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Article: Innovation Strategy of Private Firms
Title | Innovation Strategy of Private Firms |
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Authors | |
Issue Date | 2018 |
Publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq |
Citation | Journal of Financial and Quantitative Analysis, 2018, v. 53 n.1, p. 1-32 How to Cite? |
Abstract | We compare innovation strategies of public and private firms based on a large sample over the period 1997–2008. We find that public firms’ patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms’ patents are broader in scope and more exploratory. We investigate whether these strategies are due to differences in firm information environments, CEO risk preferences, firm life cycles, corporate acquisition policies, or investment horizons between these two groups of firms. Our evidence suggests that the shorter investment horizon associated with public equity markets is a key explanatory factor. |
Persistent Identifier | http://hdl.handle.net/10722/258994 |
ISSN | 2023 Impact Factor: 3.7 2023 SCImago Journal Rankings: 3.980 |
SSRN | |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Gao, H | - |
dc.contributor.author | Hsu, P | - |
dc.contributor.author | Li, K | - |
dc.date.accessioned | 2018-09-03T03:59:46Z | - |
dc.date.available | 2018-09-03T03:59:46Z | - |
dc.date.issued | 2018 | - |
dc.identifier.citation | Journal of Financial and Quantitative Analysis, 2018, v. 53 n.1, p. 1-32 | - |
dc.identifier.issn | 0022-1090 | - |
dc.identifier.uri | http://hdl.handle.net/10722/258994 | - |
dc.description.abstract | We compare innovation strategies of public and private firms based on a large sample over the period 1997–2008. We find that public firms’ patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms’ patents are broader in scope and more exploratory. We investigate whether these strategies are due to differences in firm information environments, CEO risk preferences, firm life cycles, corporate acquisition policies, or investment horizons between these two groups of firms. Our evidence suggests that the shorter investment horizon associated with public equity markets is a key explanatory factor. | - |
dc.language | eng | - |
dc.publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq | - |
dc.relation.ispartof | Journal of Financial and Quantitative Analysis | - |
dc.rights | Journal of Financial and Quantitative Analysis. Copyright © Cambridge University Press. | - |
dc.rights | This article has been published in a revised form in Journal of Financial and Quantitative Analysis. [http://doi.org/10.1017/S0022109017001119]. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © Cambridge University Press. | - |
dc.title | Innovation Strategy of Private Firms | - |
dc.type | Article | - |
dc.identifier.email | Hsu, P: paulhsu@hku.hk | - |
dc.identifier.authority | Hsu, P=rp01553 | - |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1017/S0022109017001119 | - |
dc.identifier.scopus | eid_2-s2.0-85039774278 | - |
dc.identifier.hkuros | 289088 | - |
dc.identifier.volume | 53 | - |
dc.identifier.spage | 1 | - |
dc.identifier.epage | 32 | - |
dc.identifier.isi | WOS:000428741400001 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.ssrn | 2407075 | - |
dc.identifier.issnl | 0022-1090 | - |