Market value of R&D, patents, and organizational capital: Finnish evidence
This paper studies how knowledge and organizational capital (OC) affect the market valuation of firms. Detailed occupational information from Finnish linked employer-employee data is used to form new estimates of firms' organizational investments. The market value of OC is analyzed together with research and development (R&D) and patent variables. A nonlinear least-squares regression is used to investigate the contribution of these variables to the market value of Finnish firms during the period 1995-2008. The results show that OC, R&D, patents, and patent citations all have positive and significant effects on market value. A particularly interesting finding is that the effect of OC appears to be even stronger than the effect of R&D investments. This study also provides internationally comparable results on the market valuation of knowledge assets that indicate that in Finland, the market valuation of R&D, but not patents, is lower than in the USA and many European countries.
Year of publication: |
2014
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Authors: | Rahko, Jaana |
Published in: |
Economics of Innovation and New Technology. - Taylor & Francis Journals, ISSN 1043-8599. - Vol. 23.2014, 4, p. 353-377
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Publisher: |
Taylor & Francis Journals |
Saved in:
Online Resource
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