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 |