American Accounting Association;Sarasota: American Accounting Association
摘要:
摘要： To explain why firms with high research and development (R&D) intensity offer their investors higher stock returns, we argue that (1) high R&D capacity relative to firm valuation makes R&D-intensive firms attractive takeover targets, and that (2) the higher takeover probability leads their investors to face higher takeover risk, as proposed by Cremers, Nair, and John (2009), and require higher returns. We find evidence consistent with our hypothesis. Furthermore, we find that takeover probability also relates to large R&D increases, but not to innovation efficiency. Accordingly, we expect and find that takeover risk helps to explain the premium associated with large R&D increases, but not the innovation efficiency premium previously documented. 出版者： Sarasota: American Accounting Association 出版日期： 2016-05-01 出處： The Accounting review, 2016-05, Vol.91 (3), p.955-971 資源來源： EBSCOhost Business Source Premier 版權： 2016 American Accounting Association 版權： Copyright American Accounting Association May 2016 識別號： ISSN: 0001-4826 識別號： EISSN: 1558-7967 識別號： DOI: 10.2308/accr-51270 識別號： CODEN: ACRVAS
