Organisational form and the economic impacts of innovation: the case of patent grant announcements

Autor:	Yu Shun Hung, Shao Chi Chang, Jung-Ho Lai, Li-Yu Chen
Rok vydání:	2018
Předmět:	050208 finance Value creation Strategy and Management 0502 economics and business 05 social sciences Diversification (finance) Market reaction Organizational structure Economic impact analysis Business Management Science and Operations Research 050203 business & management Industrial organization
Zdroj:	Technology Analysis & Strategic Management. 30:1070-1083
ISSN:	1465-3990 0953-7325
DOI:	10.1080/09537325.2018.1441396
Popis:	This study investigates the impact of corporate diversification on the value creation of patent grants. We find that focussed firms experience significantly greater market reactions to patent announcements than diversified firms. Diversification into related industries has little effect on the wealth gains of granted patents, while diversification into unrelated industries significantly reduces the wealth gains. We further find that post-announcement operating performance is significantly associated with the degree of diversification. Overall, our findings suggest that the selection of diversification as a firm's organisational structure has a negative influence on the value creation of innovation, and this influence is exacerbated when this diversification involves unrelated industries.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::33c1eb2b90ecad1b366defecf29bdfd4 https://doi.org/10.1080/09537325.2018.1441396 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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