Patent-related intellectual property and corporate investment

Paresh Kumar Narayan; Seema Narayan; Vuong Thao Tran

doi:10.1016/j.frl.2022.103530

Patent-related intellectual property and corporate investment

Paresh Kumar Narayan, Seema Narayan, Vuong Thao Tran

Research output: Contribution to journal › Article › Research › peer-review

11 Citations (Scopus)

Abstract

This paper quantifies the impact of corporate innovation on corporate tangible investment for a large panel of U.S. firms. We show that corporate innovation (research and development, patents, citations, and patent value) positively influences tangible investment and the manner in which this effect transpires is characterized by a firm's external/internal dependence on finance, technological intensity, size, maturity, and payout policy. We discover that input- and output-type innovations affect corporate investment differently, with research and development (patent value) having the least (most) effect on investment. Our analysis reveals that corporate innovation moves investments more during economic expansions than during recessions.

Original language	English
Article number	103530
Number of pages	8
Journal	Finance Research Letters
Volume	52
DOIs	https://doi.org/10.1016/j.frl.2022.103530
Publication status	Published - Mar 2023

Keywords

Corporate innovation
Corporate investment
Firms
Panel estimator

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10.1016/j.frl.2022.103530

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AB - This paper quantifies the impact of corporate innovation on corporate tangible investment for a large panel of U.S. firms. We show that corporate innovation (research and development, patents, citations, and patent value) positively influences tangible investment and the manner in which this effect transpires is characterized by a firm's external/internal dependence on finance, technological intensity, size, maturity, and payout policy. We discover that input- and output-type innovations affect corporate investment differently, with research and development (patent value) having the least (most) effect on investment. Our analysis reveals that corporate innovation moves investments more during economic expansions than during recessions.

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KW - Corporate investment

KW - Firms

KW - Panel estimator

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Patent-related intellectual property and corporate investment

Abstract

Keywords

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