Corporate Science, Innovation, and Firm Value

• 成果类型: Article
• 署名作者: Simeth, Markus; Cincera, Michele
• 署名单位: Universidad Carlos III de Madrid; KU Leuven; Universite Libre de Bruxelles; Solvay SA
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2015.2220
• 发表日期: 2016
• 页码: 1970-1981
• 关键词: R&D strategy; industrial science; scientific disclosure; knowledge disclosure; open science; Tobin's Q

摘要

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.