Corporate Science, Innovation and Firm Value Articles uri icon

authors

  • SIMETH, MARKUS
  • CINCERA, MICHELE

publication date

  • July 2016

start page

  • 1970

end page

  • 1981

issue

  • 7

volume

  • 62

International Standard Serial Number (ISSN)

  • 0025-1909

Electronic International Standard Serial Number (EISSN)

  • 1526-5501

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 toacademic 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 sector.