Abstract
Innovation-related intangibles allow a firm to create and commercialize new knowledge. Intangible assets necessary for innovation are key drivers of a firm’s performance and growth in knowledge intensive industries such as biotechnology which is under high pressure to produce new commercial products and processes. Nevertheless, numerous biotechnology firms fail in their attempts to bring on innovations, since the research and development activities are considered to be high-risky in this sector. The aim of this paper is to conduct an analysis of the relationship between investments in innovation-related intangibles, i.e. R&D and patents, and a biotechnology firm’s market value. A sample consists of ten biotech firms listed on the New Connect market. This study utilizes the panel dataset over a 3-year period to run empirical analyses using a fixed effects model. The main findings of the research reveal that there is a non-linear effect of patents on the market value in the sample firms. Surprisingly, R&D expenditures appear to have an insignificant impact on the market value.
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Zakrzewska, A., Kijek, T. (2016). Market Valuation of Innovation-Related Intangibles: The Case of Polish Biotechnology Firms. In: Dudycz, T., Osbert-Pociecha, G., Brycz, B. (eds) The Essence and Measurement of Organizational Efficiency. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-21139-8_20
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DOI: https://doi.org/10.1007/978-3-319-21139-8_20
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