중국시장에서 신제품 개발이 주가에 미치는 영향에 관한 이벤트 연구An Event Study of the Effect of New Product Development on Stock Price in China
- Other Titles
- An Event Study of the Effect of New Product Development on Stock Price in China
- Authors
- Bing Li; 편제범; 김대수
- Issue Date
- 2015
- Publisher
- 한국생산관리학회
- Keywords
- 신제품 개발; 기업가치; 주가; 공급사 협력; 중국 주식시장; 이벤트 연구방법론; New Product Development; Firm Value; Stock Price; Supplier Collaboration; Chinese Stock Market; Event Study
- Citation
- 한국생산관리학회지, v.26, no.1, pp.57 - 72
- Indexed
- KCI
- Journal Title
- 한국생산관리학회지
- Volume
- 26
- Number
- 1
- Start Page
- 57
- End Page
- 72
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/94896
- DOI
- 10.21131/kopoms.26.1.201502.57
- ISSN
- 1229-831X
- Abstract
- New product development (NPD) has long been a crucial issue in practice and academia. Regarding its effect on firms’ financial performance, however, controversial arguments exist. Moreover, there is little research investigating this issue in developing countries, which may be different from developed countries. Therefore, we intend to examine two key issues of NPD: 1) whether NPD leads to positive financial performance (stock price) and 2) whether supplier collaboration, a key element of open innovation, enhances the effect of NPD on stock price. Using the event study method, we analyzed the data collected from 81 publicly traded companies in China, which announced NPD over the seven-year period before the global financial crisis. The analysis results indicated that 59% of the companies exhibited an increase in their stock price with positive mean abnormal return and that supplier collaboration in NPD did not significantly affect stock price. Along with post-hoc analyses, we provided theoretical and managerial implications with future research directions.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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