제약산업에서의 신제품 개발이 기업가치에 미치는 영향 = 신제품의 혁신 유형에 따른 기업평판의 조절효과

다국어 초록 (Multilingual Abstract)

In today’s competitive market environment, new product development has been a major source of a firm’s competitive advantage and the resulting firm value. However, researchers have previously shown that there is high level of risk involved with developing and introducing new products into the market and more than eighty percent of new products fail. Considering the greater risks associated with more innovative new products than those with less innovative ones, we distinguish between radical and incremental new products and examine their impact on firm value. We further investigate the moderating role of firm reputation on the relationship between the firm value and the radical and incremental new products. We collected data on the new product developments, firm reputation, and financial information in the pharmaceutical industries between 1997 and 2010 from various secondary data sources. Our analysis shows that radical and incremental new products have differential effects on firm value, and firm reputation plays a significant role to the effects of new products. A firm with higher reputation benefits more when they introduce radical new products but suffer when they introduce incremental new products. The findings of this study provide important theoretical and managerial implications. First, while prior research primarily focused on new products in general, this study shows that the effect of new products on firm value is dependent on the types of new products. While radical new products improve firm value, incremental new products have little impact on firm value. Second, this study offers new insights regarding the role of firm reputation in introducing new products. Depending on the level of reputation, a firm needs to foucs on different types of new products. In particular, a firm with high reputation needs to introduce more radical new products rather than leverage its reputation with incremental new products. Third, while prior research has extensively examined firm characteristics such as firm size, capability, or experience as determinats of innovation outcomes, this study extends our focus to more social factors, such as firm reputation. That is, firm reputation resulting from its past activities can magnify or limit the outcomes resulting from its innovation activities in the future. Finally, these findings provide specific suggestions to enhance firm value through new products. This study offers to distinguish between radical and incremental new products and at the same time to look at the level of firm reputation. This study guides firms to align types of new products with their level of reputation.

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