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On the profitability of innovative assets

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Author Info

  • Dirk Czarnitzki
  • Kornelius Kraft

Abstract

Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies' profits is a priori unclear. We present the results of an empirical study on the effects of the patent stock on profitability. The database is a representative sample of German manufacturing firms and we use a number of control variables including measures of competition and firm governance. It turns out that the patent stock has a strong and robust effect on profitability.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840701749019
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 42 (2010)
Issue (Month): 15 ()
Pages: 1941-1953

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Handle: RePEc:taf:applec:v:42:y:2010:i:15:p:1941-1953

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References

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  1. Bronwyn Hall, 1998. "Innovation and Market Value," Economics Series Working Papers 1999-W03, University of Oxford, Department of Economics.
  2. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
  3. Czarnitzki, Dirk & Kraft, Kornelius, 2000. "Management Control and Innovative Activity," ZEW Discussion Papers 00-68, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  4. Czarnitzki, Dirk & Kraft, Kornelius, 2004. "Innovation indicators and corporate credit ratings: evidence from German firms," Economics Letters, Elsevier, vol. 82(3), pages 377-384, March.
  5. Cowling, Keith & Waterson, Michael, 1976. "Price-Cost Margins and Market Structure," Economica, London School of Economics and Political Science, vol. 43(171), pages 267-74, August.
  6. Gugler, Klaus & Mueller, Dennis C & Yurtoglu, B Burcin, 2004. "Corporate Governance and the Returns on Investment," Journal of Law and Economics, University of Chicago Press, vol. 47(2), pages 589-633, October.
  7. Ravenscraft, David J, 1983. "Structure-Profit Relationships at the Line of Business and Industry Level," The Review of Economics and Statistics, MIT Press, vol. 65(1), pages 22-31, February.
  8. Collins, Norman R & Preston, Lee E, 1969. "Price-Cost Margins and Industry Structure," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 271-86, August.
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Citations

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Cited by:
  1. Fryges, Helmut & Kohn, Karsten & Ullrich, Katrin, 2011. "The Interdependence of R&D Activity and Debt Financing of Young Firms," IZA Discussion Papers 6217, Institute for the Study of Labor (IZA).
  2. Ghisetti, Claudia & Rennings, Klaus, 2013. "Environmental innovations and profitability: How does it pay to be green? An empirical analysis on the German innovation survey," ZEW Discussion Papers 13-073, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Hiroki Arato & Katsunori Yamada, 2012. "Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(4), pages 459-478, October.
  4. Heger, Diana & Kraft, Kornelius, 2008. "A Test of the Quality of Concentration Indices," ZEW Discussion Papers 08-072, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  5. Heger, Diana & Kraft, Kornelius, 2008. "Barriers to Entry and Profitability," ZEW Discussion Papers 08-071, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  6. Rexhäuser, Sascha & Rammer, Christian, 2011. "Unmasking the Porter hypothesis: Environmental innovations and firm-profitability," ZEW Discussion Papers 11-036, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  7. Georg Licht & Bettina Peters, 2014. "Do Green Innovations stimulate Employment? – Firm-level Evidence From Germany," WWWforEurope Working Papers series 53, WWWforEurope.
  8. Sascha Rexhäuser & Christian Rammer, 2014. "Environmental Innovations and Firm Profitability: Unmasking the Porter Hypothesis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 57(1), pages 145-167, January.
  9. Jörg Mahlich, 2010. "Patents and performance in the Japanese pharmaceutical industry: An institution-based view," Asia Pacific Journal of Management, Springer, vol. 27(1), pages 99-113, March.
  10. Andreas Ziegler, 2008. "Disentangling Specific Subsets of Innovations : A Micro-Econometric Analysis of their Determinants," CER-ETH Economics working paper series 08/100, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  11. Hülsbeck, Marcel & Lehmann, Erik E. & Weiß, Dominik & Wirsching, Katharine, 2011. "Innovationsverhalten in Familienunternehmen," UO Working Papers 02-11, University of Augsburg, Chair of Management and Organization.
  12. Spielkamp, Alfred & Rammer, Christian, 2006. "Balanceakt Innovation: Erfolgsfaktoren im Innovationsmanagement kleiner und mittlerer Unternehmen," ZEW Dokumentationen 06-04, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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