Jamel Chouaibi, Habib Affes and Younès Boujelbene
Savings and Development Vol. 34(2010), No. 1, pp. 7-33

This study focuses on the innovation activities as determinants of the financial value of the firm. This approach breaks with the binary approach to measure the degree of innovation and replaces it by an aggregative index. This study reports on the innovation level that corresponds to some innovation activities; proxied by a “score” for each treated industrial company. On the basis of this proposal; a quantitative measurement of the innovation level is developed. This measure of innovation will be tested in order to evaluate the impact of innovation on the financial performance; controlling for some other variables. On a sample of 95 Tunisian industrial companies; the empirical results show that the financial performance of the companies depend on the realization of innovation activities justified by a synthetic proxy.

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