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Market value and patent quality: A panel study of Swedish firms
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2019 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

We explore the relationship between the stock market value of firms and patent quality using a recently developed composite index measure. The study is conducted on 137 firms during 1991-2015, which provides 914 unique firm year observations. By defining patent quality through patent value indicators, we analyze each indicator’s relationship to the market value of firms. We find that an extra citation per patent increases a firm’s market value by 5 %, and an extra patent family member per patent increases a firm’s market value by 4 %. Patent counts and patent grants show slight negative effects on the market value of firms. Using the composite index measure, we divide our sample into quartiles containing the most important and least important patents. With the use of this methodological framework, we show that the market can identify and separate the more important patents from the less important patents.

Place, publisher, year, edition, pages
2019. , p. 57
Keywords [en]
Patents, Market valuation, Composite index, Value indicators
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-388301OAI: oai:DiVA.org:uu-388301DiVA, id: diva2:1332212
Subject / course
Business Studies
Educational program
Master Programme in Business and Management; Master's Programme in Accounting and Financial Management
Supervisors
Examiners
Available from: 2019-08-21 Created: 2019-06-27 Last updated: 2019-08-21Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf