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

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  • Nagaoka, Sadao

Abstract

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.

Suggested Citation

  • Nagaoka, Sadao, 2005. "Patent quality, cumulative innovation and market value: Evidence from Japanese firm level panel data," IIR Working Paper 05-06, Institute of Innovation Research, Hitotsubashi University.
  • Handle: RePEc:hit:iirwps:05-06
    Note: Presented to the Conference on IT Innovation, Tokyo, December 2004.
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/15975/1/070iirWP05-06.pdf
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    Cited by:

    1. repec:spr:scient:v:92:y:2012:i:3:d:10.1007_s11192-011-0612-6 is not listed on IDEAS
    2. Sebastien Lechevalier & Yukio Ikeda & Junichi Nishimura, 2006. "Collaborative R&D in the robot technology in Japan: an inquiry based on patent data analysis (1991-2004)," CIRJE F-Series CIRJE-F-453, CIRJE, Faculty of Economics, University of Tokyo.
    3. Fukugawa, Nobuya, 2012. "Impacts of intangible assets on the initial public offering of biotechnology startups," Economics Letters, Elsevier, vol. 116(1), pages 83-85.
    4. Cassiman, Bruno & Veugelers, Reinhilde & Zuniga, Pluvia, 2007. "Science linkages and innovation performance: An analysis on CIS-3 firms in Belgium," IESE Research Papers D/671, IESE Business School.

    More about this item

    Keywords

    patent quality; market value; forward citation; science linkage; cumulative innovation;

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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