Financial Factors and Patents

Gustav Martinsson () and Hans Lööf ()
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Gustav Martinsson: The Institute for Financial Research, SIFR

A chapter in Long Term Economic Development, 2013, pp 395-416 from Springer

Abstract: Abstract This paper conjectures that equity supply is crucial for firms in order to maintain a smooth patenting profile through time. This hypothesis is tested on Swedish firm-level observations from 1997 to 2005. Patent applications growth in Sweden has been highly volatile in recent years. During the economic downturn, following the burst of the IT-bubble, applications dropped substantially, but results here show that the downturn had little effect on the patenting of high-equity firms. Instead, the entire decline in patent applications is confined to firms with lower levels of equity. This effect is consistent across sectors, firm-size, corporate-affiliation, and human-capital intensity.

Keywords: Venture Capital; Patent Application; Equity Financing; Cash Holding; External Finance (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-642-35125-9_17

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DOI: 10.1007/978-3-642-35125-9_17

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