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While colleges and universities emphasize publications in top-tier scientific journals, the study of a firm's high-impact publications and their effect on corporate innovation activities is scarce. To fill the gap, this study explores the corporate innovations of firms with and without top-tier scientific journal publications. We conduct the analyses using the detailed journal publication data that is collected manually from the Web of Science. Our empirical findings show that firms with top-tier journal publications tend to have better innovation outputs, such as patent citations, patent generality, and patent originality. We also implement several identification strategies, including instrumental variable approach and matching procedures, to deal with the potential endogeneity concerns, and the results are robustness.
Keywords: corporate innovation; journal publication; patent.