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The Relation between Patent Citations and Tobin's Q in the Semiconductor Industry

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 Shane, Hilary
Klock, Mark

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Abstract

The market value of a firm is largely determined by the expected returns to the firm's tangible and intangible assets. However, accounting data generally excludes intangible assets. Financial variables which are constructed in part from accounting data, such as Tobin's Q, are thus biased. If measures of intangible capital are successful in explaining variation in Q, then a case can be made for incorporating such measures into future research. In high technology industries, such as the semiconductor industry, valuing a firm's intangible asset requires the valuation of its technological capital Past studies have relied heavily on simple patent counts and research and development expenditures to quantify the technological component of a firm's intangible assets. This paper examines the ability of measures of intangible capital to explain variation in Q and considers an additional data source, patent citations we find that stock variables created from citation data contain relevant information about the market's valuation of intangible assets. Copyright 1997 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

Volume (Year): 9 (1997)
Issue (Month): 2 (September)
Pages: 131-46
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Handle: RePEc:kap:rqfnac:v:9:y:1997:i:2:p:131-46

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  1. Moses Acquaah & Tailan Chi, 2007. "A longitudinal analysis of the impact of firm resources and industry characteristics on firm-specific profitability," Journal of Management and Governance, Springer, vol. 11(3), pages 179-213, September. [Downloadable!] (restricted)
  2. Gleason, Katherine I. & Klock, Mark S., 2003. "Intangible capital in the pharmaceutical & chemical industry," Working Papers 2003-04, University of New Orleans, Department of Economics and Finance. [Downloadable!]
  3. Nicolas van Zeebroeck, 2007. "The puzzle of patent value indicators," Working Papers CEB 07-023.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  4. Nicolas van Zeebroeck, 2007. "Patents only live twice: a patent survival analysis in Europe," Working Papers CEB 07-028.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  5. Chen-Lung Chin & Picheng Lee & Hsin-Yi Chi & Asokan Anandarajan, 2006. "Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry," Review of Quantitative Finance and Accounting, Springer, vol. 26(1), pages 67-84, February. [Downloadable!] (restricted)
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