Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms
利用英国制造业企业面板数据，发现市场份额对创新数量有正向影响，且创新对市场价值的影响在市场份额高的企业中更大，支持高市场份额企业有先发创新激励的理论。
This paper examines the empirical relationship between technological innovations, market share and stock market value. New developments in the estimation of dynamic count data models are used to control for unobserved firm specific heterogeneity. We find a robust and positive effect of market share on observable headcounts of innovations and patents although increased product market competition in the industry tends to stimulate innovative activity. Furthermore, the impact of innovation on market value is larger for firms with higher market shares. We argue that our results are consistent with models where high market share firms have incentives to pre-emptively innovate.