Patent quality, cumulative innovation and market value: Evidence from Japanese firm level panel data
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.
|Length:||27,  p.|
|Date of creation:||Feb 2005|
|Note:||Presented to the Conference on IT Innovation, Tokyo, December 2004.|
|Contact details of provider:|| Postal: 2-1 Naka, Kunitachi City, Tokyo 186-8601|
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