Online Appendix for: 'Cybersecurity Risk and Corporate Innovation'

13 Pages Posted: 20 Nov 2020 Last revised: 19 May 2022

See all articles by Gabriele Lattanzio

Gabriele Lattanzio

Nazarbayev University

Yue Ma

University of Oklahoma

Date Written: October 1, 2020


This document reports additional tables discussed in the paper “Corporate Innovation in the Cyber Age”. This tables complements those included in our study. In particular, Table OA.I extends Table I, in the paper, by reporting a long list of recent working paper investigating the financial and economic consequences of data breaches. Table OA.II documents that 10K disclosures based measures of cyber-security risk predicts data preaches using non-linear model and no fixed effects. Table OA.III confirms that our R&D results are robust to dropping observations with missing R&D, as well as to the use of the Koh and Reeb (2015) to predict the value of missing R&D values. Finally, Table OA.IV confirms that the successful cyber attacks targeting rivals cause a significant increase in a firm’s cyber-security risk level.

Keywords: Cyber Risk, Hacking, Corporate Innovation, Patents, Trade Secrets

JEL Classification: G14, G32, M15, M48, O32

Suggested Citation

Lattanzio, Gabriele and Ma, Yue, Online Appendix for: 'Cybersecurity Risk and Corporate Innovation' (October 1, 2020). Available at SSRN: or

Gabriele Lattanzio (Contact Author)

Nazarbayev University ( email )


Yue Ma

University of Oklahoma ( email )

Norman, OK 73019-4004
United States

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