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

Maikel Pellens and Antonio Della Malva

Industrial and Corporate Change, 2018, vol. 27, issue 3, 489-505

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.

JEL-codes: O31 O33 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (15)

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