Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Jiang, Li (LMS) | - |
| dc.creator | Chen, I Ming | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/10287 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | - |
| dc.rights | All rights reserved | en_US |
| dc.title | Can R&D spillover effect explain the positive association between R&D investments and future abnormal returns ? | en_US |
| dcterms.abstract | This study examines whether R&D spillover effect can provide an alternative explanation on the positive association between R&D investments and future abnormal returns. I find that R&D investments of peer firms positively affect a firm's stock returns, and such R&D spillover effect is inversely related to geographical proximity and is positively related to the firm's own absorptive capability. In particular, using geographic distance as a key determinant of R&D spillover potential, I find no significant effect of such incoming R&D spillover potential on stock returns on its own. However, I find an incremental positive effect of the interaction between incoming R&D spillover potential and a firm's R&D investments as a proxy for absorptive capability. My evidence suggests that a firm's R&D investments enhance its absorptive capability in benefiting from peer firms' R&D investments. My study contributes to the literature on R&D premium by providing a new perspective on the importance of peer firms' R&D investments. | en_US |
| dcterms.extent | iv, 96 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2019 | en_US |
| dcterms.educationalLevel | D.B.A. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.LCSH | Technological innovations -- Economic aspects | en_US |
| dcterms.LCSH | Research, Industrial -- Economic aspects | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 991022289506803411.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.63 MB | Adobe PDF | View/Open |
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