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Innovation indicators and corporate credit ratings: evidence from German firms

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  • Czarnitzki, Dirk
  • Kraft, Kornelius

Abstract

The literature on the relationship between firm value and knowledge capital is based on stock market valuation. We use a credit rating score as an alternative measure. Innovative firms achieve better ratings, whilst too many innovative activities reduce the rating. (C) 2004 Elsevier B.V. All rights reserved.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4BHJYY2-1/2/92a121d9328f60e91fe41065786bac9f
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 82 (2004)
Issue (Month): 3 (March)
Pages: 377-384

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Handle: RePEc:eee:ecolet:v:82:y:2004:i:3:p:377-384

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Web page: http://www.elsevier.com/locate/ecolet

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References

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  1. Fisher, Franklin M & McGowan, John J, 1983. "On the Misuse of Accounting Rates of Return to Infer Monopoly Profits," American Economic Review, American Economic Association, vol. 73(1), pages 82-97, March.
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Cited by:
  1. Kraft, Kornelius & Czarnitzki, Dirk, 2004. "On the Profitability of Innovative Assets," ZEW Discussion Papers 04-38, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Czarnitzki, Dirk & Licht, Georg, 2004. "Die Rolle der Innovationsförderung im Aufholprozess Ostdeutschlands," ZEW Discussion Papers 04-68, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Czarnitzki, Dirk & Licht, Georg, 2006. "Additionality of public R&D grants in a transition economy: The case of Eastern Germany," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/217531, Katholieke Universiteit Leuven.
  4. Czarnitzki, Dirk & Delanote, Julie, 2012. "Young innovative companies: the new high-growth firms?," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/349100, Katholieke Universiteit Leuven.
  5. Heger, Diana & Kraft, Kornelius, 2008. "Barriers to Entry and Profitability," ZEW Discussion Papers 08-071, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  6. Keld Laursen & Ammon Salter, 2005. "My Precious. The Role of Appropriability Strategies in Shaping Innovative Performance," DRUID Working Papers 05-02, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  7. Czarnitzki, Dirk & Kraft, Kornelius, 2006. "R&D and Firm Performance in a Transition Economy," ZEW Discussion Papers 06-33, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  8. Heger, Diana & Kraft, Kornelius, 2008. "A Test of the Quality of Concentration Indices," ZEW Discussion Papers 08-072, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  9. Andreas Ziegler, 2008. "Disentangling Specific Subsets of Innovations : A Micro-Econometric Analysis of their Determinants," CER-ETH Economics working paper series 08/100, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  10. Kraft, Kornelius & Rammer,Christian & Gottschalk, Sandra, 2012. "Minimum wages and competition: The case of the German roofing sector," ZEW Discussion Papers 12-083, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  11. Monica Dudian, 2009. "Credit Risk Assessment By Rating Agencies: Standardization Versus Subjectivity," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 4(4), pages 52-65, december.
  12. Philipp Köllinger, 2005. "Why IT Matters: An Empirical Study of E-Business Usage, Innovation, and Firm Performance," Discussion Papers of DIW Berlin 495, DIW Berlin, German Institute for Economic Research.

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