EconStor >
Fraunhofer-Institut für System- und Innovationsforschung (ISI), Karlsruhe >
Diskussionspapiere "Innovationssysteme und Policy-Analyse", Fraunhofer ISI  >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/44995
  
Title:Patents and the financial performance of firms - An analysis based on stock market data PDF Logo
Authors:Neuhäusler, Peter
Frietsch, Rainer
Schubert, Torben
Blind, Knut
Issue Date:2011
Series/Report no.:Fraunhofer ISI discussion papers innovation systems and policy analysis 28
Abstract:The following article systematically analyzes the question of how the results of R&D and its protection - or so to say, the technology base of a firm - can influence its market value and profits. Based on theoretical arguments it is hypothesized that large and highly valuable patent portfolios of firms have significant effects on their competitiveness in the long run. For the empirical testing a panel dataset including 479 firms from 1990 to 2007 based on the DTI-Scoreboard is used, which contains data on R&D expenditures, market capitalization, turnover etc. and structural information like firm-size and industry sector. To this database the relevant information on patenting behavior and financial performance are added, so effects of firm characteristics can be calculated. To assess the value of a firm's patent portfolio, different value measures like the number of received patent citations, opposed patents, number of inventors etc. are being applied. The results suggest that at least at the firm level, especially forward citations and family size positively influence market value. Concerning the Return on Investment, especially oppositions and family size show positive effects. This leads to the conclusion that securing international markets has a positive effect on the value of the firm in the home market.
Persistent Identifier of the first edition:urn:nbn:de:0011-n-1582128
Document Type:Working Paper
Appears in Collections:Diskussionspapiere "Innovationssysteme und Policy-Analyse", Fraunhofer ISI

Files in This Item:
File Description SizeFormat
656575352.pdf985.05 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/44995

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.