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Market Value, R&D and Intellectual Property: An Empirical Analysis of Large Australian Firms

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  • Derek Bosworth
  • Mark Rogers

Abstract

This paper considers the value of innovation to large Australian firms. Specifically, we investigate how R&D and intellectual property activity influences the market value of firms, using a Tobin’s q approach. R&D data are available for the period 1994–96 and data on patent, trade mark and design applications for 1996. The findings suggest that R&D and patent activity are positively and significantly associated with market value. The results also suggest that private returns to R&D in Australia are low by international standards.

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  • Derek Bosworth & Mark Rogers, 2001. "Market Value, R&D and Intellectual Property: An Empirical Analysis of Large Australian Firms," The Economic Record, The Economic Society of Australia, vol. 77(239), pages 323-337, December.
    • Handle: RePEc:bla:ecorec:v:77:y:2001:i:239:p:323-337
    DOI: 10.1111/1475-4932.t01-1-00026
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