The growth of emerging economies has attracted R&D investments by multinational enterprises, but firms have struggled to protect their knowledge assets in these environments with weak intellectual property rights protection. Knowledge misappropriation may be reduced if firms use cross-unit R&D teams to strengthen intra-firm interdependencies and control. We examine the relationship between such internal linkage strategies, foreign R&D investments, and firm market valuation in a dynamic market valuation model for 117 leading multinational firms. While foreign R&D investments are positively associated with market value, IP risks in host countries reduce it. The latter effect disappears if firms have developed a pronounced internal linkage strategy in weak IP environments. Linkage strategy bears costs and, in the absence of IP risks, is negatively associated with market value.

中文翻译：

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知识产权薄弱国家的研发投资是否会破坏市场价值？内部联系的作用

新兴经济体的增长吸引了跨国企业的研发投资，但企业在这些知识产权保护薄弱的环境中难以保护其知识资产。如果公司使用跨部门的研发团队来加强公司内部的相互依赖和控制，知识盗用可能会减少。我们在 117 家领先跨国公司的动态市场估值模型中研究了这种内部联系策略、外国研发投资和公司市场估值之间的关系。虽然外国研发投资与市场价值呈正相关，但东道国的知识产权风险降低了市场价值。如果公司在薄弱的知识产权环境中制定了明显的内部联系战略，后一种影响就会消失。链接战略承担成本，并且在没有知识产权风险的情况下，