標題: R&D Spillover Effects and Firm Performance Following R&D Increases
作者: Chen, Sheng-Syan
Chen, Yan-Shing
Liang, Woan-lih
Wang, Yanzhi
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
公開日期: 1-十月-2013
摘要: We examine how research and development (R&D) incoming spillovers affect long-run firm performance following firms\' R&D increases. We use a stochastic frontier production method to capture R&D incoming spillover effects. Firms reaping more benefits from R&D investment made by other firms experience more improvement in profitability and more favorable long-run stock performance in the post-R&D-increase period. Firms with higher levels of R&D incoming spillovers recruit more key employees from other firms, suggesting that obtaining know-how through hiring is an important source of incoming spillovers. The evidence also shows that firms experiencing more R&D outgoing spillover effects tend to underinvest in R&D.
URI: http://dx.doi.org/10.1017/S0022109013000574
http://hdl.handle.net/11536/24540
ISSN: 0022-1090
DOI: 10.1017/S0022109013000574
期刊: JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
Volume: 48
Issue: 5
起始頁: 1607
結束頁: 1634
顯示於類別:期刊論文


文件中的檔案:

  1. 000336519000010.pdf