Are ivory towers truly ivory? Knowledge spillovers and firm innovation

Shannon Lin

Journal of Economics and Business, 2015, vol. 80, issue C, 36 pages

Abstract: Using a sample from 1980 to 2009, we find that firms headquartered near a knowledge center, as defined by 196 leading American research universities experience higher market-to-book ratios and higher stock volatility. The overall evidence is consistent with knowledge spillovers fostering firm innovation and growth in an increasingly knowledge-based economy and bringing good volatility and higher market valuation to the firm. Surprisingly, this effect comes only marginally through firm R&D and further investigation into other possible channels for the documented links is required. Robustness checks include controls for metropolis effects and utility patents filed.

Keywords: Innovation; Knowledge spillover; Firm geography (search for similar items in EconPapers)
JEL-codes: D83 G32 O31 R11 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0148619515000120
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jebusi:v:80:y:2015:i:c:p:21-36

DOI: 10.1016/j.jeconbus.2015.03.001

Access Statistics for this article

Journal of Economics and Business is currently edited by Emanuele Bajo and Moritz Ritter

More articles in Journal of Economics and Business from Elsevier
Bibliographic data for series maintained by Catherine Liu ().