The moderating effects of knowledge characteristics of firms on the financial value of innovative technology products
基于312个美国创新技术产品样本，研究发现产品推出后企业资产回报率平均提升2.18%，但该效应受企业知识吸收能力、知识影响力和知识多样性的调节，高知识匹配企业提升4.55%，低匹配企业无获益。
Abstract The development of innovative technology products is both costly and risky, and their economic value is highly uncertain. Based on a sample of 312 innovative technology products introduced between 1987 and 2006 in the U.S. and a long‐horizon event study with control firms, we study the impact of innovative technology products on the long‐term financial performance of a firm. In particular, we examine how the knowledge characteristics of the firm, which embrace its knowledge absorptive capacity, knowledge impact, and knowledge diversity, moderate such an impact. We find that on average an innovative technology product increases the firm's return on assets (ROA) (relative to control firms) by 2.18% in the second year after product introduction. However, the value of an innovative technology product varies with the knowledge characteristics of the firm that invented it. We find that the financial impact of technology products is stronger when firms have higher knowledge absorptive capacity, and more impactful and less diversified knowledge (as measured by patents). We classify firms into three categories based on their knowledge characteristics. We find that firms with a high knowledge fit increase their ROA by 4.55% after product introduction, while those with a low knowledge fit receive no benefit from the innovative technology products at all.