站在科学的肩膀上

IF 6.5 1区 管理学 Q1 BUSINESS
Joshua L. Krieger, Monika Schnitzer, Martin Watzinger
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引用次数: 0

摘要

研究摘要当今的创新依赖于过去的科学发现,但只有部分企业的研发直接建立在科学成果的基础上。在本文中,我们分析了美国专利,研究企业如何在 "更接近 "科学的现有技术基础上创造价值。我们发现,专利价值随与科学的距离递减。总体而言,我们发现企业内部存在 5.0% 到 18.3% 的科学溢价。如果我们考虑到企业根据其相对优势分为不同的研发模式,也就是说,当我们不控制企业固定效应时,我们会发现更大的科学溢价:直接建立在科学出版物基础上的专利比没有直接建立在科学基础上的相同技术专利的价值高出 4.0-42.3%。通过分析美国专利及其与科学出版物的联系,我们的论文描述了发明与科学文献的 "接近性 "与上市公司估值之间的关系--以股票市场的异常回报来衡量。我们的研究结果表明,建立在科学基础上的专利价值要高出 5.0-18.3%。如果考虑到企业间研发战略的差异,溢价会更大,从 4.0% 到 42.3% 不等。此外,研究结果表明,将科学见解融入研发的价值提升对于那些在科学基础上积累了更多经验的企业来说更大。总之,这些结果凸显了将科学作为企业创新基础的竞争优势。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Standing on the shoulders of science
Research SummaryToday's innovations rely on scientific discoveries of the past, yet only some corporate R&D builds directly on scientific output. In this article, we analyze U.S. patents to investigate how firms generate value by building on prior art “closer” to science. We show that patent value is decreasing in distance‐to‐science. Overall, we find a science premium within firms ranging from 5.0 to 18.3%. If we allow for firm sorting into different modes of R&D based on their relative advantage, that is, when we do not control for firm fixed effects, we find an even larger science premium: patents building directly on scientific publications are 4.0–42.3% more valuable than patents in the same technology that are not directly based on science.Managerial SummaryBuilding on scientific research allows firms to capture significantly more value from their inventions. By analyzing U.S. patents and their linkages to scientific publications, our paper describes the relationship between invention “proximity” to the scientific literature and public firm valuations—as measured in abnormal stock market returns. Our findings indicate that patents building on science are 5.0–18.3% more valuable. If we account for variations in R&D strategies among firms, the premium becomes even larger, ranging from 4.0 to 42.3%. Further, the results show that the value‐enhancing benefits of integrating scientific insights into R&D are greater for firms with more experience building on science. Together, the results underscore the competitive advantages of using science as a foundation for corporate innovation.
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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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