Intangibles and the market value of Biopharmaceutical startups

Resultado de la investigaciónrevisión exhaustiva

Resumen

This paper investigates the relationship between various measures of intangible capital and the market valuation of young biopharmaceutical firms. We employ a non-linear model to measure the impact of R&D, patents, alliances, organizational capital, and mergers on the value of 349 newly-incorporated firms between 1980 and 2006. We find that, with the exception of mergers, our measures of intangible capital have positive and significant effects on market values; the impact of R&D declines as firms mature; and the omission of either alliances or organizational capital leads to a significant overstatement of the influence of R&D.
Idioma originalEnglish
Páginas (desde-hasta)1-26
Número de páginas26
PublicaciónThe Journal of Business Inquiry
Volumen18
N.º2
EstadoPublished - 2018
Publicado de forma externa

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