Innovation source, advancement stage and company stock returns

Dawid Szutowski


The purpose of this paper was to measure the short- and long-term impact of innovation announcements on the stock returns of service companies. In order to study the predictors of the abnormal stock returns, the study takes the adoption and diffusion theory as its conceptual background. The research was based on an event study and buy-and-hold methods. It encompassed 398 announcements released for 121 companies in EU member states between February 2011 and December 2016. The study deepens the dialogue on the role of the source of innovation and its advancement stage. It indicates a positive market reaction to high innovation advancement stage announcements in comparison to low advancement stage ones. Furthermore, it suggests a positive market reaction to in-house development in comparison to collaborative development and copying. Finally, the research signals that the innovation advancement stage complements its source by clarifying its relationship with abnormal market value changes.
Author Dawid Szutowski (WZ / KCAFiW)
Dawid Szutowski,,
Journal seriesService Industries Journal, ISSN 0264-2069, (A 20 pkt)
Issue year2018
Publication size in sheets0.85
Keywords in Englishinnovation, stock returns, service sector
ASJC Classification1405 Management of Technology and Innovation; 1408 Strategy and Management
Languageen angielski
Score (nominal)20
Score sourcejournalList
ScoreMinisterial score = 20.0, 18-03-2020, ArticleFromJournal
Publication indicators WoS Citations = 2; Scopus SNIP (Source Normalised Impact per Paper): 2018 = 0.809; WoS Impact Factor: 2017 = 1.258 (2) - 2017=1.686 (5)
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* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.
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