Market share, market value and innovation in a panel of British manufacturing firms
Market share, market value and innovation in a panel of British manufacturing firms
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DOI：
10.1111/1467-937x.00097
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发表时间：
1999-07-01
影响因子：
5.8
通讯作者：
Van Reenen, J
中科院分区：
文献类型：
--
作者：
Blundell, R;Griffith, R;Van Reenen, J
本文考察了技术创新、市场份额和股票市场价值之间的实证关系。动态计数数据模型估计的新发展被用来控制未观察到的公司特定异质性。我们发现，市场份额对创新和专利的可观察到的人数产生了强劲和积极的影响，尽管行业内产品市场竞争的加剧往往会刺激创新活动。此外，市场占有率越高的公司，创新对市场价值的影响越大。我们认为，我们的结果与高市场份额公司有动机先发制人创新的模型是一致的。
This paper examines the empirical relationship between technological innovations, market share and stock market value. New developments in the estimation of dynamic count data models are used to control for unobserved firm specific heterogeneity. We find a robust and positive effect of market share on observable headcounts of innovations and patents although increased product market competition in the industry tends to stimulate innovative activity. Furthermore, the impact of innovation on market value is larger for firms with higher market shares. We argue that our results are consistent with models where high market share firms have incentives to pre-emptively innovate.