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What do U.S. biopharmaceutical companies get from patents and research and development spikes for their dynamic corporate performance?

Wei‐Kang Wang, Wen‐Min Lu, Qian Long Kweh and Hoang Tu Nhi Truong

Managerial and Decision Economics, 2020, vol. 41, issue 5, 762-770

Abstract: This paper investigates how patents and research and development (R&D) spikes affect the corporate performance of 863 firm‐year observations of U.S. biopharmaceutical companies. First, a dynamic data envelopment analysis model is adopted to evaluate the performance of the U.S. biopharmaceutical companies. Then, ordinary least squares regression is used to explore the effects of three patent‐related variables (patent counts, citations, and claims) and R&D spikes on corporate performance. This study finds positive impacts of patent counts, citations, and claims on corporate performance. In addition, the results show that R&D spikes have negative contemporaneous effects and time‐lagged effects on corporate performance.

Date: 2020
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