Battle royal in biotechnology: R&D vs. product vs. process innovations

被引：4
作者：
Luis Nicolau, Juan [1 ]
Jesus Santa-Maria, Maria [2 ]
机构：
[1] Univ Alicante, Dept Mkt, Fac Econ, E-03080 Alicante, Spain
[2] Univ Alicante, Dept Appl Econ & Econ Policy, Fac Econ, E-03080 Alicante, Spain
来源：
TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT | 2015年 / 27卷 / 05期
关键词：
firm age; biotechnology; R&D; innovation; firm value; MARKET VALUE; FIRMS; IMPACT; CAPABILITIES; PATTERNS; SERVICES; PANEL; AGE;
D O I：
10.1080/09537325.2015.1012056
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Companies regard innovation as a central element of their business. However, as not all innovation types are the same, the central question is: should their announcements bring about the same effect on performance? This article analyses potential differences in firm value derived from the innovation-type announcements 'R&D', 'product', and 'process', made by intensive news-generating firms such as biotech companies. The empirical application shows a significantly positive reaction to innovation announcements, with the prospect of future innovation ('R&D' investment announcements) having greater impact on firm value than 'product' and 'process' innovations. Firm experience also acts as a moderator in this innovation-performance relationship, which is particularly relevant for entrepreneurs who need to develop and send credible signals indicating the value of the firm's intangible assets to the market.
引用
收藏
页码：503 / 516
页数：14
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