Corporate Patenting, Customer Capital, and Financial Market Outcomes

被引：1

作者：

Ertugrul, Mine ^{[1
]}

Krishnan, Karthik ^{[2
]}

Xu, Bo ^{[3
]}

Yu, Qianqian ^{[4
]}

机构：

[1] Univ Massachusetts, Coll Management, Boston, MA 02125 USA

[2] Northeastern Univ, DAmore McKim Sch Business, Boston, MA USA

[3] Harbin Inst Technol Shenzhen, Sch Econ & Management, Shenzhen, Peoples R China

[4] Lehigh Univ, Coll Business, Bethlehem, PA USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2024年 / 59卷 / 05期

关键词：

INNOVATION EVIDENCE; BRAND VALUE; EFFICIENCY; IMPACT; MATTER; FIRMS;

D O I：

10.1017/S0022109023000194

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study how patenting enhances customer capital and creates financial value in a product market characterized by information asymmetry between firm insiders and customers. We find that firms with more and higher quality patents develop greater customer capital, as measured by more positive customer perceptions of product novelty and quality. To establish causality, we exploit the exogenous variation in the random assignment of patent examiners to review applications and use the average examiner leniency as an instrument for patent grants. Our mediation analysis documents a positive impact of patenting on firm performance and financial market valuation through enhanced customer capital.

引用

页码：2425 / 2458

页数：34

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