Corporate Science, Innovation and Firm Value

Forthcoming, Management Science

27 Pages Posted: 29 Aug 2013 Last revised: 10 Jul 2015

See all articles by Markus Simeth

Markus Simeth

Copenhagen Business School - Department of Strategy and Innovation

Michele Cincera

Université libre de Bruxelles, Solvay Brussels School of Economics and Management, iCite

Date Written: May 1, 2015

Abstract

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 US 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 R&D, patent stocks and patent quality and also document heterogeneity with respect to this impact between different industrial sectors.

Keywords: R&D, Industrial Science, Tobin's Q, Boundary-Spanning, Disclosure

JEL Classification: G32, O31, O34

Suggested Citation

Simeth, Markus and Cincera, Michele, Corporate Science, Innovation and Firm Value (May 1, 2015). Forthcoming, Management Science, Available at SSRN: https://ssrn.com/abstract=2317166 or http://dx.doi.org/10.2139/ssrn.2317166

Markus Simeth (Contact Author)

Copenhagen Business School - Department of Strategy and Innovation ( email )

Kilevej 14A
Frederiksberg, 2000
Denmark

Michele Cincera

Université libre de Bruxelles, Solvay Brussels School of Economics and Management, iCite ( email )

42 Av Franklin Roosevelt
1050
Brussels
Belgium
+3226504151 (Phone)
+3226504305 (Fax)

HOME PAGE: http://https://sbsem.ulb.be/research/research-centres/icite/about-icite

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
232
Abstract Views
1,446
Rank
249,101
PlumX Metrics