Patenting activity or innovative originality?

被引：9

作者：

Bedford, Anna ^{[1
]}

Ma, Le ^{[1
]}

Ma, Nelson ^{[1
]}

Vojvoda, Kristina ^{[1
]}

机构：

[1] Univ Technol Sydney, Sydney, NSW, Australia

来源：

ACCOUNTING AND FINANCE | 2021年 / 61卷 / 03期

关键词：

Innovation; Patent count; Patent stock; Stock returns; RETURN; LINKS;

D O I：

10.1111/acfi.12730

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We re-examine the cross-sectional stock return predictability of innovative originality documented in the 2018 paper by Hirshleifer et al. and introduce two measures of patenting activity: patent existence and patent counts. As firms with zero patents have zero innovative originality, we conjecture and find a high correlation between patenting activity measures and innovative originality. The findings of Hirshleifer et al. do not hold when we control for patenting activity. Our results highlight that simple patenting activity measures capture a significant portion of innovative originality, and hence need to be adequately controlled for in future innovation studies.

引用

页码：4191 / 4207

页数：17