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The lag analysis on the impact of patents on profitability of firms in software industry at segment level  

Yi, Joon Hye (고려대학교 산업경영공학과)
Jung, Won Kyo ((주)오제이그라운드 CTO)
Park, Sang Sung (고려대학교 BK21 Networked Enterprise팀)
Jang, Dong Sik (고려대학교 산업경영공학과)
Publication Information
Journal of Korea Society of Digital Industry and Information Management / v.8, no.2, 2012 , pp. 199-211 More about this Journal
Abstract
There have been studies to evaluate valuation of firms by using patents in various ways. Also, the theory that value of patents helps enterprise's growth is valid in economics. However, when evaluating the value of the company, through the patent evaluation has not been used. Because of previous studies researched relation between patents and firms only at certain points. To solve this problem, this study intends to analyze lag between patent and profitability of the firms. In this study, we classified top 100 software firms in the United States through PBR, PER and value of intangible assets by using cluster analysis. And we applied Almon's distributed lag model to each cluster to find out lag between patent and profitability of the firms. As a result, in the cluster of more valuable companies, patents have an effect on profitability of the firms at regular lags. This study indicates that the patents are an important indicator to assess companies.
Keywords
Almon's Distributed Lag; Patent; Cluster Analysis; Profitability of the Firms;
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