Autori: Daniela Coluccia, Marina Dabić, Manlio Del Giudice, Stefano Fontana, Silvia Solimene
Editore: Elsevier
Tipologia Prodotto: Articolo in rivista
DOI: https://doi.org/10.1016/j.jbusres.2019.04.015
Titolo della Rivista: Journal of Business Research
Anno di Pubblicazione: 2019
Link: https://www.sciencedirect.com/science/article/abs/pii/S0148296319302577
Abstract:
We propose an alternative firm-level measure for innovation activities—R&D elasticity—and we analyse its effects on the Tobin’s Q of listed companies on the Euronext 100 Index. We find that R&D elasticity is positively related to market appreciation by stakeholder investors. Moreover, we analyse the role of default risk in the relationship between innovation activities and market value, and find that firms’ default probabilities are negatively related to Tobin’s Q. These findings are supported by OLS regressions, wherein Tobin’s Q is regressed on R&D elasticity, five-year default probability, and controls such as ESG voluntary disclosure. These results further the research aimed at developing a conceptual framework for integrating at a policy level the R&D elasticity indicator as a type of innovation disclosure among the non-financial disclosures released by companies.