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The Influence of Innovation Activity on Market Value of Russian Companies

Student: Margarita Chepikova

Supervisor: Iuliia N. Naidenova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

This paper considers the impact of innovation performance on the market value of company, taking into account the presence of the large and the state shareholder. The empirical sample includes industrial publicly traded Russian companies for the period of 2005-2014. The results of fixed effects model estimation reveal a consistent positive influence of R&D expenses on firm’s market value. However, we have a little evidence to confirm hypothesis about positive influence of patents on the firm’s market value. Controlling the state shareholder presence in the firm, we found that R&D expenses were greater valued by the financial market, and the number of patents had a significant impact on the market value of the firm.

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