A language-based approach to measuring creative exploration |
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| Institution: | 1. School of Information, University of Michigan, 105 S State St., Ann Arbor, MI 48109-1285, United States;2. Strategic Management Subject Area, Department of Accounting, Innovation and Strategy, University of Vienna, Oskar-Morgenstern-Platz 1, Vienna 1090, Austria;3. TUM School of Management, Technical University of Munich, Lichtenbergstr. 6/II, Garching b. München 85748, Germany;1. Department of Strategy and Innovation, Copenhagen Business School, Denmark;2. École Polytechnique Fédérale de Lausanne, Switzerland;1. College of Business, Alfaisal University, Riyadh, Saudi Arabia;2. College of Business Administration, University of Sharjah, Sharjah, United Arab Emirates;1. Henley Business School, University of Reading, United Kingdom;2. Imperial College, University of London, United Kingdom;3. Department of Economics, Society and Politics, Carlo Bo University, Urbino, United Kingdom;1. Institute of Economics, EMbeDS, Scuola Superiore Sant''Anna, Pisa, Italy;2. UNU-MERIT, Maastricht University, Netherlands and Brussels School of Governance, VUB, Belgium |
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| Abstract: | We propose a new measure of the exploratory activities of companies based on the idea that experimentation with new courses of action and the need to describe them entails the adoption of new words in firm regulatory disclosures. Unlike traditional indicators, such as R&D spending, the proposed exploration indicator is available for all publicly traded firms across all industries. The exploration indicator predicts firm knowledge accumulation, as measured by future patenting and trademarking activities. It further shows that firm exploration declines after periods of high R&D spending and over time. The exploration indicator correlates positively with firm risk and exhibits a distinct positive impact on firm value unexplained by traditional innovation indicators. Our language-based approach can be applied to measure creative contributions in other domains, such as government grant applications and academic publications. |
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