Patent citation, R&D spillover, and Tobin's Q: Evidence from Taiwan semiconductor industry

被引：30
|
作者：
Chin C.-L. [1 ]
Lee P. [2 ]
Chi H.-Y. [3 ]
Anandarajan A. [4 ]
机构：
[1] Department of Accounting, National Chengchi University, Taipei City, 116, No. 64, Sec 2, Jhihnan Rd.
[2] Department of Accounting, Lubin School of Business, Pace University, New York
[3] Department of Accounting, National Taichung Institute of Technology, Taichung City, No. 129, Sec. 3, Sanmin Rd.
[4] School of Management, New Jersey Institute of Technology, Newark
来源：
Review of Quantitative Finance and Accounting | 2006年 / 26卷 / 1期
关键词：
Patent citation; R&D spillover; Tobin's Q;
D O I：
10.1007/s11156-006-7034-1
中图分类号：
学科分类号：
摘要：
Although prior research has examined the effect of patent citations on Tobin's Q in a variety of environments, in this study we examine whether the parameters are affected by stage of a company in the value chain. Unlike other national semiconductor firms, Taiwanese semiconductor firms typically specialize in one of the value-added activities, namely, either design or manufacturing or packaging and testing. Our finding is that the effect of patent citation on Tobin's Q is accentuated when the firm is at the front end of the value chain and diminishes as we proceed to the back end. This finding is novel in the literature. We also find that frequency of patent citations and R&D spillover are positive and significant in relation to Tobin's Q. In addition, the effect of R&D spillover on Tobin's Q is more pronounced for firms in the design sector relative to other sectors. © 2006 Springer Science + Business Media, Inc.
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页码：67 / 84
页数：17
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