Intangible Assests and Market Value: Evidence from Biotechnology Firms

Lionel Nesta and Pier Paolo Saviotti

No 87, SPRU Working Paper Series from SPRU - Science Policy Research Unit, University of Sussex Business School

Abstract: We examine the relationship between the characteristics of the firms' knowledge base in terms of knowledge capital and knowledge integration and the stock market value of 99 firms active in biotechnology during the nineties. Panel data regression models show that our measure of knowledge integration better explains the variance of a firm's market value than the more conventional variable of knowledge capital. This econometric relationship becomes stronger as the technology cycle reaches more mature phases. Meanwhile, profitable and research-intensive firms reach higher levels of market value.

Keywords: Knowledge integration; intangible assets; market value; biotechnology; GMM. (search for similar items in EconPapers)
JEL-codes: G12 L65 O31 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2003-06-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sru:ssewps:87

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