کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
984314 934206 2007 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Shareholder returns and the exploration–exploitation dilemma: R&D announcements by biotechnology firms
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Shareholder returns and the exploration–exploitation dilemma: R&D announcements by biotechnology firms
چکیده انگلیسی

We explore a financial returns dimension of the exploration–exploitation dilemma. Using 1277 R&D announcements by 178 listed bio-pharmaceutical firms, we examine whether investors are myopic along the continuum of exploration (patenting and preclinical trials) to exploitation (human clinical trials and NDA). We find that investors respond positively at every stage, but there are differences between small and large firms. For small firms exploration is favored, provided it is focused. For large firms, there is value in both exploration and exploitation. Projects which are part of an alliance are no more likely to generate abnormal returns. Policy implications are discussed.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research Policy - Volume 36, Issue 4, May 2007, Pages 548–565
نویسندگان
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