Patent value and the Tobin’s q ratio in media services

Abstract

Changes in a firm’s backward-dispersion patent-citation score are a useful, non-financial indicator of patent value that is positively-related to Tobin’s q. V-scores, which analyze content patterns between patents’ technological-class codes and those of their antecedents, provide contemporaneous information for investors to assess firms’ economic prospects that is more time-sensitive than forward-looking information such as forward citations. V-score analysis offers useful insights about the nature of post-acquisition learning within technologically-tumultuous industries like media-services

Are the Blockchain-Based Patents Sustainable for Increasing Firm Value?

“…To mature firms, patents can increase a firm's additional revenue streams through licensing of the patents [15]. The value of a firm's patents can be related to firm performance (e.g., net income, Tobin's q, and market value) by increasing a firm's sales and market valuation [10,11,[19][20][21]. Specifically, extensive prior research has focused on finding a positive relationship between patents and firm value.…”

“…This firm's management decision of investing patents can reduce market uncertainty that increases current investments. By using the real options theory, prior researchers found that patents are positively associated with a firm's Tobin's q [11,19,20].…”

Big Data and Technology Evolution in the IoT Industry

“…Fifth, the patent's Value is one of the core dimensions that clearly emerges from patent literature. Patents are commonly conceived as the output of the R&D efforts and a tool for firms to appropriate their R&D investments and remark their technology positioning and, subsequently, their positioning in the market (Gambardella, 2013;Harrigan et al, 2018).…”

Measuring Innovation Quality: A Patent Analysis

“…Patent citation analysis is a bibliometric technique that links patents in the same way that the science citations link the papers' references [33], [35], [36], and [37]. Patent citations have been primarily used in three lines of research: as a measure of patent quality [1], [2], [3], [4], [5], [6], [7], [8], [18], [38], as a measure of knowledge flows and spillovers [39], [40], [41], and as a tool for the examination of technology structure [33], [42]. The term "quality" has been often used to emphasize both the technological and value dimensions of innovation [43].…”

“…Patents have been broadly used in innovation literature as a reliable and meaningful measure of innovation performance [1], [2], [3], [4], [5], [6], [7], [8], and [9]. By definition, patents grant to their owners an exclusive monopoly over the use of a novel, non-obvious, and industrially applicable invention.…”