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

IF 10.5 1区 管理学 Q1 BUSINESS
Pankaj C. Patel, Maria João Guedes
{"title":"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","authors":"Pankaj C. Patel,&nbsp;Maria João Guedes","doi":"10.1016/j.jbusres.2024.114973","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":15123,"journal":{"name":"Journal of Business Research","volume":"186 ","pages":"Article 114973"},"PeriodicalIF":10.5000,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148296324004776/pdfft?md5=6230e3fd81874d76399c1918b63ff33d&pid=1-s2.0-S0148296324004776-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Come and take it: Patenting pedigree and tenacity, takeover defenses, and patent valuation in post-IPO firms\",\"authors\":\"Pankaj C. Patel,&nbsp;Maria João Guedes\",\"doi\":\"10.1016/j.jbusres.2024.114973\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":15123,\"journal\":{\"name\":\"Journal of Business Research\",\"volume\":\"186 \",\"pages\":\"Article 114973\"},\"PeriodicalIF\":10.5000,\"publicationDate\":\"2024-09-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S0148296324004776/pdfft?md5=6230e3fd81874d76399c1918b63ff33d&pid=1-s2.0-S0148296324004776-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Business Research\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0148296324004776\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Research","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0148296324004776","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

摘要

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。
Come and take it: Patenting pedigree and tenacity, takeover defenses, and patent valuation in post-IPO firms
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.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
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.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信