Innovation capability and post-IPO performance

Guo, Re‐Jin; Zhou, Nan

doi:10.1007/s11156-014-0471-3

Cited by 24 publications

(14 citation statements)

References 63 publications

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“…The latter paper finds that the stage of product development, availability of patent protection, and venture capital backing are important determinants of disclosure, and that such disclosures lead to valuation benefits such as reduced bid-ask spreads and return volatility. Other research examines the value of financial and nonfinancial performance metrics in the biotechnology industry (Ely, Simko, and Thomas 2003;Guedj and Scharfstein 2004;Guedj 2005;Hand 2005;Xu, Magnan, and André 2007;Callen, Gavious, and Segal 2010;Guo and Zhou 2014). We complement this research by providing evidence that biotechnology firms increase product-level disclosures as the intensity of news (good or bad) increases.…”

Section: Introductionmentioning

confidence: 94%

The Disclosure of Good versus Bad News: Evidence from the Biotech Industry

Enache

Riedl

2018

SSRN Journal

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Section: Introductionmentioning

confidence: 94%

The Disclosure of Good versus Bad News: Evidence from the Biotech Industry

Enache

Riedl

2018

SSRN Journal

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“…First, successful corporate innovation enhances a firm's future and boosts its stock price in the long-term. For instance, innovation, in terms of research and development investments, plays a critical role in the success of a firm's initial public offerings (Guo and Zhou [28]) and operating and stock price performance (Chan et al [29]; Eberhart et al [30]) over the long term. Thus, it may be in the best interests of controlling shareholders to increase innovation to boost the stock price in the long term.…”

Section: Background Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Do Controlling Shareholders Who Pledged Their Shares Affect Sustainable Development? An Investigation Based on the Perspective of Corporate Innovation

2019

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We examine the impact of share pledging (SP) on a firm’s innovation using a sample of Chinese firms. Our findings show that when controlling shareholders pledged their shares in personal loans, their firm’s innovation decreases. Our findings are robust for alternative metrics of innovation and SP. Additional analyses suggest that when controlling shareholders have little ownership or stock price volatility is high, the impact of SP on corporate innovation magnifies, presumably due to the high margin call risk of share against the pledged controlling shareholders. Overall, our study shows that the self-interest of controlling shareholders with pledged shares impedes corporate innovation, thereby impeding the sustainable development of society.

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“…For the measurement of overarching innovation capability construct, “commonly used measures such as the total R&D expenditure and patents” (Guo and Zhou, 2016, p. 2) are deployed. Consequently, it follows that for PIC measurement, reflective indicators pertaining to product innovation outcomes and/or resource investments are typically used in empirical research (Grawe et al , 2009; O’Cass and Ngo, 2012).…”

Section: Conventional Pic Measures and The Challenge Of Capturing Multidimensionality Of Dynamic Capabilitiesmentioning

confidence: 99%

Re-thinking and re-operationalizing product innovation capability

Sharma

Martin

2018

EBR

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Purpose This paper aims to enhance the understanding of the essence of product innovation capability (PIC) as a dynamic capability by systematically assessing its conceptualization and construct validity. The paper answers the call by numerous researchers to undertake research efforts to better understand and operationalize dynamic capability constructs. Design/methodology/approach A priori and scholarly contentions based on complementarities between the tenets of three prominent frameworks (Dynamic Capability View, Process Management and Organizational Ambidexterity) were utilized for conducting a theoretical triangulation, as presented in the paper. Established approaches to explication and measurement of multi-dimensional latent constructs were used for guiding this paper. Findings This paper enhances the conceptualization of dynamic capabilities and identifies a lacuna in frequently adopted PIC operationalization approaches that is pertinent to other dynamic capabilities. It presents substantive and specific prescriptions for enabling the development of superior capability (both dynamic and operational) measurement models in empirical research. Research limitations/implications The diverse implications for research and practice are discussed in the paper alongside suggestions for future research. Originality/value This paper guides future theoretical and empirical research by reviewing the conception and validity of PIC. It presents a comprehensive conception of dynamic capabilities by extending the dynamic capability definition to address the identified problems. The arguments presented have wide-ranging applications and broad generalizability across multiple research fields.

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Innovation capability and post-IPO performance

Cited by 24 publications

References 63 publications

The Disclosure of Good versus Bad News: Evidence from the Biotech Industry

The Disclosure of Good versus Bad News: Evidence from the Biotech Industry

Do Controlling Shareholders Who Pledged Their Shares Affect Sustainable Development? An Investigation Based on the Perspective of Corporate Innovation

Re-thinking and re-operationalizing product innovation capability

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