德勤－复旦会计论坛系列讲座之一百六十四
时 间：2019年5月28日（周二）上午10：00
地 点：思源楼324室
主持人：陈超 教授
Speaker：Annika Yu Wang (王钰) (University of Houston)
Title：The Bright Side of Diversification: The Case of R&D Productivity
Abstract：This paper examines the effects of corporate structure on innovation productivity. We find that conglomerates, though spending less on R&D, achieve greater innovation productivity relative to single-segment firms. We further show that conglomerates with higher segment technology closeness or with senior executives coordinating their innovation endeavors have greater R&D productivity. Using a quasi-experiment in the M&A setting, we find similar evidence as Seru (2014) that acquired target firms become less innovative following mergers relative to withdrawn target firms. Post-merger R&D productivity, however, increases significantly for both acquiring firms and combined firms. This highlights that while disruption from post-merger integration may impede innovation for targets, it tends to be outweighed by the knowledge spillover gain for acquirers. Our results collectively suggest that conglomerate corporate structure facilitates intrafirm knowledge spillover and thereby improves innovation productivity.
会计学系
2019-5-22
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