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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/140172

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/140172

Title:	Organization capital effect in stock returns—The role of R&D
Authors:	湛可南 Chan, Konan Li, Mei-Xuan;Lin, Chu-Bin;Wang, Yanzhi
Contributors:	財管系
Keywords:	intangible assets;organization capital;R&D;stock return
Date:	2022-07
Issue Date:	2022-05-26 16:22:21 (UTC+8)
Abstract:	Previous studies document a strong organization capital effect in stock returns. We investigate whether and how research and development (R&D) activities affect this organization capital effect. We find that the organization capital effect is stronger in firms with R&D activities. The annual abnormal return of the hedge portfolio sorted by organization capital is 2.41% for R&D firms but only 0.41% for non-R&D firms. Further analyses show that the organization capital effect can be attributed to R&D characteristics rather than R&D risk factors.
Relation:	Journal of Business Finance & Accounting, Vol.49, No.7-8, pp.1237-1263
Data Type:	article
DOI 連結:	https://doi.org/10.1111/jbfa.12590
DOI:	10.1111/jbfa.12590
Appears in Collections:	[財務管理學系] 期刊論文

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