Organizational Form and the Economic Impact of Corporate New Product Strategies
研究组织形式如何影响企业新产品战略的经济效果，发现业务集中的企业比多元化的企业在新产品公告中财富效应更佳，支持有效投资假说。
Abstract: This paper examines the role of organizational form in explaining the economic impact of corporate new product strategies. I find that the wealth effects associated with the announcements of new product introductions are more favorable for introducing firms with focused activities than for those with diversified activities. The results hold even after controlling for other factors suggested in the literature that could affect the value of new product introductions. The findings in this study suggest that the efficient investment hypothesis dominates the internal capital markets hypothesis in terms of the net economic impact of new product introductions on the introducing firms.