SHAREHOLDER VALUE CREATION DURING RESEARCH-AND-DEVELOPMENT INNOVATION AND COMMERCIALIZATION STAGES

• 成果类型: Article
• 署名作者: KELM, KM; NARAYANAN, VK; PINCHES, GE
• 署名单位: University of Kansas; University of Kansas
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256745
• 发表日期: 1995
• 页码: 770-786
• 关键词: market value; Investment decisions; stock returns; FIRMS; expenditures; acquisitions; strategy; profits; patents; IMPACT

摘要

We examined the impact on the market value of firms' stock of announcements about RandD projects made in the innovation and commercialization stages of the RandD process. Technology- and market-related variables were tested as predictors of the wealth impact of RandD announcements. Our analysis indicates that the stage of the R&D process moderates the relationship between the wealth effects and technology and market variables. The former are more important than market variables in the innovation stage, and both are important during commercialization.