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1.
《Research Policy》2022,51(4):104485
The mobility of inventors leaves behind their patented inventions at sourcing firms, yet there is little scholarly insight into how firms handle those intellectual properties. We investigate this important issue by developing a framework of tacit-codified knowledge interdependence. We theorize that tacit and codified knowledge offer the intellectual and legal pillars of corporate inventions, which complement each other in value creation. Inventor mobility decouples the two pillars and reduces the maintenance likelihood of the left-behind patents. The negative impact is greater for inventions that are complex or rely less on internal prior art because the tacit knowledge loss is more destructive and unrecoverable. However, when inventors move to competing or litigious target firms, the relationship between mobility and patent maintenance becomes less negative or even turns positive because the left-behind patents can be leveraged to hedge against the risk of knowledge leakage. Applying a two-stage Coarsened Exact Matching approach to construct a sample of 36,204 U.S. patents with comparable leaving and staying inventors from public firms between 1983 and 2010, we find strong evidence supporting our framework. Our findings highlight the intricate interdependence of tacit and codified knowledge in corporate inventions and add to the literatures on inventor mobility and intellectual property management. 相似文献
2.
The technological origins of radical inventions 总被引：3，自引：0，他引：3
This paper aims to trace down the origins of radical inventions. In spite of many theoretical discussions on the effect of radical inventions, the specific nature of radical inventions has received much less attention in the theoretical and empirical literature. We try to fill that void by an empirical investigation into the specific origins of radical inventions. We explore this issue by a close examination of 157 individual patents, which are selected from a pool of more than 300,000 patents. In contrast to the conventional wisdom that radical inventions are based less on existing knowledge, we find that they are to a higher degree based on existing knowledge than non-radical inventions. A further result that follows from our analysis is that radical inventions are induced by the recombination over more knowledge domains. The combination of knowledge from domains that might usually not be connected seems to deliver more radical inventions. 相似文献
3.
Sebastian Hoenen Christos Kolympiris Wilfred Schoenmakers Nicholas Kalaitzandonakes 《Research Policy》2014
A long stream of research has documented the positive effects that patents bring about to emerging firms in high technology industries. The general consensus is that patents contribute to firm growth because they confer monopolistic market rights, offer protection from competitors, increase the negotiating position of patent holders and other benefits. What has received relatively less attention in the literature is whether patents act as a signal that attracts investors such as venture capital firms. The handful of studies that have addressed that question has not analyzed whether the signaling function of patents decreases after the initial attraction of venture capital, as information asymmetries between investors and target firms reduce. In this study we hypothesize that patent activity has a signaling value that diminishes once information asymmetries between investors and funded firms lessen. To study our proposition we draw upon a longitudinal dataset of more than 580 U.S.-based biotechnology firms to empirically demonstrate that biotechnology firms that have submitted patent applications substantially increase the level of funding they receive for their first round of financing. In line with a reduction of information asymmetries once the initial investment has materialized, patent applications and granted patents have no effect on the growth of venture capital funds raised during the second round of financing. We conclude the study with a discussion of avenues for new research, implications for policy makers that consider the usefulness of the current patent system and with insights that can be employed by managers of firms in knowledge intensive areas such as biotechnology. 相似文献
4.
Pere Arqué-Castells 《Research Policy》2012,41(5):897-912
Venture capitalists (VCs) fund the development of promising inventions to turn them into marketable innovations. During this development stage portfolio firms are likely to garner even more inventions at least until the product is fully developed. Once the product is fully developed the focus shifts from development to sales so the number of generated inventions should decrease. This behavior implies that VCs are likely to spur invention according to an inverted U-shape over time. We empirically examine whether patent trajectories are consistent with this hypothesized inverted U-shape using a self-collected dataset containing 233 VC-backed firms and a large set of controls operating in Spain. We find that firms’ patenting activity increases after VC investments. This increase is substantially more pronounced the first two years following VC investments, i.e., patent trajectories follow an inverted U-shape over time. Our more demanding specifications suggest that the sharp increase in patenting right after VCs’ investments is caused by a positive treatment effect over and beyond any likely selection effect. Moreover, we defend that the increase in patenting is not just due to the fact that VCs give money so that firms can patent pre-VC inventions, but also to the fact that VCs fund the development of inventions. 相似文献
5.
《Research Policy》2023,52(7):104806
This article provides a review of the private and social functions of patents using data and evidence from the economic and management literature. While patents provide incentives to invent by providing private protection to appropriate the returns on inventions, they also have broader effects. For example, in this paper we focus on the fact that they provide signals about the value of new firms, disclose information about the invention, and encourage the exchange of inventions and ideas in markets for technology. In order to better understand the relative importance of the implications of patents, patent agencies and stakeholders should invest to a greater extent in data collections or in creating the conditions for research designs and experiments that nail down causal effects and mechanisms. Available data are not created with these identification strategies in mind, which limits the questions that scholars can ask. Systematic studies that identify different effects of patents can provide the basis for rigorous evidence-based management and policy about patents. This would imply a wider shift from a world in which managerial and policy analysis is distinct from practice, to a world in which analysis and implementation are increasingly co-produced, and there is greater integration between them. 相似文献
6.
David Tan 《Research Policy》2010,39(1):89-102
Patent applicants and examiners do not always have the same views about what constitutes a patent's relevant prior art. We propose that the processes of categorization and classification variably shape the interface between applicants and examiners by influencing assessments of similarity between new and existing technologies. Some inventions sit in technological domains that cut across the categorical boundaries implied by examiners’ patterns of specialization. Some sit in domains wherein the classification system that guides examiner searches is more volatile. In either of these circumstances, heightened ambiguity leads to more examiner-added citations on patents that are granted. We test and confirm our predictions in a sample of patents granted to semiconductor firms in 2005. 相似文献
7.
Business cycles modify firms’ incentives to innovate and the direction of innovation. By introducing a new measure of patent unconventionality this paper explores the impact of the business cycle on firms’ technological search strategies. We find that during upturns firms generate inventions characterized by a higher level of technological unconventionality. We also find that financially resilient and diversified firms produce more unconventional patents. While patent unconventionality is associated with technological impact and market value, firms extract more value by investing in unconventional inventions in downturns. 相似文献
8.
We develop a valid definition of technological radicalness which states that a successful radical invention is: (1) novel; (2) unique; and (3) has an impact on future technology. The first two criteria allow us to identify potentially radical inventions ex ante market introduction; adding the third condition, we can ex post determine if an invention served as an important change agent. Empirically testable condition selected 6 of 581 tennis racket patents granted between 1971 and 2001. Two of the identified patents - the oversized and the wide-body rackets - are considered radical inventions by industry experts. Applying our definition and operationalization would allow researchers to achieve greater generalizability across studies, avoid endogenous definitions of radicalness, and study predictors of market success for radical inventions. 相似文献
9.
This study investigates empirically whether patents can be signals to financial markets, thus reducing problems of asymmetric information. In particular we study how patenting behaviour impacts on the way investors perceive software firms’ growth potential through an increase in the amount invested at the initial public offering (IPO) of firms in the US and Europe. This study performs regressions on the relationship of patent applications before IPO and the amount of money collected at the IPO, while controlling other factors that may influence IPO performance. We also attempt to account for a potential source of endogeneity problems that can arise for self-selection bias and simultaneity between the number of patent applications prior to going public and the amount of money collected at IPO. We find significant and robust positive correlations between patent applications and IPO performance. The signalling power of patenting is significantly different for US and European companies, and is related to the difficulty in obtaining a signal and its scarcity. An additional patent application prior to IPO increases IPO proceeds by about 0.507% and 1.13% for US and European companies, respectively. Results suggest that a less ‘applicant friendly’ patenting system increases the credibility of patents as signals and their value for IPO investors. 相似文献
10.
以2009—2014年创业板上市公司首次公开募股(initial public offering,IPO）前后3年数据为样本,构建双重差分模型,实证研究了IPO对企业创新投资的影响和不同融资依赖企业IPO创新影响的差异及其原因。实证结果表明：IPO后企业创新投资显著下降,且外部融资依赖企业IPO后创新投资下降幅度显著大于内部融资依赖企业,因为外部融资依赖企业风险投资参与比例和持股比例较高,IPO后风险投资对企业创新的负影响显著,体现了IPO后企业高管和投资者在市场短期盈利压力的“短视”行为。这为科创板市场弱化短期盈利的监管以强化企业持续创新的动力提供了经验证据。 相似文献
11.
Does the adaptation of incumbent firms to new methods of inventing follow similar patterns across industries and inventions? We investigate this question in the context of the revolutionary scientific advances enabling biotechnology and nanotechnology, both of which represent inventions of methods of inventing for incumbent firms. We hypothesize that an incumbent firm's ability to exploit these new methods of invention depends initially on access to tacit knowledge on how to employ the new methods. Over time, however, as firms learn and/or the knowledge becomes codified in routine procedures or commercially available equipment, inventive output is more highly dependent on traditional R&D investments. We empirically test these hypotheses on two longitudinal samples over the 21-year time period between 1980 and 2000: 80 incumbent pharmaceutical firms generating 15,607 biotechnology patents, and 249 firms across a diverse set of industries that were granted a total of 3236 nanotechnology patents. We find broad support for our conjectures. 相似文献
12.
突破性技术发明在企业参与全球技术和市场竞争中的作用已经得到广泛认可,但如何才能创造产生突破性技术发明仍是学术界和企业界关注的热点问题。本文基于知识搜索重组视角和团队学习理论,重点考察知识组合多样性、新颖性对突破性技术发明形成的直接影响程度和交互影响效应,并揭示发明人团队规模对知识组合特征与突破性技术发明形成关系的调节作用。基于美国专利商标局（USPTO）1989-2012年纳米技术领域的8334条授权发明专利进行实证检验,结果发现：（1）与知识组合多样性相比,知识组合新颖性对突破性技术发明形成的正向影响更为显著;同时,知识组合多样性与知识组合新颖性对突破性技术发明的形成具有显著的正向交互作用。（2）发明人团队规模对知识组合多样性与突破性技术发明形成的关系具有显著的正向调节作用,而对知识组合新颖性与突破性技术发明形成关系的负向调节作用不显著。本研究从知识元素和发明人视角系统揭示了突破性技术发明的形成机制,对企业面向突破性技术发明的发明人团队构建及知识组合战略实施具有重要启示。 相似文献
13.
信号丢失视角下的企业专利战略研究 《科学学研究》2022,40(2):297-308
以往研究基于信号理论,强调专利信号对企业资源获取的积极影响,而未能解决企业如何应对专利流失的问题。本研究使用我国专利密集型产业的上市公司样本,探讨了企业专利数量的减少如何影响企业后续专利申请行为。通过构建2008-2017年中国专利密集型上市公司的面板数据,使用负二项回归进行分析,发现企业专利数量的减少会触发企业的积极响应,促使企业申请更多的专利来恢复专利的信号功能。同时,企业的响应力度会受到内外情境因素的影响,其中企业连锁董事网络的中心地位和政治联系具有消极的调节作用,而组织绩效则具有积极的调节作用。本研究从信号丢失的全新视角揭示了企业如何解决专利流失问题,并为我国企业的专利申请战略提供了理论参考。 相似文献
14.
《Research Policy》2023,52(4):104738
Public research institutes (PRIs) have played an increasingly prominent role in leading radical inventions, which are considered a major source of long-term economic growth. However, there is little empirical evidence on the factors affecting radical inventions in PRIs, which have been at the forefront of scientific research and technological development. This study fills this gap by providing an empirical analysis of radical inventions at the Chinese Academy of Sciences (CAS), a conglomerate of PRIs in China. Based on a newly compiled data set on CAS patents, this study explores the effects of knowledge path dependence, external network connections, and their interactions on radical inventions in PRIs. Our empirical findings reveal that knowledge path dependence negatively affects radical inventions; there is an inverse U-shaped relationship between external network connections and radical inventions, and weak external connections can alleviate the hindrance originating from knowledge path dependence, thus prompting radical inventions. 相似文献
15.
《The Journal of High Technology Management Research》2001,12(2):273-293
We challenge the implicit assumption that entrepreneurs are the sole owners of their young firms and we suggest that because cutting-edge innovation projects are complex, they create substantial information asymmetry between entrepreneurs and their investors. Linking previous research on governance, entrepreneurship, and innovation, we ask what forms of governance and incentive systems are conducive to spur and implement innovation among young entrepreneurial firms. Using agency theory and building on the rich literature on governance, we make eight practical suggestions regarding the governance of young entrepreneurial firms. We suggest that early and effective governance systems may help entrepreneurs and investors work in alignment with each other's best interests. 相似文献
16.
How do knowledge-intensive business services (KIBS) protect their inventions from imitation by rival firms when choosing among various protection mechanisms? Data from the 2003 Statistics Canada Innovation Survey on services are used to investigate this issue by looking into complementarities, substitution and independence among eight protection mechanisms. A Multivariate Probit (MVP) model is estimated to take into account the fact that KIBS simultaneously consider many alternative intellectual property (IP) protection methods when they attempt to protect their innovations. Results show that patents, registration of design patterns, trademarks, secrecy and lead-time advantages over competitors constitute legal and informal methods that are used jointly. These complementarities suggest that IP protection mechanisms that are interdependent and reinforce each other to protect innovations from imitation by rival firms constitute a pattern on which firms rely to protect their innovations from imitation. A second pattern is based on the fact that KIBS rely on patents and complexity of designs as substitutes, and tend to use registration of design patterns and complexity of designs as substitutes in protecting their innovations from imitation. A third emerging pattern concerns protection mechanisms that are independent from each other and exhibit no synergy, and do not reinforce each other to protect innovations from imitation by other firms. 相似文献
17.
Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and economically relevant positive effect is exerted by IVC investors on firm sales growth. Conversely, the impact of GVC alone appears to be negligible. We also find a positive and statistically significant impact of syndicated investments by both types of investors on firm sales growth, but only when led by IVC investors. Our results remain stable after controlling for endogeneity, survivorship bias, reverse causality, anticipation effects, legal and institutional differences across countries and over time and are stable with respect to potential non-linear effects of age and size of entrepreneurial firms. Overall, our analysis casts doubt on the ability of governments to support high-tech entrepreneurial firms through a direct and active involvement in VC markets. 相似文献
18.
《Research Policy》2023,52(9):104850
This paper revisits the patents debate and considers the role of intellectual property rights and their impact on society in the context of inventions designed to protect global common pool resources (CPRs) such as public health and the environment. A review of the theoretical and empirical literature suggests that there has never been a clear consensus among researchers on the benefits of the patent system and intellectual property rights. As Robinson notes, “The patent system introduces some of the greatest of the complexities in the capitalist rules of the game and leads to many anomalies.” We explore these anomalies by specifying a taxonomy of patents for different classes of inventions, including inventions to protect CPRs. This includes vaccines and inventions that reduce externalities, such as, CFC gases and greenhouse gas emissions. In these instances, the effectiveness of innovations depends critically on rapid global diffusion. Our theoretical analysis utilises Ostrom's CPR dilemma to analyse the complexities surrounding innovation and CPRs.We find that the effectiveness of innovations to protect CPRs depends on industrial characteristics and the wider regulatory environment. Empirical evidence is brought to bear on these conclusions via 2 case studies that each embodies a natural experiment; one on vaccines pre- and post-TRIPS and one on environmental technologies to reduce CFC gases and CO2 emissions with and without an agreed UN Protocol. The insights gained are explored in our policy section. Our analysis suggests the need for a more nuanced approach to patent policy that is embedded in the wider context of innovation systems and takes account of the anomalies raised by CPRs. For CPR protecting innovations subject to positive network externalities, we advocate that policy should prioritise diffusion over private incentives for R&D and use alternative policies to patents to stimulate investment in R&D. 相似文献
19.
专利是企业创新的重要产出形式,作为一种专有性资产会给企业带来竞争优势。围绕此议题,已有研究通过资源观视角提供了丰富的理论解释和实证检验。在企业实践中,专利的战略作用还体现在向利益相关者释放企业技术水平的信号,但在现有研究、特别是中国情境的研究中没有受到足够的关注。研究运用信号理论的相关观点探讨了企业专利活动在资本市场上的信号释放作用以及影响信号有效性的调节机制。基于中国2 250家上市公司2001—2011年14 817个观测值的面板数据分析可以得出的初步结论是:中国企业的专利数量对上市公司的市场价值有显著的正向影响,说明专利活动向投资者传递了积极的信号;同时,这种正向影响在企业可见性和行业竞争强度更高时更强。 相似文献
20.
Research and development (R&D) is often essential for firms’ profitability and growth. At the same time, R&D is long-term and risky. We show that innovation activities lead to information ambiguity about the future value of firms’ assets. This effect appears to be more pronounced for small and less reputed firms. Information ambiguity further lowers firms’ market value and, in particular, the market value of innovative assets. We further show that high quality patents mitigate the negative effect of information ambiguity to some extent. 相似文献