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Patents and the financial performance of firms - an analysis based on stock market data

: Neuhäusler, P.; Frietsch, R.; Schubert, T.; Blind, K.

Fulltext urn:nbn:de:0011-n-1582128 (985 KByte PDF)
MD5 Fingerprint: b580ddabb5a8cdc56ba96b4b6bffc10b
Created on: 12.4.2011

Karlsruhe: Fraunhofer ISI, 2011, 34 pp.
Fraunhofer ISI Discussion Papers Innovation System and Policy Analysis, 28
ISSN: 1612-1430
Book, Electronic Publication
Fraunhofer ISI ()

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 mar-ket value and profits. Based on theoretical arguments it is hypothesized that large and highly valuable patent portfolios of firms have significant effects on their competitive-ness 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 ca-pitalization, turnover etc. and structural information like firm-size and industry sector. To this database the relevant information on patenting behavior and financial perfor-mance 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 num-ber 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 Invest-ment, 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.