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Patent quality, cumulative innovation and market value: Evidence from Japanese firm level panel data

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  • Nagaoka, Sadao

Abstract

We examine empirically how patent quality in terms of forward citation and science linkage affect the market value of a firm. We find that both indicators affect the market value of a firm significantly even if we extensively control the effects of the other major determinants of the market value, including R&D investment and current return on asset. In addition, the forward citation affects the market value more in cumulative innovation area such as in IT, consistent with a theoretical proposition that the value of having a dependent patent is larger in the industry where innovation is cumulative among firms.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/15975/1/070iirWP05-06.pdf
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Bibliographic Info

Paper provided by Institute of Innovation Research, Hitotsubashi University in its series IIR Working Paper with number 05-06.

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Length: 27, [6] p.
Date of creation: Feb 2005
Date of revision:
Handle: RePEc:hit:iirwps:05-06

Note: Presented to the Conference on IT Innovation, Tokyo, December 2004.
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Related research

Keywords: patent quality; market value; forward citation; science linkage; cumulative innovation;

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Cited by:
  1. Sebastien Lechevalier & Yukio Ikeda & Junichi Nishimura, 2006. "Collaborative R&D in the robot technology in Japan: an inquiry based on patent data analysis (1991-2004)," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo CIRJE-F-453, CIRJE, Faculty of Economics, University of Tokyo.
  2. Cassiman, Bruno & Veugelers, Reinhilde & Zuniga, Pluvia, 2007. "Science linkages and innovation performance: An analysis on CIS-3 firms in Belgium," IESE Research Papers D/671, IESE Business School.

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