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Title:Technology portfolio and market value PDF Logo
Authors:Schmidt-Ehmcke, Jens
Zloczysti, Petra
Issue Date:2008
Series/Report no.:Discussion papers // German Institute for Economic Research 780
Abstract:This paper discusses the impact of a firm's technology portfolio on its market value. Two concepts are used to characterize a firm's portfolio: the number of technological fields and the degree of relatedness within the portfolio characterized by the amount of joint occurrences of patents in technological fields. Based on a theoretical framework using an expanded Tobin's q approach, it presents evidence for a negative influence of portfolio size on the market value caused by a diminishing potential to make use of economies of scale. This discount can be counterbalanced when the relevant fields share a common technological base which is measured by the degree of technological relatedness.
Subjects:technological portfolio
relatedness
patent statistics
tobin's q
economies of scope
JEL:L25
O31
O32
Document Type:Working Paper
Appears in Collections:DIW-Diskussionspapiere
Publikationen von Forscherinnen und Forschern des DIW

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