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|
|Date of revision:|
|Note:||Presented to the Conference on IT Innovation, Tokyo, December 2004.|
|Contact details of provider:|| Postal: |
Web page: http://www.iir.hit-u.ac.jp/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:hit:iirwps:05-06. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Digital Resources Section, Hitotsubashi University Library)
If references are entirely missing, you can add them using this form.