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Firm knowledge and market value in biotechnology

Author

Listed:
  • Lionel Nesta

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Pier Paolo Saviotti

    (GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique)

Abstract

We examine the relationship between the characteristics of the firms' knowledge base in terms of knowledge capital and knowledge integration and the stock market value of 84 firms active in biotechnology during the nineties. Panel data regression models show that the degree of knowledge integration within firms is a significant explanatory variable of firms' stock market value. Moreover, knowledge integration becomes an increasingly important determinant of market value, which illustrates the growing integration of biotechnology in several industrial applications. However, the role of knowledge is sector-specific, revealing differences in the extent to which biotechnology has become a key technology.

Suggested Citation

  • Lionel Nesta & Pier Paolo Saviotti, 2006. "Firm knowledge and market value in biotechnology," Post-Print hal-03416011, HAL.
    • Handle: RePEc:hal:journl:hal-03416011
    DOI: 10.1093/icc/dtl007
    as

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