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Internal Finance and Patents: Evidence from firm-level data
KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.ORCID iD: 0000-0002-9311-3914
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.ORCID iD: 0000-0002-5871-8571
2009 (English)Report (Other academic)
Abstract [en]

We find that internal finance resources at the firm-level, measured by cash flow, play a non-trivial role for the number of patent applications, even after controlling for the standard variables of a patent study. The results are based on estimating panel count-data models on a sample of 2,700 Swedish manufacturing firms, with observations from the period 1997-2005. The cash-flow effect is larger during the aftermath of the bursting IT-bubble and for firms that are more likely to be financially constrained. Our results suggest that some firms reduce or stop applying for patents during periods of declining economic activity.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2009. , 23 p.
Series
CESIS Working Paper Series in Economics and Institutions of Innovation, 194
Keyword [en]
Financing constraints, Innovation, Corporate ownership, Intellectual property rights, Firm level panel data
National Category
Economics
Identifiers
URN: urn:nbn:se:kth:diva-70073OAI: oai:DiVA.org:kth-70073DiVA: diva2:485836
Note
QC 20120209Available from: 2012-02-09 Created: 2012-01-30 Last updated: 2012-02-09Bibliographically approved

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CESISWP194(157 kB)110 downloads
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Type fulltextMimetype application/pdf

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Martinsson, GustavLööf, Hans

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf