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Innovation Under Pressure
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DOI：10.1017/S0022109024000358.png)
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En 中文
Firms become more efficient at innovation activities when they face pressure to meet earnings per share (EPS) targets using stock repurchases. Using a regression-discontinuity framework, we find that incentives to engage in EPS-motivated buybacks are followed by more citations and higher values for firms' new patents. We trace these effects to improved allocation of R&D resources and a greater focus on novel innovation. The positive effects are concentrated among ex ante innovation-efficient firms that achieve better patenting outcomes after reorganizing (but not cutting) their R&D investments. Our findings illustrate that short-term earnings pressure can act through a free cash flow channel that motivates more efficient spending.
Keyword:
RESEARCH-AND-DEVELOPMENT
EARNINGS MANAGEMENT
MARKET VALUE
DEVELOPMENT INVESTMENT
PERFORMANCE
INCENTIVES
PATENTS
EQUITY
FIRMS
CASH
期刊
IF:
2.8
论文数:
2.3K
被引数:
1.0W
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