| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Privatization and R&D Performance: An Empirical Analysis Based on Tobin's q | |
| Federico Munari; Raffaele Oriani | |
| 发表日期 | 2002 |
| 出处 | Economy and Society |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this paper, we analyze the impact of privatization on the firms' R&D performance. We expect that, in the early period after privatization, path dependencies still negatively affect the efficiency of R&D operations. We test our hypothesis using a Tobin's q measure and estimating a hedonic model, already adopted by several scholars to assess the impact of innovation related assets on the firm's market value (Griliches, 1981). We estimate the regression model on an original panel data of 40 firms, including 20 firms privatized through public share offering in different countries of Western Europe over the period 1982-1997 that were matched at the country and industry level with 20 publicly held firms. Our results show that stock markets evaluate R&D investments of newly privatized companies less than R&D investments of industry-matched companies. |
| 特色分类 | G34,O32 |
| 关键词 | Privatization,R&D Performance,market value,corporate restructuring |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/privatization-and-r-amp-d-performance-an-empirical-analysis-based-on-tobin-s-q/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116775 |
| 推荐引用方式 GB/T 7714 | Federico Munari,Raffaele Oriani. Privatization and R&D Performance: An Empirical Analysis Based on Tobin's q. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2002-063.pdf（443KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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