知识产权
拨款
业务
事前
首都(建筑)
风险管理
金融创新
财务
产业组织
经济
法学
历史
哲学
语言学
考古
政治学
宏观经济学
作者
Gabriele Lattanzio,Yue Ma
标识
DOI:10.1016/j.jcorpfin.2023.102445
摘要
Using a text-based metric of firms' ex-ante exposure to cybersecurity risk, we document that the rise of cyber threats is redesigning corporate innovation and appropriation strategies. As firms' exposure to cybersecurity risk increases, managers' reliance on trade secrets declines, as they seek to protect their firms' intellectual capital under the umbrella provided by patent and intellectual property laws. In particular, we document that firms exposed to cyber threats file for simpler patents to accelerate their innovation cycle. This strategic adjustment is not costless, as it causes firms' returns to research and development (R&D) investments to decline significantly.
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