Lee, Jangwook - In: KDI-journal of economic policy 42 (2020) 3, pp. 33-52
Patents are widely used in the literature as a measure of firm-level innovation. It is regarded that patents improve a …-function type of Tobin's q equations on R&D, patents, and citations. Surprisingly, I find that patents and citations are weakly … firm's operational environment and ultimately increase the value of the firm. However, the relationship between patents and …