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Innovation and Market Value in Newly‐Industrialized Countries: The Case of Taiwanese Electronics Firms

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  • Chih‐Hai Yang
  • Jong‐Rong Chen

Abstract

The relationship between patents, research and development (R&D), and market value in newly industrialized countries is examined for a panel data of Taiwanese electronics firms. Empirical results show that the market value of electronics firms is strongly related to patent count and R&D expenditure in Taiwan. Controlling potential heterogeneity of patents and allowing the value of Tobin's q to vary across firms, the estimated results are quite consistent, which is encouraging for Taiwan's government as it has implemented many policies encouraging firms to commit to R&D. In addition, the significant and positive impact of the sales growth rate might refiect the expectation feature of the stock market.

Suggested Citation

  • Chih‐Hai Yang & Jong‐Rong Chen, 2003. "Innovation and Market Value in Newly‐Industrialized Countries: The Case of Taiwanese Electronics Firms," Asian Economic Journal, East Asian Economic Association, vol. 17(2), pages 205-220, June.
    • Handle: RePEc:bla:asiaec:v:17:y:2003:i:2:p:205-220
    DOI: 10.1111/1467-8381.00168
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    Cited by:

    1. Yu-Shan Chen & Ke-Chiun Chang, 2009. "Using neural network to analyze the influence of the patent performance upon the market value of the US pharmaceutical companies," Scientometrics, Springer;Akadémiai Kiadó, vol. 80(3), pages 637-655, September.
    2. Yu-Shan Chen & Chun-Yu Shih, 2011. "Re-examine the relationship between patents and Tobin’s q," Scientometrics, Springer;Akadémiai Kiadó, vol. 89(3), pages 781-794, December.

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