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Relationship between Corporate Innovation, Financial Performance, and Evaluation in Capital Market: Evidence from Japan

Research Project

Project/Area Number 15K03690
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionWaseda University

Principal Investigator

Takehara Hitoshi  早稲田大学, 商学学術院(経営管理研究科), 教授 (70261782)

Project Period (FY) 2015-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2016: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywordsコーポレート・イノベーション / 特許権 / 商標権 / 財務パフォーマンス / 企業価値評価 / 株式価値評価 / 特許情報 / コーポレートイノベーション / 同族企業経営 / 商標権情報 / 財務収益性 / 会計利益の質 / 技術競争力 / ブランドイメージ / 株式所有構造 / 株価形成 / 自己資本利益率予測 / 同族企業 / 価値関連性
Outline of Final Research Achievements

In this research project, we conduct multidimensional empirical analysis on the effects of firm-level corporate innovative activities of Japanese firms on corporate value creation and financial performance. We find that technological competitiveness by acquiring patents, and/or brand image by registering trademarks significantly increase the market value of the firm. However, the increase in the firm value can be explained by risk mitigation by corporate innovation, not by enhancement of profitability.

Academic Significance and Societal Importance of the Research Achievements

コーポレート・イノベーションは, 日本企業の長期的・持続的成長のための最重要ファクターであるものの, 資本市場や財務特性, 株式所有構造, CSRに焦点をあてた多面的な実証分析は本研究課題以前においては実施されていない. 本研究は企業が保有する特許権, 商標権に関する数値情報をもとに, それらが企業価値, 財務パフォーマンスに対する影響を実証的に分析することを試みるものであり,「知的財産立国」への道筋を示すものである.

Report

(5 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • 2015 Research-status Report
  • Research Products

    (23 results)

All 2018 2017 2016 2015 Other

All Int'l Joint Research (1 results) Journal Article (6 results) (of which Peer Reviewed: 6 results,  Acknowledgement Compliant: 2 results) Presentation (16 results) (of which Int'l Joint Research: 7 results,  Invited: 1 results)

  • [Int'l Joint Research] University of Hawaii at Manoa(米国)

    • Related Report
      2015 Research-status Report
  • [Journal Article] Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures2018

    • Author(s)
      Kubota, K. and H. Takehara
    • Journal Title

      Pacific Basin Finance Journal

      Volume: 未定(Article in Press) Pages: 101030-101030

    • DOI

      10.1016/j.pacfin.2018.05.012

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed
  • [Journal Article] コーポレート・イノベーションと利益の持続性 : 純営業資産利益率予想モデルに基づく分析2018

    • Author(s)
      井出真吾,竹原 均
    • Journal Title

      現代ディスクロージャー研究

      Volume: 17 Pages: 1-17

    • NAID

      40021730647

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed
  • [Journal Article] コーポレート・イノベーションと利益の持続性: 純営業資産利益率予想モデルに基づく分析2018

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      現代ディスクロージャー研究

      Volume: 17

    • NAID

      40021730647

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] 日本企業の技術競争力と財務戦略: デュポンシステムを用いた分析2017

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      経営財務研究

      Volume: 37 Pages: 28-43

    • NAID

      40021447088

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] 特許情報の株価への浸透過程の分析 -Mid-term Driver of Alphaとしての技術競争力-2016

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      証券アナリストジャーナル

      Volume: 54 Pages: 68-77

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] 株式市場における特許情報の価値関連性に関する実証分析2016

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      現代ファイナンス

      Volume: 37 Pages: 3-17

    • NAID

      130007528306

    • Related Report
      2015 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Presentation] Relationship between Technological Innovation, Corporate Social Performance and Corporate Financial Performance2018

    • Author(s)
      Hitoshi Takehara
    • Organizer
      57th Annual Conference of Southwestern Finance Association
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Relationship between Technological Innovation, Corporate Social Performance and Corporate Financial Performance2018

    • Author(s)
      Hitoshi Takehara
    • Organizer
      30th Asian Finance Association Annual Meeting
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Relationship between technological innovation, corporate social performance and corporate financial performance2018

    • Author(s)
      Hitoshi Takehara
    • Organizer
      57th Annual Conference of Southwestern Finance Association
    • Related Report
      2017 Research-status Report
  • [Presentation] Corporate Innovation in Family Business: Evidence from Japanese Public Firms2017

    • Author(s)
      Hitoshi Takehara
    • Organizer
      6th International Conference on Economics and Finance Research
    • Place of Presentation
      Kyoto, Japan
    • Year and Date
      2017-03-26
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research / Invited
  • [Presentation] The Heterogeneity of Institutional Ownership and Innovation in Japanese Firms2017

    • Author(s)
      Hitoshi Takehara
    • Organizer
      The 2017 Southwestern Finance Association Annual Conference
    • Place of Presentation
      Little Rock, AR, USA
    • Year and Date
      2017-03-09
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] The heterogeneity of institutional ownership and innovation in Japanese firms2017

    • Author(s)
      Hitoshi Takehara
    • Organizer
      日本ファイナンス学会第25回大会
    • Related Report
      2017 Research-status Report
  • [Presentation] コーポレートイノベーションと利益の持続性:純営業資産利益率予想モデルに基づく分析2017

    • Author(s)
      竹原 均
    • Organizer
      日本ディスクロージャー研究学会第15回研究大会
    • Related Report
      2017 Research-status Report
  • [Presentation] 商標権情報の価値関連性:株価と財務特性にブランドイメージが与える影響2017

    • Author(s)
      竹原 均
    • Organizer
      日本ディスクロージャー研究学会第16回研究大会
    • Related Report
      2017 Research-status Report
  • [Presentation] Relationship between technological innovation, corporate social performance and corporate financial performance2017

    • Author(s)
      Hitoshi Takehara
    • Organizer
      Sixth International Conference on Business Management and Economics
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] Innovation of Japanese Family Firms: Comparison with Non-Family Firms2016

    • Author(s)
      Hitoshi Takehara
    • Organizer
      The MT International Conference on Business Research
    • Place of Presentation
      Milan,Italy
    • Year and Date
      2016-12-27
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] 日本企業の財務戦略と技術競争力: デュポンシステムを用いた分析2016

    • Author(s)
      竹原 均
    • Organizer
      日本経営財務研究学会第40回全国大会
    • Place of Presentation
      武蔵大学
    • Year and Date
      2016-10-08
    • Related Report
      2016 Research-status Report
  • [Presentation] 特許情報の株価への浸透過程の分析2016

    • Author(s)
      竹原 均
    • Organizer
      日本ディスクロージャー研究学会第13回研究大会
    • Place of Presentation
      東京経営短期大学
    • Year and Date
      2016-05-28
    • Related Report
      2016 Research-status Report
  • [Presentation] The Heterogeneity of Institutional Ownership and Innovation in Japanese Firms2016

    • Author(s)
      Hitoshi Takehara
    • Organizer
      Shidler Seminar Series, University of Hawaii at Manoa
    • Place of Presentation
      Shidler College of Business, University of Hawaii at Manoa
    • Year and Date
      2016-03-04
    • Related Report
      2015 Research-status Report
  • [Presentation] 同族企業のコーポレート・イノベーション: 特許と技術競争力の戦略的視点から2015

    • Author(s)
      竹原 均
    • Organizer
      日本経営財務研究学会第39回全国大会
    • Place of Presentation
      九州大学
    • Year and Date
      2015-10-04
    • Related Report
      2015 Research-status Report
  • [Presentation] Do Family Firms in Japan Possess Competitive Advantages to Innovate?2015

    • Author(s)
      Hitoshi Takehara
    • Organizer
      International Workshop on Long-term Growth of Firms and Corporate Governance
    • Place of Presentation
      ムンバイ(インド)
    • Year and Date
      2015-09-02
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] 株式市場における特許情報の価値関連性に関する実証分析2015

    • Author(s)
      井出真吾
    • Organizer
      日本ファイナンス学会台23回大会
    • Place of Presentation
      東京大学
    • Year and Date
      2015-06-06
    • Related Report
      2015 Research-status Report

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Published: 2015-04-16   Modified: 2022-01-24  

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