Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/24383
Authors: 
Kraft, Kornelius
Czarnitzki, Dirk
Year of Publication: 
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

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