The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
Round 1
Reviewer 1 Report
Please specify which dynamic system GMM model have you used, name all the endogenous and instrumental variables, and specify all year dummies used (or not and , if not, why) in the system GMM as this is important for system GMM.
You do not have to used all FE RE and OLS models but chose the appropriate based on the Hausmann test.
Important: Please specify in detail which market stock returns have you used as this seems as an aggregate market index stock returns whereby explanation of the results and the abstract needs to change. This is very important as it can lead to misinterpretation of conclusions.
Your paper and work is very interesting as well as the idea. Please elaborate in detail theoretical and practical implications of the results.
Author Response
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Author Response File: 
Author Response.pdf
Reviewer 2 Report
The paper needs really minor English changes.
Author Response
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Author Response File: Author Response.pdf
Reviewer 3 Report
The article titled as “The Various Effects of Technology Trade on Sustainable 2 Market Value of Firms in the OECD Countries” is very interesting and informative. However, the author (s) must incorporate the following issues to improve the article.
- One of the key contributions of this study has been claimed that studies on the effects of firms’ IPRs on stock market valuation are scant and the study is carried out to investigate the effects of firms’ trade of technology import and export on their stock market valuation at a country level in OECD. So does it mean that none of the prior studies were conducted on the country level? How does the trade balance for technology trade on stock market valuation is novel facet? The contribution aspects must be explained in a clear manner.
- The literature review should be divided into two parts; 1. Theoretical underpinning and 2. Empirical literature review. This will clearly provide a snapshot of previous literature to the readers.
- As the model include dummy variables, there was no need to conduct the Hausman test. One can proceed directly with the Fixed effect in the case of dummy variables.
- The author has mentioned the CSD issue, however, I could not find the results table for it.
- In equation 2, the first lag of the dependent variable should be specified with (t-1). Further in the dynamic process as suggested by Arellano and Bover/Blundell and Bond system, whether one lag of dependent variable is not enough? Why second lag of the dependent variable is taken?
- The study should propound policy implications based on the main results.
Comments for author File: Comments.pdf
Author Response
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Author Response File: Author Response.pdf
Round 2
Reviewer 1 Report
Please mention that the composite index od stock returns of companies in the abstract and correct this throughout the paper.
Author Response
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Author Response File: 
Author Response.docx
