Corporate Science, Innovation, and Firm Value

Markus Simeth, Michele Cincera

Publikation: Bidrag til tidsskriftTidsskriftartikelpeer review

Abstrakt

Many firms actively disclose research findings in scientific peer-reviewed journals. The literature highlights several potential benefits of such scientific boundary-spanning activities, including privileged access to academic information networks. However, scientific disclosure may lead to unintended knowledge spillovers. It remains unclear whether active engagement in science leads to higher returns. This paper investigates the impact of scientific activities on the firm’s market value, using accounting data for U.S. firms and matched patent and scientific publication data. We find evidence for the positive impact of scientific publications on a firm’s market value beyond the effects of research and development, patent stocks, and patent quality, and also document heterogeneity with respect to this impact between different industrial sectors.
OriginalsprogEngelsk
TidsskriftManagement Science
Vol/bind62
Udgave nummer7
Sider (fra-til)1970-1981
Antal sider12
ISSN0025-1909
DOI
StatusUdgivet - jul. 2016
Udgivet eksterntJa

Emneord

  • Industrial science
  • Knowledge disclosure
  • Open science
  • R& D strategy
  • Scientific disclosure
  • Tobin's Q

Citationsformater