Patent quality, R&D investment, and the profitability of technology-based firms

Hanjun Chen, Long Qian, Haohao Gu, Qianqian Chen, Ke Zheng, Yong Zhang and Sha Dong

Finance Research Letters, 2025, vol. 76, issue C

Abstract: This study examines the impact of patent quality on technology-based enterprise profitability using panel data from companies listed on China's Science and Technology Innovation Board (STAR market) and the Growth Enterprises Market from 2013 to 2022. The findings indicate that patent quality significantly enhances the profitability of these enterprises from an economic and legal perspective. The study explores the moderating role of research and development investment in the relationship between patent quality and profitability, identifying a negative moderating effect. Heterogeneity analysis indicates that the positive impact of patent quality on profitability is more pronounced in China's eastern region.

Keywords: Patent quality; R&D investment; Profitability (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325001874

DOI: 10.1016/j.frl.2025.106923

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