کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957930 1478796 2015 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Are ivory towers truly ivory? Knowledge spillovers and firm innovation
ترجمه فارسی عنوان
آیا برجهای عاج واقعا عاج است؟ سرریز اطلاعات و نوآوری شرکت
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری استراتژی و مدیریت استراتژیک
چکیده انگلیسی


• Geographic distance from firm headquarters to the nearest university captures knowledge spillover from the university to the firm.
• Firms near a research university have higher growth potential/market valuation and spend more on R&D.
• Firms near a research university innovate more and experience higher stock volatility, possibly “good” volatility.
• Demonstrates impact of knowledge and human capital on firms and capital markets.

Using a sample from 1980 to 2009, we find that firms headquartered near a knowledge center, as defined by 196 leading American research universities experience higher market-to-book ratios and higher stock volatility. The overall evidence is consistent with knowledge spillovers fostering firm innovation and growth in an increasingly knowledge-based economy and bringing good volatility and higher market valuation to the firm. Surprisingly, this effect comes only marginally through firm R&D and further investigation into other possible channels for the documented links is required. Robustness checks include controls for metropolis effects and utility patents filed.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economics and Business - Volume 80, July–August 2015, Pages 21–36
نویسندگان
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