On the profitability of innovative assets

Dirk Czarnitzki and Kornelius Kraft

Applied Economics, 2010, vol. 42, issue 15, 1941-1953

Abstract: Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies' profits is a priori unclear. We present the results of an empirical study on the effects of the patent stock on profitability. The database is a representative sample of German manufacturing firms and we use a number of control variables including measures of competition and firm governance. It turns out that the patent stock has a strong and robust effect on profitability.

Date: 2010
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Working Paper: On the Profitability of Innovative Assets (2004)
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DOI: 10.1080/00036840701749019

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