Innovation Strategy of Private Firms
基于1997-2008年大样本，比较上市与私营企业的创新策略，发现上市企业专利更依赖现有知识、偏向开发型，而私营企业专利范围更广、更具探索性，主要原因是上市企业投资期限较短。
We compare innovation strategies of public and private firms based on a large sample over the period 1997–2008. We find that public firms’ patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms’ patents are broader in scope and more exploratory. We investigate whether these strategies are due to differences in firm information environments, CEO risk preferences, firm life cycles, corporate acquisition policies, or investment horizons between these two groups of firms. Our evidence suggests that the shorter investment horizon associated with public equity markets is a key explanatory factor.