Corporate Science, Innovation and Firm Value
AbstractIt can be observed that many R&D performing firms produce scientific knowledge and disclose research outcomes in scientific journals. At the micro-level, prior work identified several potential benefits of such a strategy like superior access to informal information networks or the opportunity of recruiting the best PhD graduates. However, scientific research is costly and subject to considerable uncertainty with respect to the outcomes, and the disclosure may lead to spillover effects that decrease the ability of firms to generate returns of their R&D investments. Overall, it remains unclear if and under what conditions science-oriented strategies are beneficial for firms. We address this gap and examine the impact of scientific activities on the firm’s market value using accounting data for US firms from Compustat and matched patent and scientific publication data. We find evidence for a positive impact of scientific publication stocks on the firm value beyond the effects of R&D, patent stocks and patent quality.
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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series iCite Working Papers with number 2013-006.
Length: 34 p.
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R&D; Industrial science; Market value; Tobin’s Q; Knowledge disclosure; Econometric evidence;
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