https://scholars.lib.ntu.edu.tw/handle/123456789/414655
Title: | R&D spillover effects and firm performance following R&D increases | Authors: | SHENG-SYAN CHEN Chen, Yan-Shing Liang W.-L. Wang, Yanzhi |
Issue Date: | 2013 | Journal Volume: | 48 | Journal Issue: | 5 | Start page/Pages: | 1607-1634 | Source: | Journal of Financial and Quantitative Analysis | Abstract: | We examine how research and development (R&D) incoming spillovers affect long-run firm performance following firms' R&D increases. We use a stochastic frontier production method to capture R&D incoming spillover effects. Firms reaping more benefits from R&D investment made by other firms experience more improvement in profitability and more favorable long-run stock performance in the post-R&D-increase period. Firms with higher levels of R&D incoming spillovers recruit more key employees from other firms, suggesting that obtaining know-how through hiring is an important source of incoming spillovers. The evidence also shows that firms experiencing more R&D outgoing spillover effects tend to underinvest in R&D. Copyright ? Michael G. Foster School of Business, University of Washington 2013. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414655 | ISSN: | 00221090 | DOI: | 10.1017/S0022109013000574 |
Appears in Collections: | 財務金融學系 |
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