The impacts of patents and R&D spikes on firm performance: Evidence from US biopharmaceutical companies

• Main Authors: Truong Hoang Tu Nhi, 張黃秀兒
• Other Authors: Wei-Kang Wang
• Format: Others
• Language: en_US
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/35743615391744669078

碩士 === 元智大學 === 財務金融暨會計碩士班(會計學程) === 105 === Based on a sample of 789 firm-year observations of US biopharmaceutical companies between 2011 and 2015, this study investigates how patents, research and development (R&D) spikes affect business efficiency. Firstly, the dynamic data envelopment analysis (DEA) model is adopted to evaluate the performance of US biopharmaceutical companies. Then, ordinary least squares (OLS) regressions are used to explore the effects of three patent-related variables (patent counts, citations and claims) and R&D spikes on corporate performance. This research finds positive impacts of patent counts, citations and claims on operating efficiency. In addition, the results show that R&D spikes have negative contemporaneous effects and time-lagged effects on corporate performance.