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Firm market valuation and intellectual property assets

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  • Mafini Dosso
  • Antonio Vezzani

Abstract

This paper investigates the relationship between the innovative activity of the top corporate R&D investors worldwide and their market valuation. The analysis exploits a sample of more than 1,250 publicly listed Multinational Corporations (MNCs) and their intellectual property rights (IPR) – patents and trademarks – filed between 2005 and 2012. The study contributes to the literature on the IPR-market value link by examining the premium resulting from the interactive use of different IPR. Moreover, the empirical setting allows differentiating the effects of an increase in market value derived from additional IPR (within-effects) with respect to the premium received for holding more IPR than the competitors (between-effects). The findings suggest that investors value the simultaneous use of the two IPRs and form their expectations by benchmarking firms. Finally, significant industrial specificities are observed in the individual effects of patents, trademarks and their interactions on the market value of firms.

Suggested Citation

  • Mafini Dosso & Antonio Vezzani, 2020. "Firm market valuation and intellectual property assets," Industry and Innovation, Taylor & Francis Journals, vol. 27(7), pages 705-729, August.
    • Handle: RePEc:taf:indinn:v:27:y:2020:i:7:p:705-729
    DOI: 10.1080/13662716.2019.1685374
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    5. Cicero Eduardo Walter & Daniel Ferreira Polónia & Manuel Au-Yong-Oliveira & Cláudia Miranda Veloso & Rafael Ângelo Santos Leite & Iracema Aragão, 2021. "Drivers of Innovation Capacity and Consequences for Open Innovation," JOItmC, MDPI, vol. 7(2), pages 1-17, May.
    6. Rabinovich, Joel, 2023. "Tangible and intangible investments and sales growth of US firms," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 200-212.
    7. M. Grazzi & C. Piccardo & C. Vergari, 2019. "Concordance and complementarity in Intellectual Property instruments," Working Papers wp1127, Dipartimento Scienze Economiche, Universita' di Bologna.
    8. Andersson, David E. & Ekman, Anton & Huila, Anton & Tell, Fredrik, 2023. "Industrial design rights and the market value of firms," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    9. Joseph Amankwah-Amoah & Stephen Kehinde Medase, 2024. "Extracting Innovation Value from Intellectual Property: Evidence from sub-Saharan Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8933-8967, June.
    10. Castaldi Carolina & Mafini Dosso, 2018. "From R&D to market: using trademarks to capture the market capability of top R&D investors," JRC Working Papers on Corporate R&D and Innovation 2018-01, Joint Research Centre.

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    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
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • L19 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Other

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