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The Market Valuation Of Knowledge Assets

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  • Carter Bloch

Abstract

This paper studies the market valuation of R&D in Denmark for 1989-2001, adding to the limited number of studies of countries outside of the US or the UK. In terms of financial systems or ownership structure, Denmark can be seen as an intermediate case between Anglo-Saxon models in the US and the UK and large continental European countries such as France, Germany and Italy. In order to facilitate international comparison, the analysis follows Hall and Oriani (2006), and it is found that the relative shadow value of R&D for Denmark is larger than comparable values for France, Germany, Italy and the US, and similar to those for the UK. Though, while relative shadow values are high overall, shadow values are substantially lower for firms with high R&D intensity. The role of ownership structure is also examined and it is found, in contrast to comparable results for France and Italy, that R&D is actually valued more highly in Danish firms with a single large shareholder. It is argued that this difference may be due to greater investor protection in Denmark.

Suggested Citation

  • Carter Bloch, 2008. "The Market Valuation Of Knowledge Assets," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(3), pages 269-284.
    • Handle: RePEc:taf:ecinnt:v:17:y:2008:i:3:p:269-284
    DOI: 10.1080/10438590601177133
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    Citations

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    Cited by:

    1. Cristiano Antonelli & Alessandra Colombelli, 2011. "The generation and exploitation of technological change: market value and total factor productivity," The Journal of Technology Transfer, Springer, vol. 36(4), pages 353-382, August.
    2. Jinhuan Tian & Yan Dong & Gianluca Vagnani & Peizhong Liu, 2023. "Green innovation and the stock market value of heavily polluting firms: The role of environmental compliance costs and technological collaboration," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4938-4953, November.
    3. Cristiano Antonelli & Morris Teubal, 2010. "Venture Capitalism as a Mechanism for Knowledge Governance," Chapters, in: Riccardo Viale & Henry Etzkowitz (ed.), The Capitalization of Knowledge, chapter 3, Edward Elgar Publishing.
    4. Wang, Chun-Hsien & Lu, Yung-Hsiang & Huang, Chin-Wei & Lee, Jun-Yen, 2013. "R&D, productivity, and market value: An empirical study from high-technology firms," Omega, Elsevier, vol. 41(1), pages 143-155.
    5. BENEKI, Christina & GIANNIAS, Dimitrios & MOUSTAKAS, George, 2012. "INNOVATION AND ECONOMIC PERFORMANCE: the case of Greek SMEs," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 12(1), pages 43-54.
    6. Andersson, David E. & Ekman, Anton & Huila, Anton & Tell, Fredrik, 2023. "Industrial design rights and the market value of firms," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    7. Antonelli, Cristiano & Teubal, Morris, 2008. "Venture Capital as a Mechanism for Knowledge Governance: New Markets and Innovation-Led Economic Growth," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200805, University of Turin.

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