Generating Value by Working With User Communities: An Analysis of Financial Market Returns to Corporate Open Source Code Contributions
研究企业宣布向开源社区贡献代码时的股市反应，发现当企业明确以获取用户对产品功能改进的洞察为动机时，市场反应更积极，表明与用户社区合作能提升研发效率和企业价值。
ABSTRACT Users are an important source of innovation. Scholars suggest that established firms can gain product‐related insights by working with user communities and studies documenting various ways of working with users, as well as managers' interest in doing so. However, the link between working with user communities for product development purposes and its value for firms is not established. Coupling the use of event study methodology and regression analysis, I examine stock market reactions to corporate announcements stating that the firm is contributing software code to the community. I find that when firms state that generating insights from users regarding new and improved features and functionality is a motivation for contributing code, the market's reaction to the announcement is greater than for announcements that do not state this goal. Additional analysis provides evidence supporting the hypothesis that firms can and do benefit by working with user communities and achieve increased R&D efficiency, which leads to greater firm value.