Intégration technologique et valeur boursière des firmes de biotechnologies
AbstractWe examine the relationship between the characteristics of the firms?knowledge base in terms of knowledge capital and knowledge integration and the stock market value of 84 firms active in biotechnology during the nineties. Panel data regression models show that the degree of knowledge integration within firms is a significant explanatory variable of firms?stock market value. Moreover, knowledge integration becomes an increasingly important determinant of market value, which illustrates the growing integration of biotechnology in several industrial applications. However, the role of knowledge is sector-specific, revealing differences in the extent to which biotechnology has become a key technology.JEL codes: G12, O31, L65.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): 96 (2006)
Issue (Month): 1 ()
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Find related papers by JEL classification:
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology
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