Corporate science, innovation, and firm value

Markus Simeth and Michele Cincera

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: Many firms actively disclose research findings in scientific peer-reviewed journals. The literature highlights several potential benefits of such scientific boundary-spanning activities, including privileged access to academic information networks. However, scientific disclosure may lead to unintended knowledge spillovers. It remains unclear whether active engagement in science leads to higher returns. This paper investigates the impact of scientific activities on the firm's market value, using accounting data for U.S. firms and matched patent and scientific publication data. We find evidence for the positive impact of scientific publications on a firm's market value beyond the effects of research and development, patent stocks, and patent quality, and also document heterogeneity with respect to this impact between different industrial sectors.

Keywords: Industrial science; Knowledge disclosure; Open science; R& D strategy; Scientific disclosure; Tobin's Q (search for similar items in EconPapers)
Date: 2016-07
Note: SCOPUS: ar.j
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Citations: View citations in EconPapers (46)

Published in: Management science (2016) v.62 n° 7,p.1970-1981

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Journal Article: Corporate Science, Innovation, and Firm Value (2016)
Working Paper: Corporate Science, Innovation and Firm Value (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ulb:ulbeco:2013/240033

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