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Article: Innovate to survive: The effect of technology competition on corporate bankruptcy
Title | Innovate to survive: The effect of technology competition on corporate bankruptcy |
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Authors | |
Issue Date | 2011 |
Publisher | Wiley-Blackwell Publishing, Inc.. The Journal's web site is located at http://www.wiley.com/bw/journal.asp?ref=0046-3892 |
Citation | Financial Management, 2011, v. 40 n. 4, p. 1087-1117 How to Cite? |
Abstract | This paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm-level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z-score and credit rating, 2) technology-related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices. © 2011 Financial Management Association International. |
Persistent Identifier | http://hdl.handle.net/10722/164732 |
ISSN | 2023 Impact Factor: 2.9 2023 SCImago Journal Rankings: 2.131 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Eisdorfer, A | en_HK |
dc.contributor.author | Hsu, PH | en_HK |
dc.date.accessioned | 2012-09-20T08:08:44Z | - |
dc.date.available | 2012-09-20T08:08:44Z | - |
dc.date.issued | 2011 | en_HK |
dc.identifier.citation | Financial Management, 2011, v. 40 n. 4, p. 1087-1117 | en_HK |
dc.identifier.issn | 0046-3892 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/164732 | - |
dc.description.abstract | This paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm-level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z-score and credit rating, 2) technology-related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices. © 2011 Financial Management Association International. | en_HK |
dc.language | eng | en_US |
dc.publisher | Wiley-Blackwell Publishing, Inc.. The Journal's web site is located at http://www.wiley.com/bw/journal.asp?ref=0046-3892 | en_HK |
dc.relation.ispartof | Financial Management | en_HK |
dc.rights | This is the accepted version of the following article: [Financial Management, 2011, v. 40 n. 4, p. 1087-1117], which has been published in final form at [http://dx.doi.org/10.1111/j.1755-053X.2011.01172.x]. In addition, authors may also transmit, print and share copies with colleagues, provided that there is no systematic distribution of the submitted version, e.g. posting on a listserve, network or automated delivery. | - |
dc.title | Innovate to survive: The effect of technology competition on corporate bankruptcy | en_HK |
dc.type | Article | en_HK |
dc.identifier.email | Hsu, PH: paulhsu@hku.hk | en_HK |
dc.identifier.authority | Hsu, PH=rp01553 | en_HK |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1111/j.1755-053X.2011.01172.x | en_HK |
dc.identifier.scopus | eid_2-s2.0-83155189122 | en_HK |
dc.identifier.hkuros | 210272 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-83155189122&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 40 | en_HK |
dc.identifier.issue | 4 | en_HK |
dc.identifier.spage | 1087 | en_HK |
dc.identifier.epage | 1117 | en_HK |
dc.identifier.eissn | 1755-053X | - |
dc.identifier.isi | WOS:000297736900010 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.ssrn | 1300638 | - |
dc.identifier.scopusauthorid | Eisdorfer, A=23466567800 | en_HK |
dc.identifier.scopusauthorid | Hsu, PH=8974031100 | en_HK |
dc.identifier.issnl | 0046-3892 | - |