Corporate science, firm value, and vertical specialization: evidence from the semiconductor industry

被引：17

作者：

Pellens, Maikel ^{[1
,2
]}

Della Malva, Antonio ^{[2
]}

机构：

[1] Ctr European Econ Res ZEW, Mannheim, Germany

[2] Katholieke Univ Leuven, Dept Managerial Econ Strategy & Innovat, Leuven, Belgium

来源：

INDUSTRIAL AND CORPORATE CHANGE | 2018年 / 27卷 / 03期

关键词：

RESEARCH-AND-DEVELOPMENT; MARKET VALUE; ABSORPTIVE-CAPACITY; INNOVATION; TECHNOLOGY; KNOWLEDGE; PUBLICATIONS; ORGANIZATION; PERSPECTIVE; PERFORMANCE;

D O I：

10.1093/icc/dtx040

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the involvement of firms in scientific research and its implications for valuation in the context of the US semiconductor industry. We specifically compare design-oriented fabless firms to manufacturers. Whereas fabless firms produce more scientific publications over time, manufacturing firms are producing more science-based patents. Fabless firms enjoy a value premium when contributing to science, whereas manufacturing firms do not. We consider the different strategies pursued by fabless and manufacturing firms as potential explanation of these differences.

引用

页码：489 / 505

页数：17

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