Corporate Science, Innovation and Firm Value
研究了企业发表科学论文对其市场价值的影响，发现科学活动能提升企业价值，且效果因行业而异，对理解企业科学披露的经济后果有参考价值。
Many firms actively disclose research findings in scientific peer-reviewed journals. The literature highlights several potential benefits of such scientific boundary-spanning activities, including privileged access to academic information networks. However, scientific disclosure may lead to unintended knowledge spillovers. It remains unclear whether active engagement in science leads to higher returns. This paper investigates the impact of scientific activities on the firm’s market value, using accounting data for U.S. firms and matched patent and scientific publication data. We find evidence for the positive impact of scientific publications on a firm’s market value beyond the effects of research and development, patent stocks, and patent quality, and also document heterogeneity with respect to this impact between different industrial sectors. This paper was accepted by David Hsu, entrepreneurship and innovation.