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Intégration technologique et valeur boursière des firmes de biotechnologies

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  • Lionel Nesta
  • Pier-Paolo Saviotti

Abstract

We examine the relationship between the characteristics of the firms? knowledge base in terms of knowledge capital and knowledge integration and the stock market value of 84 firms active in biotechnology during the nineties. Panel data regression models show that the degree of knowledge integration within firms is a significant explanatory variable of firms? stock market value. Moreover, knowledge integration becomes an increasingly important determinant of market value, which illustrates the growing integration of biotechnology in several industrial applications. However, the role of knowledge is sector-specific, revealing differences in the extent to which biotechnology has become a key technology. JEL codes: G12, O31, L65.

Suggested Citation

  • Lionel Nesta & Pier-Paolo Saviotti, 2006. "Intégration technologique et valeur boursière des firmes de biotechnologies," Revue de l'OFCE, Presses de Sciences-Po, vol. 96(1), pages 211-233.
    • Handle: RePEc:cai:reofsp:reof_096_0211
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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics

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