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

Listed author(s):
  • Nagaoka, Sadao

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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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
Handle: RePEc:hit:iirwps:05-06
Note: Presented to the Conference on IT Innovation, Tokyo, December 2004.
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