Abstract

This study examines the relationship between corporate entrepreneurship and returns to stockholders by investigating whether abnormal stock returns occur for firms who are recognized in the financial press for being innovative. We apply event study methodology to the stock prices of firms identified as the “World’s Most Innovative Companies” on lists published annually by Business Week. We find no evidence of abnormal returns for firms identified in the lists. We also find no difference in returns between those firms listed for product and service innovations and those firms listed for process and business model innovations.

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