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http://hdl.handle.net/10419/24383
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| Title: | | Measuring the impact of innovation on firm value: a new approach  |
| Authors: | | Kraft, Kornelius Czarnitzki, Dirk |
| Issue Date: | | 2002 |
| Series/Report no.: | | ZEW Discussion Papers 02-73 |
| 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 activi-ties is seen as risky and the firm value decreases. |
| Subjects: | | Firm Value Credit Rating Innovation Intellectual Property Discrete Regression Models |
| JEL: | | C25 O31 O33 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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