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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117557

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117557

Title:	R&D Spillover Effects and Firm Performance Following R&D Increases
Authors:	陳聖賢 Chen, Sheng-Syan Liang, Woan-lih Liang, Woan-lih Wang, Yanzhi
Contributors:	財管系
Date:	2013
Issue Date:	2018-06-11 17:36:23 (UTC+8)
Abstract:	We examine how research and development (R&D) incoming spillovers affect long-run firm performance following firms’ R&D increases. We use a stochastic frontier production method to capture R&D incoming spillover effects. Firms reaping more benefits from R&D investment made by other firms experience more improvement in profitability and more favorable long-run stock performance in the post-R&D-increase period. Firms with higher levels of R&D incoming spillovers recruit more key employees from other firms, suggesting that obtaining know-how through hiring is an important source of incoming spillovers. The evidence also shows that firms experiencing more R&D outgoing spillover effects tend to underinvest in R&D.
Relation:	Journal of Financial and Quantitative Analysis, Vol.48, No.5, pp.1607-1634
Data Type:	article
DOI link:	http://dx.doi.org/10.1017/S0022109013000574
DOI:	10.1017/S0022109013000574
Appears in Collections:	[Department of Finance] Periodical Articles

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