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

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Author Info
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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Publisher 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;

Find related papers by JEL classification:
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D

Cited by:
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  1. 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. [Downloadable!]
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This page was last updated on 2009-12-20.

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