Intangibles and the Market Value of Biopharmaceutical Startups

Rosa Morales () and Fatos Radoniqi

MPRA Paper from University Library of Munich, Germany

Abstract: his paper investigates the relationship between various measures of intangible capital and the market valuation of young biopharmaceutical firms. We employ a non-linear model to measure the impact of R&D, patents, alliances, organizational capital, and mergers on the value of 349 newly-incorporated firms between 1980 and 2006. We find that, with the exception of mergers, our measures of intangible capital havepositive and significant effects on market values; the impact of R&D declines as firms mature; and the omission of either alliances or organizational capital leads to a significant overstatement of the influence of R&D.

Keywords: Innovation; R&D; Intangible Assets; Market Valuation; Biopharmaceuticals (search for similar items in EconPapers)
JEL-codes: E22 G32 L65 O32 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-cfn, nep-mac and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:88580

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