https://scholars.lib.ntu.edu.tw/handle/123456789/631127
標題: | Organizational form and the economic impacts on innovation: The case of patent grants announcements | 作者: | Chang, Shao Chi SHENG-SYAN CHEN Hung, Yu Shun |
關鍵字: | Diversification | Patent | Stock market | 公開日期: | 十二月-2006 | 來源出版物: | Academy of Management 2006 Annual Meeting: Knowledge, Action and the Public Concern, AOM 2006 | 摘要: | Although the values of innovations greatly differ, prior studies on diversification and innovation focused only on the quantity of inventive outputs without considering the economic impacts on shareholders value. This study investigates the influence of corporate diversification on the wealth effect of patent grants announcements. We find that focused firms experience significantly greater market reactions to patent announcements than diversified firms. In addition, we find that diversification into related industries has little effect on the wealth gains of granted patents, but diversification into unrelated industries significantly damages the economic impacts of patents. Those findings are robust to different definitions of industry relatedness, and remain unchanged even after controlling other determinants. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631127 |
顯示於: | 財務金融學系 |
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