NDLI: The Influence of New Product Preannouncements on Shareholder Value: An Empirical Analysis

Content Provider	Springer Nature Link
Author	Homburg, Christian Artz, Martin Seifried, Jan
Copyright Year	2009
Abstract	Im vorliegenden Beitrag werden 220 Vorankündigungen neuer Produkte und ihre Wirkung auf den Shareholder Value analysiert. Die Ergebnisse zeigen eine deutlich positive Reaktion der abnormalen Rendite auf Vorankündigungen neuer Produkte. Darüber hinaus werden verschiedene Einflussfaktoren der Kapitalmarktreaktion untersucht. Während marktspezifische Faktoren (Land der Börsennotierung und Branchenzugehörigkeit) und vorankündigungsspezifische Faktoren (Detaillierungsgrad, Nennung eines Einführungszeitpunktes und gleichzeitige Ankündigung mehrerer Produkte) keinen Einfluss auf die Stärke des Effektes haben, kann das Ausmaß der Kapitalmarktreaktion teilweise durch unternehmens- und produktspezifische Größen erklärt werden. Der Erklärungsgehalt des Modells übertrifft den bisheriger Untersuchungen deutlich. Die Ergebnisse zeigen unter anderem, dass die Forschungsintensität des ankündigenden Unternehmens und der Neuheitsgrad des Produktes aus Nachfragersicht die abnormale Rendite nach der Ankündigung wesentlich beeinflussen.This paper analyses 220 preannouncements of new products and their effect on shareholder value on American and European stock markets. Overall, the results show a positive significant reaction of abnormal returns on preannouncements. Additionally, determinants of the strength of the shareholder value effect are analyzed. Whereas market-related (country and industry) and preannouncement-related factors (detailedness of preannouncement, mentioning a launch date, and the preannouncement of multiple products) do not have an influence on the size of the effect, company-related and product-related factors can explain the magnitude of the reaction. Our model extends prior empirical literature by showing a higher explained variance of the strength of the shareholder value effect. In particular, there exists a negative relationship between company size and abnormal returns and return on equity and abnormal returns, whereas the newness of the product for the market has a positive influence on abnormal returns.
Starting Page	751
Ending Page	779
Page Count	29
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	79
Issue Number	6
Language	English
Publisher	SP Gabler Verlag
Publisher Date	2009-06-10
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	New product Preannouncement Shareholder value Event-study Production/Logistics Personnel Management Accounting/Auditing Organization/Planning Management/Business for Professionals Business/Management Science
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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