Innovation and firm value: An investigation of the changing role of patents, 1985-2007

Belenzon, Sharon and Patacconi, Andrea (2013) Innovation and firm value: An investigation of the changing role of patents, 1985-2007. Research Policy, 42 (8). pp. 1496-1510. ISSN 0048-7333

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    Abstract

    This paper examines how the relationship between firm value and patent-based indicators of inventive activity has changed over time. We use data from more than 33,000 mergers and acquisitions deals between 1985 and 2007, and distinguish between American (USPTO) and European (EPO) patents. Our results indicate that over time EPO patents have become the dominant indicator of innovative activity, while USPTO patents have no effect on firm value near the end of the sample period. The results are robust to controlling for citations and are especially strong for small firms, for firms operating in the drug and chemical industries, and when target and acquiring firms operate in different industries or countries

    Item Type: Article
    Faculty \ School: Faculty of Social Sciences > Norwich Business School
    University of East Anglia > Faculty of Social Sciences > Research Groups > Business Regulation
    Related URLs:
    Depositing User: Pure Connector
    Date Deposited: 26 Sep 2013 01:55
    Last Modified: 25 Jul 2018 08:37
    URI: https://ueaeprints.uea.ac.uk/id/eprint/43477
    DOI: 10.1016/j.respol.2013.05.001

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