Corporate Science, Innovation and Firm Value Articles
Overview
published in
- MANAGEMENT SCIENCE Journal
publication date
- July 2016
start page
- 1970
end page
- 1981
issue
- 7
volume
- 62
Digital Object Identifier (DOI)
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.
Classification
subjects
- Business
- Economics
keywords
- r&d strategy; industrial science; scientific disclosure; knowledge disclosure; open science; tobin’s q