Innovation,efficiency and firm value: an empirical analysis on Japanese electrical appliance industry
This paper begins with measuring Japanese electrical appliance industrys technical efficiency of earning capacity basing on the sample of listed companies from 2000 to 2005. Our result shows that low-level efficiency exists in Japanese electrical appliance since 2000;the average technical efficiency of earning capacity is even below 0.4. Then four panel data regressions are estimated for testing the links among firm value,efficiency of earning capacity,innovation capacity and other factors. Our estimations show that firms Research & Development expenditure and innovation capacity can positively and significantly affect firm value in long-term,but this relationship is not dear in short-term. Jointly,we find that firms efficiency of earning capacity is strongly relative with firm value. Additionally,just as the mainstream viewpoint,firms volatility of stock dealing,structure of shareholder,growth rate of sales will have a significant and positive role to firm value.
innovation efficiency of earning profitability firm value research & development electrical appliance industry
Feng He Rong Chen
The Graduate School of Commerce,Waseda University,Tokyo Japan School of Economics and Management,Uni School of Economics and Management Tsinghua University,Beijing 100084,China
国际会议
The First International Conference on Management Innovation(ICMI 2007)(管理创新会议)
上海
英文
729-734
2007-06-04（万方平台首次上网日期，不代表论文的发表时间）