Program Results

Introduction to the event

1. In the paper “Leviathan Inc. and corporate environmental engagement” accepted at Management Science, we find that state-owned enterprises (SOEs) perform better in environmental engagement and make lower CO2 emission. This finding can be attributed to governments’ responsibility in solving environmental externalities and recover environments. Although SOEs have been criticized for potential agency costs, they may serve as an efficient and flexible policy tool for governments to handle environmental sustainability issues.

2. In the paper “Rich on paper? Chinese firms’ academic publications, patents, and market value” accepted at Research Policy, we show that Chinese firms’ academic publications are positively associated with firm value. More importantly, we find a synergy between firms’ academic publications and patent output. Our empirical evidence highlights the importance for companies to develop their own basic research capability and encourage academic publications, which are value-enhancing in the long run.

3. In the paper “Corporate R&D and stock returns: International evidence” accepted at Journal of Financial and Quantitative Analysis, we find that firms’ R&D investments positively predict their stock returns using a large sample of listed companies in 21 countries. This finding confirms prior results in the U.S. market. More importantly, we provide evidence for the mechanism: it is the option value associated with R&D investment that drives the positive stock returns.

8th Taiwan Symposium on Innovation Economics and Entrepreneurship: Keynote speaker: Alex Coad (Waseda U.) on October 13, 2020

Brownbag on November 26, 2020