Rich on paper? Chinese firms’ academic publications, patents, and market value

David H. Hsu, Po-Hsuan Hsu and Qifeng Zhao

Research Policy, 2021, vol. 50, issue 9

Abstract: By combining various databases of academic publications and patents of China's publicly listed firms, we explore the effects of academic publications on firm valuation. We find that Chinese firms’ academic publications are positively associated with their market valuation. More importantly, such a positive relation is more pronounced when these firms have stronger patent records, highlighting a synergy between basic research and applied technologies. Mechanism tests indicate that firms' academic publications promote their market values through enhancing their human capital and sending credible signals to the market. We also find that publications in English-language journals are more value-relevant than in Chinese-language journals.

Keywords: Academic publications; Firm value; Innovation; Patents; Human capital (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:respol:v:50:y:2021:i:9:s0048733321001207

DOI: 10.1016/j.respol.2021.104319

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