Beyond the finish line: How losing in patent race drives post-race innovation

IF 6.5 1区 管理学 Q1 BUSINESS
A-Sung Hong
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引用次数: 0

Abstract

Although patent races of leading technology firms have garnered significant attention in the prior literature, it remains unclear how the outcome of a patent race affects subsequent firm-level innovation. Drawing on agency theory, we propose that losing a patent race drives firms to pursue more technological innovation than winning due to managerial concerns. To investigate the mechanism, we hypothesize that the positive impact of a lost race on a firm's innovation is more pronounced when more shareholders hold near-term investment horizons and when a CEO is less protected against the pressure of shareholders. By constructing a unique dataset of simultaneous patent applications, we find evidence consistent with the proposed theory.
超越终点线:专利竞赛失利如何推动赛后创新
尽管领先技术公司的专利竞赛在以往的文献中备受关注,但专利竞赛的结果如何影响公司层面的后续创新仍不清楚。借鉴代理理论,我们提出,出于管理方面的考虑,专利竞赛失利会促使企业追求更多的技术创新,而非专利竞赛获胜。为了研究这一机制,我们假设,当更多的股东持有近期投资视野,且首席执行官受到的股东压力保护较少时,竞争失败对公司创新的积极影响会更加明显。通过构建一个独特的同步专利申请数据集,我们发现了与提出的理论相一致的证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
13.70
自引率
8.40%
发文量
109
期刊介绍: At the Strategic Management Journal, we are committed to publishing top-tier research that addresses key questions in the field of strategic management and captivates scholars in this area. Our publication welcomes manuscripts covering a wide range of topics, perspectives, and research methodologies. As a result, our editorial decisions truly embrace the diversity inherent in the field.
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