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R&D and Market Value: Appropriability vs. Preemption
http://hdl.handle.net/10086/15957
http://hdl.handle.net/10086/15957051a56b1-163c-4004-8a0e-c2f92f71276f
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
070iirWP04-03.pdf (294092 bytes)
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| アイテムタイプ | デフォルトアイテムタイプ（フル）その２(1) | |||||||||
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| 公開日 | 2017-05-20 | |||||||||
| タイトル | ||||||||||
| タイトル | R&D and Market Value: Appropriability vs. Preemption | |||||||||
| 言語 | en | |||||||||
| 作成者 |
長岡, 貞男
× 長岡, 貞男
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| 寄与者 | ||||||||||
| 寄与者タイプ | Editor | |||||||||
| 姓名 | Institute of Innovation Research, Hitotsubashi University | |||||||||
| 言語 | en | |||||||||
| アクセス権 | ||||||||||
| アクセス権 | open access | |||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | R&D | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | market value | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | appropriability | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | preemption | |||||||||
| 内容記述 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | The recent empirical studies on innovation and market value suggest that R&D has a strong complementarity with market share in the market valuation of firms. Blundell, Griffith and Reenen (1999) argue that it represents the strategic preemptive effect, while Hall and Vopel (1997) suggest a Schumpeterian reason (the cost of financing R&D is lower for large firms). The theoretical framework of these studies is the classical work by Griliches (1981), which postulates that the market value of firm is given by the sum of the values of physical capital and R&D capital with respective multipliers. However, non-rivalry in using new knowledge within a firm makes this framework highly questionable. This paper examines the nexus between R&D and market value, based on a simple but new structural model. Major findings are the following. First, the new model shows that the market evaluation of R&D may well be high for a firm with a large market share, simply due to its appropriability advantage. Second, our estimation based on the data of the Japanese firms shows that the new specification performs better. Third, it shows that there is no statistical support for the prevalence of preemption effect. | |||||||||
| 言語 | en | |||||||||
| 出版者 | ||||||||||
| 出版者 | Institute of Innovation Research, Hitotsubashi University | |||||||||
| 日付 | ||||||||||
| 日付 | 2004-02 | |||||||||
| 日付タイプ | Issued | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||||
| 資源タイプ | technical report | |||||||||
| 出版タイプ | ||||||||||
| 出版タイプ | VoR | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||
| 関連情報 | ||||||||||
| 関連タイプ | isPartOf | |||||||||
| 関連名称 | IIR Working Paper ; No. 04-03 | |||||||||
| ページ数 | ||||||||||
| ページ数 | 23 | |||||||||
| JEL | ||||||||||
| 値 | L10 | |||||||||
| JEL | ||||||||||
| 値 | O32 | |||||||||
