 Open technology innovation activity and firm value: evidence from Korean firmsHyunchul Lee, Seokchin Kim and Jinsu Kim Applied Economics, 2012, vol. 44, issue 27, 3551-3561 Abstract: Despite the importance of Open Technology Innovation Activity (OTIA) for firm value, the literature investigating effects of OTIA announcements of developing country firms is not known in international academic circles. Our study using an event study approach examines the effects of OTIA (technology import and joint R&D) announcements of firms in Korea, one of the leading developing and highly innovative countries. We find that the announcements of OTIA produce positive average abnormal returns. Interestingly, unlike the prior studies on developed country firms, OTIA with firms in the homogenous industry leads to greater firm value than that involving firms in heterogenic industries. This implies an importance of a technological fusion with external firms in different industries for value of developing country firms. In addition, this article finds no home bias that a nationality of partner firms is not essential for the relation between OTIA and value of firms. Date: 2012 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:applec:44:y:2012:i:27:p:3551-3561 Ordering information: This journal article can be ordered from DOI: 10.1080/00036846.2011.577026 Access Statistics for this article Applied Economics is currently edited by Anita Phillips More articles in Applied Economics from Taylor & Francis Journals |
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