Are All Patents Equal? How Patent Attributes Shape Market Reactions to Family and Nonfamily Firm Innovation

IF 6.9 1区管理学 Q1 BUSINESS

Entrepreneurship Theory and Practice Pub Date : 2026-09-08 DOI:10.1177/10422587261470045

Kimberly A. Eddleston, Francesco Chirico, Pankaj C. Patel

引用次数: 0

Abstract

Integrating family firm innovation research with signaling theory, we develop a framework explaining market reactions to patents granted to family versus nonfamily firms. Using a U.S. dataset of 52,241 patents from 2014 to 2018, we find the stock market reacts more positively to patents granted to family firms than nonfamily firms. We then examine reactions to radical versus incremental patents. Patents reflecting radical innovation, measured by novelty and pedigree, create greater market value for family firms than nonfamily firms, although the pedigree effect is only marginally significant. By contrast, patents reflecting incremental innovation, measured by temporal depth, have little effect on nonfamily firms’ market value but reduce family firms’ market value.

查看原文本刊更多论文

所有专利都是平等的吗？专利属性如何影响市场对家族企业和非家族企业创新的反应

将家族企业创新研究与信号理论相结合，我们开发了一个框架来解释市场对授予家族企业与非家族企业专利的反应。利用2014年至2018年美国52,241项专利的数据集，我们发现股票市场对授予家族企业专利的反应比非家族企业更积极。然后，我们研究了对激进专利和增量专利的反应。反映激进创新的专利，以新颖性和谱系来衡量，为家族企业创造了比非家族企业更大的市场价值，尽管谱系效应只是略微显著。以时间深度衡量，反映增量创新的专利对非家族企业的市场价值影响不大，但会降低家族企业的市场价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Entrepreneurship Theory and Practice BUSINESS-

CiteScore

19.00

自引率

12.40%

发文量

期刊介绍： Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense. Article Topics: Topics covered in ETP include, but are not limited to: New Venture Creation, Development, Growth, and Performance Characteristics, Behaviors, and Types of Entrepreneurs Small Business Management Family-Owned Businesses Corporate, Social, and Sustainable Entrepreneurship National and International Studies of Enterprise Creation Research Methods in Entrepreneurship Venture Financing Content: The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.