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Article: Innovation Strategy of Private Firms

TitleInnovation Strategy of Private Firms
Authors
Gao, HHsu, PLi, K
Issue Date2018
PublisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq
Citation
Journal of Financial and Quantitative Analysis, 2018, v. 53 n.1, p. 1-32 How to Cite?
DOI: http://dx.doi.org/10.1017/S0022109017001119
AbstractWe 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.
Persistent Identifierhttp://hdl.handle.net/10722/258994
ISSN
0022-1090
2023 Impact Factor: 3.7
2023 SCImago Journal Rankings: 3.980
SSRN
2407075
ISI Accession Number ID
WOS:000428741400001

 

DC FieldValueLanguage
dc.contributor.authorGao, H-
dc.contributor.authorHsu, P-
dc.contributor.authorLi, K-
dc.date.accessioned2018-09-03T03:59:46Z-
dc.date.available2018-09-03T03:59:46Z-
dc.date.issued2018-
dc.identifier.citationJournal of Financial and Quantitative Analysis, 2018, v. 53 n.1, p. 1-32-
dc.identifier.issn0022-1090-
dc.identifier.urihttp://hdl.handle.net/10722/258994-
dc.description.abstractWe 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.-
dc.languageeng-
dc.publisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq-
dc.relation.ispartofJournal of Financial and Quantitative Analysis-
dc.rightsJournal of Financial and Quantitative Analysis. Copyright © Cambridge University Press.-
dc.rightsThis article has been published in a revised form in Journal of Financial and Quantitative Analysis. [http://doi.org/10.1017/S0022109017001119]. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © Cambridge University Press.-
dc.titleInnovation Strategy of Private Firms-
dc.typeArticle-
dc.identifier.emailHsu, P: paulhsu@hku.hk-
dc.identifier.authorityHsu, P=rp01553-
dc.description.naturepostprint-
dc.identifier.doi10.1017/S0022109017001119-
dc.identifier.scopuseid_2-s2.0-85039774278-
dc.identifier.hkuros289088-
dc.identifier.volume53-
dc.identifier.spage1-
dc.identifier.epage32-
dc.identifier.isiWOS:000428741400001-
dc.publisher.placeUnited Kingdom-
dc.identifier.ssrn2407075-
dc.identifier.issnl0022-1090-

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