Combating the Wall Street Curse on Firm Product Innovation

最近的轶事证据引发了关于股票市场在多大程度上阻碍公司创新努力的辩论。以往的研究表明，进入股票市场后，企业抑制了突破性的产品创新。这种效应归因于股票市场对企业施加的短期压力。可以说，学术研究还不知道如何防止创新性的下降。因此，拟议项目的目标是研究是否有公司不屈服于股票市场的压力，并继续推出突破性的创新，尽管已公开上市，什么公司的因素解释这种阻力。我提供了两个公司的因素，反映了企业如何管理他们的创新战略的选择之前和之后的IPO，可能会缓冲他们的倾向，采取较少的创新风险后IPO：一个公司的IPO前容忍失败固有的公司的文化和公司的IPO后的价值分配能力。这些因素补充了现有的工作，集中在IPO后的行业或金融市场的具体因素远离威胁的创新成果。我的研究结果可能会挑战股票市场本身会导致公司以短期方式行事的观点，并可能对公司如何在进入股票市场后保持创新性提供更乐观和更积极的观点。

Recent anecdotal evidence has stimulated much debate about the extent to which the stock market impedes firm innovation efforts. Previous research shows that after accessing the stock market, firms curb their breakthrough product innovations. This effect is ascribed to the short-term pressures the stock market exerts on firms. Academic research, arguably, does not yet understand how to prevent this drop in innovativeness. The objective in the proposed project is hence to examine whether there are firms that do not succumb to stock market pressures and continue to introduce breakthrough innovations despite being publicly listed and what firm factors explain this resistance. I offer two firm factors that reflect choices in how firms manage their innovation strategy before and after the IPO that might buffer them from the tendency to take less innovation risk post-IPO: a firm’s pre-IPO tolerance for failure inherent in the firm’s culture and the firm’s post-IPO value appropriation capabilities. These factors complement extant work that has focused on post-IPO industry- or financial market-specific factors remote from the threatened innovation outcomes. My findings could challenge the view that the stock market, per se, causes firms to behave in a short-term manner and could offer a more optimistic and agentic view of how firms can maintain their innovativeness after accessing the stock market.