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Corporate science, firm value, and vertical specialization: evidence from the semiconductor industry

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  • Maikel Pellens
  • Antonio Della Malva

Abstract

We examine the involvement of firms in scientific research and its implications for valuation in the context of the US semiconductor industry. We specifically compare design-oriented fabless firms to manufacturers. Whereas fabless firms produce more scientific publications over time, manufacturing firms are producing more science-based patents. Fabless firms enjoy a value premium when contributing to science, whereas manufacturing firms do not. We consider the different strategies pursued by fabless and manufacturing firms as potential explanation of these differences.

Suggested Citation

  • Maikel Pellens & Antonio Della Malva, 2018. "Corporate science, firm value, and vertical specialization: evidence from the semiconductor industry," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(3), pages 489-505.
    • Handle: RePEc:oup:indcch:v:27:y:2018:i:3:p:489-505.
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    File URL: http://hdl.handle.net/10.1093/icc/dtx040
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    Citations

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    Cited by:

    1. Roberto Camerani & Daniele Rotolo & Nicola Grassano, 2018. "Do firms publish? A multi-sectoral analysis," JRC Working Papers on Corporate R&D and Innovation 2018-05, Joint Research Centre.
    2. Qiao Guangshun & Lu Yulin, 2024. "Operating Efficiency in the Capital-Intensive Semiconductor Industry: A Nonparametric Frontier Approach," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-17, January.
    3. Bastian Krieger & Maikel Pellens & Knut Blind & Sonia Gruber & Torben Schubert, 2021. "Are firms withdrawing from basic research? An analysis of firm-level publication behaviour in Germany," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(12), pages 9677-9698, December.
    4. Rotolo, Daniele & Camerani, Roberto & Grassano, Nicola & Martin, Ben R., 2022. "Why do firms publish? A systematic literature review and a conceptual framework," Research Policy, Elsevier, vol. 51(10).
    5. Knut Blind & Alex Fenton, 2022. "Standard-relevant publications: evidence, processes and influencing factors," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(1), pages 577-602, January.
    6. Martínez, Catalina & Parlane, Sarah, 2023. "Academic scientists in corporate R&D: A theoretical model," Research Policy, Elsevier, vol. 52(5).
    7. Lauriane Dewulf & Michele Cincera, 2018. "Academic Scientists: The Golden Opportunity For High-Tech Companies," Working Papers TIMES² 2018-030, ULB -- Universite Libre de Bruxelles.
    8. Blind, Knut & Krieger, Bastian & Pellens, Maikel, 2022. "The interplay between product innovation, publishing, patenting and developing standards," Research Policy, Elsevier, vol. 51(7).
    9. Guangshun Qiao & Zhan-ao Wang, 2021. "Vertical integration vs. specialization: a nonparametric conditional efficiency estimate for the global semiconductor industry," Journal of Productivity Analysis, Springer, vol. 56(2), pages 139-150, December.
    10. Li, Daitian & Malerba, Franco, 2024. "Technological change and the evolution of the links across sectoral systems: The case of mobile communications," Technovation, Elsevier, vol. 130(C).
    11. Kang, Inje & Yang, Jiseong & Lee, Wonjae & Seo, Eun-Yeong & Lee, Duk Hee, 2023. "Delineating development trends of nanotechnology in the semiconductor industry: Focusing on the relationship between science and technology by employing structural topic model," Technology in Society, Elsevier, vol. 74(C).

    More about this item

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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