The Structure of Payments in Technology Transfer Contracts: Evidence from Spain
AbstractI analyze a sample of contracts for the acquisition of technology by Spanish firms, where I observe firm and technology characteristics, as well as the type of scheduled payments, whether fixed and/or variable. I find first that technology type influences the chances of the parties reaching an agreement, and second, that the explanations for observed payments based on moral hazard or risk aversion alone are not satisfactory. I argue that all these theories fail to take into account the fact that the contractual relationship is extended along time and that the parties will choose the kind of payments that better estimate the value of the relationship.
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Bibliographic InfoPaper provided by School of Economics and Business Administration, University of Navarra in its series Faculty Working Papers with number 05/03.
Length: 40 pages pages
Date of creation: Jan 2003
Date of revision:
Publication status: Published, Journal of Economics and Management Strategy, 2005, 14(2): pp. 403-429
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Web page: http://www.unav.es/facultad/econom
Other versions of this item:
- Pedro Mendi, 2005. "The Structure of Payments in Technology Transfer Contracts: Evidence from Spain," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(2), pages 403-429, 06.
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
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