度量(数据仓库)
价值(数学)
考试(生物学)
经济
产出弹性
商
弹性(物理)
计量经济学
企业价值
微观经济学
数学
计算机科学
财务
生产(经济)
统计
组合数学
古生物学
复合材料
材料科学
生物
数据库
作者
Michael J. Cooper,Anne Marie Knott,Wenhao Yang
标识
DOI:10.1017/s0022109021000417
摘要
Abstract We introduce and test a firm-level innovation-efficiency measure new to the finance literature. The measure, termed the research quotient (RQ), defined as the firm-specific output elasticity of research and development (R&D), was first developed in the management literature. RQ has a low correlation with existing innovation input, output, and efficiency measures. We test RQ in a number of innovation tests common to the finance literature and find that RQ is robust in all tests of firm value, even after controlling for previous innovation measures. The results suggest that RQ may serve as a relevant complementary measure of a company’s innovation.
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