and (ii) innovative firms not using external finance. Moreover, our results remain robust when we control for demand-side factors, test for effects of other financing sources like equity, employ different definitions of the treatment status, or vary the sample size. Finally, our study implies that innovative firms with their presumably riskier business models clearly suffered during the financial crisis in terms of access to financial markets, leading to a reduction in capital investments.

Research paper thumbnail of Transparency and the Social Benefits of Government Funded Research

Academy of Management Proceedings

Research paper thumbnail of Financial Constraints for R&D and Innovation: New Evidence From a Survey Experiment

Social Science Research Network, 2021

Research paper thumbnail of Is It a Good Idea to Publish during Your PhD? Yes, but

Research paper thumbnail of Subsidies and Innovation in the Recent Financial Crisis

SSRN Electronic Journal, 2021

We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The fi... more We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing constraints in two ways. First, firm financing constraints are determined via their credit rating and second, restrictions from the supply side are identified via the firm's main banks capital reserves. The results of our empirical test imply that R&D investments of non-subsidized firms decrease during the crisis. This effect is particularly pronounced for firms that are affected by financing constraints on the firm or bank side. Finally, our results imply that subsidies can at least partially compensate for these negative effects.

Research paper thumbnail of The impact of financial markets on innovation

This thesis focuses on the impact of financial markets on innovation. On the one hand, this inclu... more This thesis focuses on the impact of financial markets on innovation. On the one hand, this includes the analysis of the sensitivity of innovative firms to restrictions in external financing. On the other hand, the reaction of innovation activities to changes in the supply of external financing is investigated. In that respect, in particular the lack of access to and supply of bank financing in the recent financial crisis is being used as source of underinvestment in innovation. The second chapter of this thesis questions how firms with different combinations of innovator status and usage of external financing adjusted their investment in the financial crisis. The results in Chapter 2 indicate that innovative firms clearly suffered from the financial crisis and invested less in capital goods as a result. The third chapter of the thesis investigates the impact of external financing constraints on the innovation expenditures of firms. Thus, the degree of reliance of a firm's main ...

Research paper thumbnail of Patent Enforcement and Subsequent Innovation: Evidence from Patent Infringement Litigation

SSRN Electronic Journal, 2021

Research paper thumbnail of R&D Investment under Financing Constraints

SSRN Electronic Journal, 2020

This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions ... more This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period (crisis vs. non-crisis) and (ii) the balance sheet strength of the firm's main bank in terms of bank capital. Results of difference-indifferences estimations utilizing three time periods: 2002-2006 (pre-crisis) 2007-2009 (crisis) and 2010-2012 (post-crisis) support the theoretical prediction that financing constraints affect R&D. Moreover, we find that the effect of firm financing constraints is more intense (i) in times of stress on financial markets and (ii) when the firm faces restrictions in external financing. Additionally, our results indicate that on average the effect does not persist over time.

Research paper thumbnail of External Consultants and Innovation

Academy of Management Proceedings, 2020

Research paper thumbnail of The sensitivity of R & D to financing constraints of firms as well of their banks before , during and after the financial crisis

This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions ... more This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period (crisis vs. non-crisis) and (ii) the balance sheet strength of the firm’s main bank in terms of bank capital. Results of difference-indifferences estimations utilizing three time periods: 2002-2006 (pre-crisis) 2007-2009 (crisis) and 2010-2012 (post-crisis) support the theoretical prediction that financing constraints affect R&D. Moreover, we find that the effect of firm financing constraints is more intense (i) in times of stress on financial markets and (ii) when the firm faces restrictions in external financing. Additionally, our results indicate that on average the effect does not persist over time.

Research paper thumbnail of Patent Enforcement and Innovation

Academy of Management Proceedings, 2021

Research paper thumbnail of R&D investments under financing constraints

Industry and innovation, Mar 27, 2024

Research paper thumbnail of Navigating uncertainty: Employee participation dynamics in times of crisis

Labour, Feb 27, 2024

The flow of information continues to expand exponentially while, at the same time, decision‐makin... more The flow of information continues to expand exponentially while, at the same time, decision‐making becomes more complex. Employees, organizations, and societies face an increasingly hard challenge in identifying and utilizing information effectively. In the context of a crisis, the need for timely and correct information increases even more to support management decisions. Communication channels such as meetings and staff involvement committees (voluntary or mandatory) are crucial for efficient knowledge flows between employees, management, and within divisions. However, less is known about their pattern of creation at different stages of a crisis. This empirical study investigates the relevance of the Financial Crisis for the introduction and dissolution of staff involvement committees. Using the German IAB Establishment Panel, we use a conditional difference‐in‐differences framework and provide empirical evidence of whether employers initiated or abolished staff involvement committees in different stages of the recession. Our findings reveal that negatively affected establishments are more likely to introduce communication channels, especially during the crisis.

Research paper thumbnail of The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks

Industrial and Corporate Change, Dec 12, 2023

Research paper thumbnail of Is more always better? External consultants and firm innovation in emerging markets

Applied Economics, Nov 15, 2023

I analyse the relationship between hiring external consultants and firm innovation in emerging ma... more I analyse the relationship between hiring external consultants and firm innovation in emerging markets. Firms in these economic environments face specific problems that hinder organizational activities such as innovation. Hiring external consultants is considered a particularly important strategy to overcome these corporate inefficiencies as it provides firms with access to skills and knowledge. The results for a sample of firms from 32 countries imply that firms that hire external consultants are more likely to conduct product and process innovation. Moreover, the use of advisory services is positively associated with the likelihood of undertaking more ambitious innovation projects in terms of disruptiveness and the number of innovation types. Determining the impact of the consulting intensity, I show that the relation between the number of interactions with external consultants and innovation is inversely U-shaped. This implies that more consulting is not always better.

Research paper thumbnail of R&D investments under financing constraints

Industry and Innovation, 2024

We analyse the effect of credit supply constraints on R&D conditional on the financial strength o... more We analyse the effect of credit supply constraints on R&D conditional on the financial strength of firms and heterogeneity in the restrictions in the supply of external financing. The financial strength of firms and access to external financing are identified by an exogenously calculated rating index. Restrictions in the supply of external financing are determined by the specific time period (crisis vs. non-crisis) and the balance sheet strength of the firm’s main bank in terms of bank capital. Our results support the theoretical prediction that financing constraints negatively affect R&D. We find that firms with a lower financial strength reduce R&D to a stronger extent in times of stress on financial markets and when the firm faces restrictions in external financing. Additionally, the effect does not persist over time.

Research paper thumbnail of Navigating uncertainty: Employee participation dynamics in times of crisis

Labour, 2024

The flow of information continues to expand exponentially while, at the same time, decision‐makin... more The flow of information continues to expand exponentially while, at the same time, decision‐making becomes more complex. Employees, organizations, and societies face an increasingly hard challenge in identifying and utilizing information effectively. In the context of a crisis, the need for timely and correct information increases even more to support management decisions. Communication channels such as meetings and staff involvement committees (voluntary or mandatory) are crucial for efficient knowledge flows between employees, management, and within divisions. However, less is known about their pattern of creation at different stages of a crisis. This empirical study investigates the relevance of the Financial Crisis for the introduction and dissolution of staff involvement committees. Using the German IAB Establishment Panel, we use a conditional difference‐in‐differences framework and provide empirical evidence of whether employers initiated or abolished staff involvement committees in different stages of the recession. Our findings reveal that negatively affected establishments are more likely to introduce communication channels, especially during the crisis.

Research paper thumbnail of The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks

Industrial and Corporate Change, 2023

We analyze the effect of subsidies on firm R&D, conditional on firms’ access to external financin... more We analyze the effect of subsidies on firm R&D, conditional on firms’ access to external financing during the financial crisis when access to external financing was particularly difficult. Specifically, we determine whether subsidies can mitigate or completely offset the effect of external financing constraints of firms or banks. Financial constraints are considered through (i) firms’ credit ratings, and (ii) the capital reserves of their banks. Subsidies were found to help maintain R&D investments during the crisis, especially when financial constraints were present. After the crisis, the subsidized firms reached the level of R&D spending they had prior to the crisis.

Research paper thumbnail of Is more always better? External consultants and firm innovation in emerging markets

Applied Economics, 2023

I analyse the relationship between hiring external consultants and firm innovation in emerging ma... more I analyse the relationship between hiring external consultants and firm innovation in emerging markets. Firms in these economic environments face specific problems that hinder organizational activities such as innovation. Hiring external consultants is considered a particularly important strategy to overcome these corporate inefficiencies as it provides firms with access to skills and knowledge. The results for a sample of firms from 32 countries imply that firms that hire external consultants are more likely to conduct product and process innovation. Moreover, the use of advisory services is positively associated with the likelihood of undertaking more ambitious innovation projects in terms of disruptiveness and the number of innovation types. Determining the impact of the consulting intensity, I show that the relation between the number of interactions with external consultants and innovation is inversely U-shaped. This implies that more consulting is not always better.

Research paper thumbnail of The Divisional Games, the Case of Teva’s Blockbuster Drug, Copaxone: A Law and Economics Perspective

Research paper thumbnail of OUP accepted manuscript

Industrial And Corporate Change, 2018

This article investigates the impact of the financial crisis on decisions by innovative versus no... more This article investigates the impact of the financial crisis on decisions by innovative versus non-innovative firms regarding capital investments. This question is of particular interest, as distortions of financial markets especially affect innovative firms (i.e., firms with riskier business models) and thereby impact economic growth. The empirical test is based on German establishment data for the years 2004–2011, thus before and during the recent financial crisis. It turns out that innovative firms using external sources for investment finance reduce their capital expenditures during the financial crisis to a larger extent than (i) non-innovative firms using external finance and (ii) innovative firms not using external finance. Moreover, our results remain robust when we control for demand-side factors, test for effects of other financing sources like equity, employ different definitions of the treatment status, or vary the sample size. Finally, our study implies that innovative firms with their presumably riskier business models clearly suffered during the financial crisis in terms of access to financial markets, leading to a reduction in capital investments.

Research paper thumbnail of Transparency and the Social Benefits of Government Funded Research

Academy of Management Proceedings

Research paper thumbnail of Financial Constraints for R&D and Innovation: New Evidence From a Survey Experiment

Social Science Research Network, 2021

Research paper thumbnail of Is It a Good Idea to Publish during Your PhD? Yes, but

Research paper thumbnail of Subsidies and Innovation in the Recent Financial Crisis

SSRN Electronic Journal, 2021

We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The fi... more We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing constraints in two ways. First, firm financing constraints are determined via their credit rating and second, restrictions from the supply side are identified via the firm's main banks capital reserves. The results of our empirical test imply that R&D investments of non-subsidized firms decrease during the crisis. This effect is particularly pronounced for firms that are affected by financing constraints on the firm or bank side. Finally, our results imply that subsidies can at least partially compensate for these negative effects.

Research paper thumbnail of The impact of financial markets on innovation

This thesis focuses on the impact of financial markets on innovation. On the one hand, this inclu... more This thesis focuses on the impact of financial markets on innovation. On the one hand, this includes the analysis of the sensitivity of innovative firms to restrictions in external financing. On the other hand, the reaction of innovation activities to changes in the supply of external financing is investigated. In that respect, in particular the lack of access to and supply of bank financing in the recent financial crisis is being used as source of underinvestment in innovation. The second chapter of this thesis questions how firms with different combinations of innovator status and usage of external financing adjusted their investment in the financial crisis. The results in Chapter 2 indicate that innovative firms clearly suffered from the financial crisis and invested less in capital goods as a result. The third chapter of the thesis investigates the impact of external financing constraints on the innovation expenditures of firms. Thus, the degree of reliance of a firm's main ...

Research paper thumbnail of Patent Enforcement and Subsequent Innovation: Evidence from Patent Infringement Litigation

SSRN Electronic Journal, 2021

Research paper thumbnail of R&D Investment under Financing Constraints

SSRN Electronic Journal, 2020

This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions ... more This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period (crisis vs. non-crisis) and (ii) the balance sheet strength of the firm's main bank in terms of bank capital. Results of difference-indifferences estimations utilizing three time periods: 2002-2006 (pre-crisis) 2007-2009 (crisis) and 2010-2012 (post-crisis) support the theoretical prediction that financing constraints affect R&D. Moreover, we find that the effect of firm financing constraints is more intense (i) in times of stress on financial markets and (ii) when the firm faces restrictions in external financing. Additionally, our results indicate that on average the effect does not persist over time.

Research paper thumbnail of External Consultants and Innovation

Academy of Management Proceedings, 2020

Research paper thumbnail of The sensitivity of R & D to financing constraints of firms as well of their banks before , during and after the financial crisis

This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions ... more This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period (crisis vs. non-crisis) and (ii) the balance sheet strength of the firm’s main bank in terms of bank capital. Results of difference-indifferences estimations utilizing three time periods: 2002-2006 (pre-crisis) 2007-2009 (crisis) and 2010-2012 (post-crisis) support the theoretical prediction that financing constraints affect R&D. Moreover, we find that the effect of firm financing constraints is more intense (i) in times of stress on financial markets and (ii) when the firm faces restrictions in external financing. Additionally, our results indicate that on average the effect does not persist over time.

Research paper thumbnail of Patent Enforcement and Innovation

Academy of Management Proceedings, 2021