Author:
Chen Sheng-Syan,Chen Yan-Shing,Liang Woan-lih,Wang Yanzhi
Abstract
AbstractWe 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.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics,Finance,Accounting
Reference67 articles.
1. The Profitability of Innovating Firms
2. Measuring abnormal performance
3. Liquidity Risk and Expected Stock Returns
4. Information Technology and Growth
5. Knowledge Transfer Through Congenital Learning: Spin-Out Generation, Growth and Survival;Agarwal;Academy of Management Journal,2004
Cited by
32 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献