| dc.description.abstract | This paper aims to probe the influence of innovation spillovers in the artificial intel‑
ligence (AI) and financial technology (Fin‑tech) industries on the value of the internet
of things (IoT) companies. Python was utilized to download public information from
Yahoo Finance, and then the GARCH model was used to extract the fluctuations of
cross‑industry innovation spillovers. Next, the Fama–French three‑factor model was
used to explore the interactive changes between variables. The panel data regression
analysis indicates that the more firms accept innovation spillovers from other indus‑
tries, the better the excess return; however, this effect differs because of industrial
attributes and the environmental changes induced by COVID‑19. Additionally, this
study finds that investing in large‑cap growth stocks of IoT firms is more likely to yield
excess returns. Finally, the study yields lessons for policy leverage to accelerate the
upgrading and transformation of innovation‑interactive industries by referring to the
practices of Singapore and South Korea. | vi |
