Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry

Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Quantitative Finance and Accounting Springer Journals

Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2006 by Springer Science + Business Media, Inc.
Subject
Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
ISSN
0924-865X
eISSN
1573-7179
D.O.I.
10.1007/s11156-006-7034-1
Publisher site
See Article on Publisher Site

References

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