Korean Management Science Review (경영과학)

The Korean Operations Research and Management Science Society (한국경영과학회)
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Analysis of Causal Relationship between Patent Indicators and Firm Performance

특허지표와 기업 성과의 인과관계에 대한 분석

  • 임지연 (카이스트 산업 및 시스템공학과) ;
  • 김철영 (카이스트 산업 및 시스템공학과) ;
  • 구자철 (카이스트 산업경영연구소)
  • Received : 2010.08.12
  • Accepted : 2011.03.09
  • Published : 2011.07.31
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Abstract

As business environment has become more competitive, the R&D strategies of firms have been regarded more important. Patent has information about technology which affects a firm's profit and it is considered as resources which have provided appropriate data for research of innovations and trends in technology. And patent indicators are known as qualitative representation of technology quality in an objective view. Also, they are available for the continuous and systematic analysis. However, most previous studies have focused on developing patent indicators to investigate patent value and characteristics. Furthermore they have limitations that most results is not significant that patent indicators have effect on firm performance-Tobin's q, Intangible assets based on balance sheet, sales and etc. Thus, the purpose of this paper is to propose proper a factor to represent a firm performance and to analyze causal relationship between patent indicators and firm performance. Intangible assets based on market value are employed as one of most significant firm performance indicator. The results indicate that intangible assets are appropriate for analyzing causal relation between patent and a firm performance with 7 significant indicators among 10 patent indicators. Considering firm's exogenous factors, regression analysis of each data for five years is performed. This result is similar to regression analysis of full data for all years.

Keywords

References

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