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Measuring the impact of innovation on firm value: a new approach
Kraft, Kornelius; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2002
Most of the existing empirical literature on the relationship of firm value and knowledge capital is based on the stock market valuation of companies. However, the assets of many firms are not publicly traded, and hence the calculation of market value is limited to a subsample of firms. We...
Persistent link: https://www.econbiz.de/10005097946
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R&D and Firm Performance in a Transition Economy
Czarnitzki, Dirk; Kraft, Kornelius - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006
We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a...
Persistent link: https://www.econbiz.de/10005098291
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Innovationsaktivitäten von kmU im verarbeitenden Gewerbe: Was zeichnet Imitatoren und originäre Innovatoren aus?
Zimmermann, Volker - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003
the innovation process. Markets with high competition also force enterprises to produce imitative innovations but give …
Persistent link: https://www.econbiz.de/10005098257
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The effect of patent litigation on firm performance: Evidence for Germany
Schliessler, Paula - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
I analyse how patent litigation outcome in Germany affects the performance of the disputing firms by interpreting changes in a firm's credit rating as a proxy for changes in firm performance. The results match theoretical considerations on the functioning of the bifurcated German patent...
Persistent link: https://www.econbiz.de/10010957683
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Are Credit Ratings Valuable Information?
Kraft, Kornelius; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004
Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be provided. The purpose of this paper is to test whether credit ratings contribute...
Persistent link: https://www.econbiz.de/10005098245
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Who should pay for certification?
Stahl, Konrad; Strausz, Roland - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer or the seller? Our answer - the seller - follows from a nontrivial analysis revealing a clear intuition. Buyer-induced certification acts as an inspection device,...
Persistent link: https://www.econbiz.de/10009283658
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Research and development: financial constraints and the role of public funding for small and medium-sized enterprises
Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2002
German small and medium?sized firms (SME). Special attention is paid to the role of public R&D subsidies. For this purpose … SME in Western and East-ern Germany are compared because these regions are very different in their supply of public R …&D funding. It turns out that Western German SME are financially constrained in their R&D activities by both internal and …
Persistent link: https://www.econbiz.de/10005098138
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Intermediate input markets, ICT and innovation in Germany: A firm level analysis
Cerquera, Daniel; Klein, Gordon J. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
This paper studies the impact of the adoption of ICT on the economic performance at the firm level, considering explicitly the interaction of adopting firms within the intermediate input market in Germany. The paper identifies and quantifies the importance of adoption externalities and knowledge...
Persistent link: https://www.econbiz.de/10010957582
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The impact on innovation off-shoring on organizational adaptability
Baier, Elisabeth; Rammer, Christian; Schuber, Torben - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
We analyze the effects of captive off-shoring of innovation activities on the firms' ability to adapt their … Community Innovation Survey to test our hypotheses. We find an inverted u-shape of innovation off-shoring on the effectiveness … of organizational adaptability, implying an optimal threshold value of innovation off-shoring. This value is 11% for …
Persistent link: https://www.econbiz.de/10010957583
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Do trademarks diminish the substitutability of products in innovative knowledge-intensive services?
Crass, Dirk; Schwiebacher, Franz - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
Trademarks are often supposed to reduce substitutability and imitability of product innovations. Using German CIS data for 2010, we provide empirical evidence that trademarking firms assess easy product substitutability as less characteristic for their competitive environment. This is...
Persistent link: https://www.econbiz.de/10010957593