INFLUENCE OF MANAGERIAL DECISIONS TO INVEST IN INNOVATIONS ON THE STOCK MARKET PERFORMANCE: AN EMPIRICAL ANALYSIS

被引:1
作者
Langenstein, T. [1 ]
Uzik, M. [2 ]
Glova, J. [1 ]
机构
[1] Tech Univ Kosice, Kosice, Slovakia
[2] Berlin Sch Econ & Law, Berlin, Germany
来源
POLISH JOURNAL OF MANAGEMENT STUDIES | 2018年 / 18卷 / 01期
关键词
corporate success; innovation; intangible assets; shareholder value; stock market performance;
D O I
10.17512/pjms.2018.18.1.15
中图分类号
C93 [管理学];
学科分类号
12 ; 1201 ; 1202 ; 120202 ;
摘要
This paper examines the hypothesis that management decisions to invest in innovations have an impact on business performance. We used the "Delta Intangible Assets to Sales Ratio" as a proxy variable for investments in innovations. With regard to the research results, it was shown that the "Delta Intangible Assets to Sales Ratio" can easily explain the company's performance in 24 months and highly significantly in 36 months. However, the quality of the explanation (R squared) assumes very low values. As investment volume in innovation increases, company management can increase the stock market performance. However, it is reasonable to note that management should consider the timing of the investment and the impact on performance. Thus, investing in innovation is strategic management decision.
引用
收藏
页码:194 / 205
页数:12
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