Autori: Antonelli, Cristiano, Colombelli, Alessandra
Titolo: The Generation and Exploitation of Technological Change: Market Value and Total Factor Productivity
Periodico: Università degli Studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis LEI & BRICK - Lab. Di economia dell'innovazione 'Franco Momigliano', Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series
Anno: 2009 - Volume: 9 - Fascicolo: 12 - Pagina iniziale: 1 - Pagina finale: 33

In this paper we articulate and test the hypothesis that TFP is a reliable and relevant measure of firm’s innovation capabilities, and, as such, accounts for Tobin’s q indicator. With this aim, we investigate empirically the relationship between firm level total factor productivity and the Tobin’s q. Measuring Tobin’s q allows inferring the actual value of knowledge capital from stock market valuation. We use a panel of companies listed on UK and the main continental Europe financial markets (Germany, France and Italy) for the period 1995 - 2005. Our results confirm that TFP is a reliable indicator of firm’s innovative capabilities. When we control for firm’s R&D investments, the effects of TFP on market value remain highly significant. This suggests that TFP is a broader measure of innovation capability than R&D is. The validation of the Tobin’s q and TFP relationship has important implications concerning firm’s technological innovation measurement.




Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati_wp/wp2009dip_l_b/12_wp_momigliano.pdf

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