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http://hdl.handle.net/10419/27304
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| Title: | | Technology portfolio and market value  |
| 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: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
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