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on Intellectual Property Rights |
| By: | Czarnitzki, Dirk; Hussinger, Katrin; Leten, Bart |
| Abstract: | There is a growing literature that aims at assessing the private value of knowledge assets and patents. It has been shown that patents and their quality as measured by citations received by future patents contribute significantly to the market value of firms beyond their R&D stocks. This paper goes one step further and distinguishes between different types of forward citations patents can receive at the European Patent Office. While a patent can be cited as non-infringing state of the art, it can also be cited because it threatens the novelty of patent applications ('blocking citations'). Empirical results from a market value model for a sample of large, R&D-intensive U.S., European and Japanese firms show that patents frequently cited as blocking references have a higher economic value for their owners than patents cited for nonblocking reasons. This finding adds to the patent value literature by showing that different types of patent citations carry different information on the economic value of patents. The result further suggests that the total number of forward citations can be an imprecise measure of patent value. -- |
| Keywords: | Market Value,Patents,Citations,Patent Value |
| JEL: | O31 O34 O38 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:11021&r=ipr |
| By: | Boeing, Philipp; Sandner, Philipp |
| Abstract: | The objective of this paper is to investigate the innovative performance of China's NIS in international comparison and the capacity of China's NIS in creating indigenous innovation. We provide insights drawing upon patent data and using patent families to determine the value of the underlying invention. For the timeframe we studied, China's comparative advantage exists in the creation of low value innovative performance, albeit increasingly in huge quantities. Constantly rising volumes of patent applications mirror both, the improved protection of intellectual property rights and increasing capacity for inventiveness. Supplemented by the continuous growth of the Chinese economy, improving conditions are reflected and reinforced by more R&D-intense FDI. Foreign firms' innovative performance associated with higher economic value is particularly strong. -- |
| Keywords: | National Innovation System,Innovative Performance,China,Patents,Innovation Policy |
| JEL: | O53 O47 O34 P27 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fsfmwp:158&r=ipr |
| By: | Ernst, Christof; Spengel, Christoph |
| Abstract: | The focus of this paper is on effects from tax incentives for research and development inputs (R&D) and corporate income tax on business R&D and patenting behaviour. First, we provide a theoretical discussion of tax planning with R&D and intellectual property (IP) ownership. Further, we employ firm-specific micro-data on patent applications of European corporations at the European Patent Office to test reactions on changes in R&D tax incentives and corporate tax burden. We find a positive impact of R&D tax incentives and a negative impact of the statutory corporate income tax rate on patenting. R&D incentives rather influence the tendency to invest in R&D, whereas the tax burden rather influences the scale of R&D investment and the count of patent applications. -- |
| Keywords: | Patent,R&D,Tax Incentives,Taxation,EU |
| JEL: | H25 H26 O30 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:11024&r=ipr |
| By: | Neuhäusler, Peter; Frietsch, Rainer; Schubert, Torben; Blind, Knut |
| 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. -- |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisidp:28&r=ipr |
| By: | Cui, Victor; Ding, Waverly W.; Yanadori, Yoshio |
| Abstract: | Given the importance of exploration in a firm’s overall innovation program, scholarshave sought to understand organizational factors that give rise to exploration-oriented innovations. We propose theory and empirical evidence that relates firms’ use of financial incentives to their exploratory innovation performance. We expect that a larger proportion of long-term incentives in R&D employee compensation should be positively associated with the creation of exploratory innovation in a firm. In addition, we propose that a higher level of horizontal pay dispersion is negatively associated with the creation of exploratory innovation. We examine innovations reflected in the patents of a unique six-year, unbalanced panel dataset of 94 high-technology firms in the U.S. Empirical results confirm that firms with high level of horizontal pay dispersion have less exploratory patent innovations. However, surprisingly, firms that pay their R&D employees a higher proportion of long-term financial incentives in total compensation have lower level of exploratory innovation. This implies the possibility that popular longterm incentive plans in high-technology sectors (e.g., stock option plans) have failed to achieve their intended goals in practice. We discuss factors that might moderate the negative impact of long-term incentives on exploratory innovation. |
| Keywords: | Organizational Behavior and Theory |
| Date: | 2011–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:indrel:1911035&r=ipr |