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Technology Portfolio and Market Value

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  • Jens Schmidt-Ehmcke
  • Petra Zloczysti

Abstract

This paper discusses the impact of a firm's technology portfolio on its market value. Two concepts are used to characterize a firm's portfolio: the number of technological fields and the degree of relatedness within the portfolio characterized by the amount of joint occurrences of patents in technological fields. Based on a theoretical framework using an expanded Tobin's q approach, it presents evidence for a negative influence of portfolio size on the market value caused by a diminishing potential to make use of economies of scale. This discount can be counterbalanced when the relevant fields share a common technological base which is measured by the degree of technological relatedness.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.82017.de/dp780.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 780.

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Length: 26 p.
Date of creation: 2008
Date of revision:
Handle: RePEc:diw:diwwpp:dp780

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Keywords: technological portfolio; relatedness; patent statistics; tobin's q; economies of scope;

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