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
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Depositing User: Pure Connector
Date Deposited: 26 Sep 2013 00:55
Last Modified: 06 Aug 2020 23:34
URI: https://ueaeprints.uea.ac.uk/id/eprint/43477
DOI: 10.1016/j.respol.2013.05.001

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