Purpose: The study that has been conducted is a comparative one, where the group compared different innovation management strategies used by three different globally- known Swedish firms that are in the manufacturing industry. The study is aimed at describing, analyzing and making conclusions of the innovation strategies used during the process of product development in the chosen companies bycomparing their similarities and differences. Method: The Study was carried out using a comparative study drawing on the qualitative data. Conclusion: Volvo CE and ABB CRC have similar strategies in internal idea generation because both firms have formalized systems, by using strong online data bases for idea sharing and evaluation. Volvo CE uses a pronounced forum called “Innovation Jams” for online idea sharing among Volvo Group employees whereas ABB CRC uses a strong data base called “ABB Inside” to evaluate ideas within the group. On the other hand, Scania R&D’s internal idea generation process is more informal as it is based on “person-to-person”. When it comes to external idea generation, Scania R&D has a more established strategy of using suppliers and customers for inspiration of ideas. However, ABB CRC generates inspirations from customers through its business centers, whereas Volvo CE has no customer system in place. But one thing that is common in all the three companies is that they are highly collaborating with universities for idea generation and human resource.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第22026号 / 経博第603号 / 新制||経||290(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 矢野 剛, 教授 塩地 洋, 准教授 高野 久紀 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

In the first chapter, we assess the effect of changes of government ownership on corporate innovation activities. Across 58 non-US countries, treatment firms’ innovation, both in quantity and quality, decrease after a governmental acquisition by using a difference-in-difference regressions and propensity score matching. We show that there is conflict of interest between major shareholders and minor shareholders. The corporate innovation efficiency also decline after the government acquisition. We find that this negative relationship is more severe for the group with higher government ownership of banks, better creditor rights and worse stock market development. For second chapter, if the optimal capital structure exists, an overleveraged firm is expected to move towards the target structure by taking actions that would lower the leverage. Many previous studies, however, show that leverage-decreasing transactions, including offering stocks in exchange of bonds, are meted out with negative market reactions, suggesting deficiencies of the trade-off theory in explaining this phenomenon. In this paper we hypothesize and show that the negative market reactions might be attributed to incorrect rebalancing by poorly-governed firms in the under-leverage domain, who instead of increasing leverage are purposely engaged in leverage-reducing activities.

Made available in DSpace on 2015-03-05T18:41:01Z (GMT). No. of bitstreams: 0 Previous issue date: 19 / Nenhuma / Atualmente o tema da inovação vem sendo discutido intensamente na academia e no meio empresarial. Neste contexto o presente estudo propõe um modelo de SCI – Sistema Corporativo de Inovação estruturado a partir da literatura e das percepções do autor. Esse modelo é composto por oito variáveis: Conceitos/Objetivos, Estratégia, Estrutura Organizacional, Gestão da Inovação, Indicadores, Gestão do Conhecimento para Inovação, Comunicação e Relacionamento Externo. O teste do modelo foi realizado em uma empresa industrial que possui três subsistemas estruturados de inovação (P&D, SPF e Inovação Industrial). Cada um desses subsistemas possui objetivos, métodos e ferramentas específicas. A pesquisa foi realizada visando o entendimento desses subsistemas sob a ótica do SCI proposto. A conclusão do trabalho pode ser sintetizada em quatro tópicos: i) a utilização do modelo SCI permite a empresa realizar uma análise estruturada e sistêmica sobre a inovação; ii) o modelo SCI tendeu a mostrar-se coerente com a teoria consult / Currently the subject of innovation has been intensely discussed in the academy and in the business environment. In this context the present study suggest a model of CIS - Corporate Innovation System structuralized from the literature and from the author perspectives. This model consists in eight variables: Concepts/Objectives, Strategy, Organization Structure, Innovation Management, Indicators, Knowledge Management for Innovation, Communication and External Relationship. The test of the model was carried through an industrial company that has three structuralized subsystems of innovation (P&D, SPF and Industrial Innovation). Each one of these subsystems has objectives, methods and specific tools. The research was made willing the understanding of these subsystems under the view of the CIS suggested. The conclusion of the work can be summarized in four topics: i) the use of the CIS model allows the company to do a structured and systematical analysis of the innovation; ii) the model CIS tended to reveal cohe

This study examines the relationship between R&D intensity (R&D/sales) and firm value. Additionally, both the moderating effect of endogenous firm characteristics (i.e. firm size, leverage and the interaction between size and leverage) and institutional quality are considered. By employing a sample of 1,833 firms throughout 49 countries, this study finds evidence supporting a positive association between R&D and firm value in its cross-national sample. Moreover, the results support the positive moderating effect of leverage on the relationship between R&D and firm value, in favour of the disciplining role of debt. Furthermore, a negative moderating effect of firm size is found, suggesting that smaller firms possess a superior ability to appropriate value from their R&D investments. Lastly, the size-leverage interaction reveals that small firms with high leverage reap the greatest firm value from their R&D investments.

Background: Corporate accelerators (CAs) are a relatively new phenomenon and increasingly used by corporates to increase their level of innovation. However, there are still no best practices on how these CA programs can be structured more efficiently in order to serve the needs of startups and corporates simultaneously. Here, most extant research focuses on the general goals of CA programs and the definition of certain core elements and features which describe a CA (i.e. provision of coworking space; educational programs), while disregarding the objectives of the startups participating. Purpose: The purpose of this study is to understand how current CA programs can be improved, by analyzing the experiences and perspectives of both corporates and startups. It aims to identify, how CA programs can be more successful for corporates and startups. Method: To satisfy the purpose of this qualitative study, an exploratory research approach was selected and a multi-case research strategy applied. Data was gathered through in-depth, semi-structured expert interviews with five managers and three participants of accelerator programs managed by leading multinational corporates. Through a content analysis, we built new theory based on our findings. Conclusion: This study shed light on current difficulties that arise in CA programs such as internal politics and bureaucracy, internal communication, corporate rigidities, and the important tasks of CA managers navigating those issues. Our study contributes to research on CAs by (1) emphasizing current barriers of CAs; (2) presenting suggestions for creating more successful CAs; (3) showing how CA managers can foster interactions between corporate business units and startups: and (4) creating the SET CA model.

Radical innovation is a term with different definitions and divided experiences. From both a theoretical and practical manner, larger organizations seem to perform radical innovation less. This research is further looking into corporation strategies and the dimensions of internal factors of radical innovation. The aim is to find activities and circumstances that can enhance radical innovation and bring more frequent behavior in corporations. The research performs as a comparative study to reveal facilitations and patterns of radical innovation processes in different organizations. This study will compare perspectives of the organizations themselves to both earlier studies and shared insights of an included innovation consultancy firm that is giving their experience on the performance of radical innovation. Likewise, the research will investigate the limitations the organizations find in how and why radical innovations are not as frequent as incremental ones. The outcome of this research is to theoretically provide an alternative approach in the innovation field by researching comparatively. Practically, the research aims to extend knowledge of radical innovation and create a framework that can work as a supportive tool for future business projects and the implementation of more radical innovations.

Background: The advancement of digital technologies and hence the emergence of new opportunities but also changing customer needs force incumbent firms to increase their innovation capacities. Therefore, they must find ways to explore the opportunities of digital innovation, while simultaneously exploiting their core business and ensuring a secured revenue stream. This phenomenon, called organizational ambidexterity, can amongst others be achieved by implementing a digital innovation unit (DIU). DIUs, structurally separated units, especially within Germany, Switzerland and Austria are declared to be successful instruments to increase incumbent’s innovativeness but also to foster an innovation culture and advance the corporate digital transformation while the core organization can focus on core business activities. Research Problem: Despite the prevalent perception of DIUs being successful initiatives to find remedy for incumbents’ conflict of being innovative while simultaneously advancing the core business, in recent years more and more DIUs were closed. This development is particularly interesting as the amount of DIUs is still increasing while on the other hand especially business press claims the end of these units. However, regarding this paradox, academic literature is still rare and has until now primarily focused on the challenges of DIUs but not on their closure. Correspondingly, DIU closure poses a significant research gap. Research Purpose: The study primarily aims to clarify why DIUs are being closed and derive a general theory explaining this phenomenon. Above that, a secondary purpose is to advance knowledge regarding DIUs as a digital innovation instrument and what characterizes a DIU. Finally, we aim to examine whether a closure can be equated with a failure. Research Question: Why are Digital Innovation Units being closed? Research Method: Qualitative, inductive research; Ontology – Relativism; Epistemology – Social Constructionism; Methodology – Grounded Theory; Data Collection – 14 semi- structured in-depth Interviews; Sampling – Purposive, Snowball, Theoretical; Data Analysis – Grounded Analysis Conclusion: Resulting from the findings, a model was developed, that explains five major statements related to DIU closure. On the one hand, we ascertained distinct symptoms that anticipate a closure such as personnel measures and budget cuts. On the other hand, we identified factors that significantly influence the fate of a DIU such as corporate politics or cultural dissonances and identified remnants of closed DIUs. Finally, the immediate reasons why DIUs close can be related to strategic changes within the parent company and to how the DIU is evaluated.

Thesis advisor: Rui Albuquerque / Thesis advisor: Thomas J. Chemmanur / In my first essay, I develop a model of investor behavior around prescheduled macroeconomic announcements to analyze the optimal allocation of investor attention between systematic and idiosyncratic risk factors when a macroeconomic announcement is anticipated. Skilled investors, when producing information under a limited attention capacity, optimally allocate more of their attention to analyzing the idiosyncratic risk factor when they anticipate more precise public information about the systematic risk factor from the macroeconomic announcement. Consequently, my model predicts that, the more informative (precise) the macroeconomic announcement is expected to be about the underlying risk factors, ceteris paribus, the more uncertainty pre-announcement, the more resolution of uncertainty post-announcement, and the higher the trading volume around the announcement on the market index. My empirical analysis of trading by investors around both FOMC and CPI announcements support my model's predictions. In particular, my empirical findings are consistent with model predictions about the effect of the anticipated macroeconomic announcement precision on investor attention allocation, the effect of investor attention on the levels of pre-announcement and post-announcement trading volumes, and the effect of investor attention on the ratio of post-announcement trading volume over the pre-announcement trading volume. In my second essay, we analyze, theoretically and empirically, how investor attention affects the stock market reaction to innovation announcements. In a dynamic model with limited investor attention, we show that the immediate reaction to innovation announcements increases, while the post-announcement stock return drift decreases, in investor attention. We empirically confirm our model predictions using a matched sample of pharmaceutical industry patent grant and subsequent FDA drug approval announcements and also a general USPTO patent sample. We show that post-announcement drift has predictive power for firm growth, profitability, and productivity, drawing implications for enhancing measures of patents' economic value and for trading strategy. In my third essay, we analyze, theoretically and empirically, the implications of a fraction of investors in the equity market paying only delayed attention to SEO announcements. We first show theoretically that, in the above setting, the announcement effect of an SEO will be positively related to the fraction of investors paying attention to the announcement and that there will be a post-announcement stock-return drift that is negatively related to investor attention. In the second part of the paper, we test the above predictions using the media coverage of firms announcing SEOs as a proxy for investor attention, and find evidence consistent with the above predictions. In the third part of the paper, we develop and test various hypotheses relating investor attention paid to the issuing firm (between the announcement and the equity issue) to various SEO characteristics. We empirically show that SEO underpricing, institutional investor participation in SEOs, and the post-SEO equity market valuation of firms are all positively related to investor attention. The results of our identification tests show that the above results are causal. / Thesis (PhD) — Boston College, 2020. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

In chapter one, by exploiting the staggered interstate banking deregulation as exogenous shocks to bank geographic expansion, we examine the causal effect of geographic diversification on systemic risk using the gravity-deregulation approach developed in Goetz, Laeven, and Levine (2013, 2016). We find that bank geographic diversification leads to higher systemic risk measured by the change in conditional value at risk (ΔCoVaR) and financial integration (Logistic(R2)). Furthermore, we document asset similarity and bank inter-connectedness as two channels to explain the documented results. The impact of geographic diversification on systemic risk is more pronounced in BHCs located in states comoving less with the U.S. aggregate economy. In chapter two, by integrating the staggered interstate bank deregulation into a gravity model, we construct a time-varying bank-specific instrument for geographic diversification, and investigate how geographic expansion affects borrowing firms’ innovation. Our approach disentangles the effects of bank deregulation on geographic expansion from competition and isolates its direct impact on innovation via the lending channel. Bank geographic diversification boosts borrowing firms’ innovation input and output, enables firms to expand innovation scope beyond core business, and enhances the economic value of innovation. We find that relaxing debt covenants and alleviating borrowers’ financial constraints are two channels through which bank geographic diversification spurs innovation. In chapter three, we construct a novel bank-specific and time-varying measure of deregulation-induced bank competition following Jiang, Levine, and Lin (2016) and Goetz (2017), and investigate the causal effect of bank competition on borrowing firm’s accounting conservatism. We find that bank competition leads to an increase in firm accounting conservatism. Moreover, we find that bank competition intensifies lenders’ monitoring in that banks impose more strict and intensive covenants on bank loans, and bank monitoring reduces the probability of default of borrowing firms, and thereby result in more conservative reporting of borrowing firms. Our findings are robust to alternative accounting conservatism measure C-Score and potential multicollinearity issue.