Come and take it: Patenting pedigree and tenacity, takeover defenses, and patent valuation in post-IPO firms

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2024-09-23 DOI:10.1016/j.jbusres.2024.114973

引用次数: 0

Abstract

Drawing on the appropriability–appropriation framework and signaling theory, we hypothesize that post-IPO firms with higher patent quality use takeover defenses as levers to signal a willingness to allow appropriation through acquisitions. In a sample of 635 post-IPO firms with 56,605 patent approvals (1998–2014), if post-IPO firms secure approval for a high pedigree patent (cutting edge technology) or obtain a longer grant lag (tenacity), the stock market reaction is positive (negative) when anti-takeover defenses are lowered (raised) from the previous year. The findings carry implications for the appropriability–appropriation strategies of post-IPO firms and the merit of reducing takeover defenses for these firms.

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来拿吧：首次公开募股后公司的专利血统和韧性、收购防御以及专利估值

借鉴挪用框架和信号理论，我们假设，专利质量较高的首次公开募股（IPO）后企业会利用收购防御作为杠杆，以表明其愿意通过收购实现挪用。在 635 家首次公开募股后公司、56605 项专利批准（1998-2014 年）的样本中，如果首次公开募股后公司获得高纯度专利（尖端技术）批准或获得较长的授权滞后期（韧性），则当反收购防御措施比前一年降低（提高）时，股市反应为正（负）。研究结果对首次公开募股后公司的适当性-拨款战略以及降低这些公司的收购防御措施的优点具有启示意义。

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

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.