Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market
实证估计了未按承诺日期推出新产品对企业市场价值的影响，发现延迟公告平均使市值下降5.25%，并分析了行业竞争、企业规模和多元化程度等因素的作用。
This paper empirically estimates the impact of not meeting promised new product introduction dates on the market value of the firm. We estimate the average “abnormal” change in the market value for a sample of 101 firms around the date when information about delaying the introduction of new products is publicly announced. On average, delay announcements decrease the market value of the firm by 5.25%. The average dollar change in the market value in 1991 dollars is $−119.3 million. The evidence suggests that there are significant penalties for not introducing new products on time. To provide further insight, regression analyses are used to identify factors that influence the direction and magnitude of the change in market value. We find that the competitiveness of the industry in which the firm operates, the size of the firm, and the firm's degree of diversification are statistically significant predictors for the change in the market value of firms that announce delays in the introduction of new products.