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| Author: | Heeley, M.B. Jacobson, R. |
| Title: | The recency of technological inputs and financial performance |
| Journal: | Strategic Management Journal
2008 : JUL, VOL. 29:7, p. 723-744 |
| Index terms: | financial performance technology knowledge inventions companies |
| Language: | eng |
| Abstract: | This paper explores what effects differences in the recency of knowledge inputs have on financial performance. Using threshold regression analysis, three regimes exhibiting different associations btw. recency and stock return are isolated. It is found that for firms whose new patents use inputs in the mid-range of the technological recency distribution, the relationship is positive; higher recency leads to higher stock return. However, for firms whose new patents make use of either very mature or nascent technological inputs, the effects are negative; higher recency leads to lower stock return. |
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