The Market Value of technological innovation; evidence from European patents

Sabrine Rekik ()
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Sabrine Rekik: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper contributes to literature by giving more precise measures to technological innovation in order to estimate its economic value and assess its impact on the financial performance of companies in Europe. Focus is given to European patent system which is different from the American one. Financial and innovation data are collected during 1990-2012, for 599 companies belonging to 15 industries. According to market value approach, the relationship between market-to-book ratio and knowledge assets is proved to be positive andsignificant. Innovation is more valuable when it contributes to wider knowledge transfer, haslarger geographical and technological scopes and radical character.

Keywords: Economic value; Technological innovations; Knowledge transfer; European patent system; Financial performance of companies (search for similar items in EconPapers)
Date: 2015-06
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Published in 24th European Financial Management Association Annual Meeting - EFMA 2015, Jun 2015, Amsterdam, Netherlands

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03426684

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