Organization capital effect in stock returns—The role of R&D

Title	Organization capital effect in stock returns—The role of R&D
Creator	湛可南 Chan, Konan Li, Mei-Xuan;Lin, Chu-Bin;Wang, Yanzhi
Contributor	財管系
Key Words	intangible assets; organization capital; R&D; stock return
Date	2022-07
Date Issued	26-May-2022 16:22:21 (UTC+8)
Summary	Previous studies document a strong organization capital effect in stock returns. We investigate whether and how research and development (R&D) activities affect this organization capital effect. We find that the organization capital effect is stronger in firms with R&D activities. The annual abnormal return of the hedge portfolio sorted by organization capital is 2.41% for R&D firms but only 0.41% for non-R&D firms. Further analyses show that the organization capital effect can be attributed to R&D characteristics rather than R&D risk factors.
Relation	Journal of Business Finance & Accounting, Vol.49, No.7-8, pp.1237-1263
Type	article
DOI	https://doi.org/10.1111/jbfa.12590

dc.contributor	財管系	-
dc.creator (作者)	湛可南	-
dc.creator (作者)	Chan, Konan	-
dc.creator (作者)	Li, Mei-Xuan;Lin, Chu-Bin;Wang, Yanzhi	-
dc.date (日期)	2022-07	-
dc.date.accessioned	26-May-2022 16:22:21 (UTC+8)	-
dc.date.available	26-May-2022 16:22:21 (UTC+8)	-
dc.date.issued (上傳時間)	26-May-2022 16:22:21 (UTC+8)	-
dc.identifier.uri (URI)	http://nccur.lib.nccu.edu.tw/handle/140.119/140172	-
dc.description.abstract (摘要)	Previous studies document a strong organization capital effect in stock returns. We investigate whether and how research and development (R&D) activities affect this organization capital effect. We find that the organization capital effect is stronger in firms with R&D activities. The annual abnormal return of the hedge portfolio sorted by organization capital is 2.41% for R&D firms but only 0.41% for non-R&D firms. Further analyses show that the organization capital effect can be attributed to R&D characteristics rather than R&D risk factors.	-
dc.format.extent	98 bytes	-
dc.format.mimetype	text/html	-
dc.relation (關聯)	Journal of Business Finance & Accounting, Vol.49, No.7-8, pp.1237-1263	-
dc.subject (關鍵詞)	intangible assets; organization capital; R&D; stock return	-
dc.title (題名)	Organization capital effect in stock returns—The role of R&D	-
dc.type (資料類型)	article	-
dc.identifier.doi (DOI)	10.1111/jbfa.12590	-
dc.doi.uri (DOI)	https://doi.org/10.1111/jbfa.12590	-