Innovation and firm value: An investigation of the changing role of patents, 1985-2007

被引：57

作者：

Belenzon, Sharon ^{[1
]}

Patacconi, Andrea ^{[2
]}

机构：

[1] Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA

[2] Univ Aberdeen, Sch Business, Aberdeen AB24 3QY, Scotland

来源：

RESEARCH POLICY | 2013年 / 42卷 / 08期

关键词：

Firm value; Patent portfolio valuation; Patent policy; MARKET VALUE; INDICATORS; CITATIONS; RIGHTS; POLICY; PROTECTION; QUALITY;

D O I：

10.1016/j.respol.2013.05.001

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This paper examines how the relationship between firm value and patent-based indicators of inventive activity has changed over time. We use data from more than 33,000 mergers and acquisitions deals between 1985 and 2007, and distinguish between American (USPTO) and European (EPO) patents. Our results indicate that over time EPO patents have become the dominant indicator of innovative activity, while USPTO patents have no effect on firm value near the end of the sample period. The results are robust to controlling for citations and are especially strong for small firms, for firms operating in the drug and chemical industries, and when target and acquiring firms operate in different industries or countries. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：1496 / 1510

页数：15

共 45 条

[1] MARKET FOR LEMONS - QUALITY UNCERTAINTY AND MARKET MECHANISM [J].

AKERLOF, GA .

QUARTERLY JOURNAL OF ECONOMICS, 1970, 84 (03) :488-500

[2] DIRECT VALIDATION OF CITATION COUNTS AS INDICATORS OF INDUSTRIALLY IMPORTANT PATENTS [J].

ALBERT, MB ;

AVERY, D ;

NARIN, F ;

MCALLISTER, P .

RESEARCH POLICY, 1991, 20 (03) :251-259

[3]

[Anonymous], 2004, Journal of Empirical Finance, DOI DOI 10.1016/J.JEMPFIN.2003.01.001

[4]

[Anonymous], ECON J

[5]

[Anonymous], 1996, PhD thesis

[6] R&D and the patent premium [J].

Arora, Ashish ;

Ceccagnoli, Marco ;

Cohen, Wesley M. .

INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, 2008, 26 (05) :1153-1179

[7] Policy forum: Intellectual property rights - Reforming the patent system [J].

Barton, JH .

SCIENCE, 2000, 287 (5460) :1933-1934

[8] Cumulative Innovation and Market Value: Evidence from Patent Citations [J].

Belenzon, Sharon .

ECONOMIC JOURNAL, 2012, 122 (559) :265-285

[9]

Deng Z., 1999, FINANC ANAL J, V55, P20, DOI DOI 10.2469/FAJ.V55.N3.2269

[10] The economics of patents: Lessons from recent US patent reform [J].

Gallini, NT .

JOURNAL OF ECONOMIC PERSPECTIVES, 2002, 16 (02) :131-154

← 1 2 3 4 5 →