This paper investigates the effect that employee treatment schemes have on corporate innovation performance. We find that firms with better employee treatment schemes produce more and better patents through improving employee satisfaction and teamwork. Additional tests suggest that our main...

This article aims to explore the interaction between incubators and industrial clusters, which is an important linkage for local development but has not been analyzed in the literature. A model is proposed to describe this interaction. The Industrial Technology Research Institute (ITRI)...

This paper examines how corporate infringement with respect to intellectual property (IP) is associated with institutional investors’ investment horizons. Using a comprehensive and unique database of IP infringement cases involving patents, trademarks, and trade secrets, we show that firms’...

In this paper, we examine whether and how firms’ brand capital is hurt by cybersecurity breaches. Our difference-in-differences analysis based on matched pairs indicates that firms suffering cybersecurity breaches are associated with more canceled trademarks, fewer trademark registrations, and...

In this paper, we examine whether and how FAS 123R, an exogenous negative shock to firms’ incentive to grant options to employees, influences their brand capital. We find that firms with a high level of unexpensed employee stock options before FAS 123R suffer a lower success ratio of new...

While product and company reputation are among the most valued intangible assets, we have little understanding of when and why managers focus on such resources. This shortcoming has limited both the resource-based and attention-based views of the firm. We construct a novel and comprehensive...

In this paper, we empirically investigate how staggered boards, a prevailing governance structure of high-tech firms, influence firms’ product innovations in the United States. We explore a quasi-natural experiment of a legislation change in Massachusetts that forced the adoption of staggered...

The transparency of the information environment in which US firms operate, as measured by the strength of state-level freedom of information (FOI) laws, is negatively associated with industrial pollution. Not only do the emissions of firms decrease as FOI laws become stronger, the overall level...