Measuring the Impact of Innovation on Firm Value: A New Approach


Czarnitzki, Dirk ; Kraft, Kornelius


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URL: http://ub-madoc.bib.uni-mannheim.de/372
URN: urn:nbn:de:bsz:180-madoc-3729
Document Type: Working paper
Year of publication: 2002
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: C25 O31 O33 ,
Subject headings (SWD): Innovation , Regressionsmodell , Firmenwert
Abstract: Most of the existing empirical literature on the relationship of firm value and knowledge capital is based on the stock market valuation of companies. However, the assets of many firms are not publicly traded, and hence the calculation of market value is limited to a subsample of firms. We suggest to use a credit rating score instead and present an empirical analysis. It turns out that innovative firms, i.e. those with a reasonable knowledge stock, have a better credit rating and thus, as we propose, a higher value. However, too much of innovative activities is seen as risky and the firm value decreases.
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Czarnitzki, Dirk ; Kraft, Kornelius (2002) Measuring the Impact of Innovation on Firm Value: A New Approach. Open Access [Working paper]
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