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Propensity to patent, R&D and market competition : dynamic spillovers of innovation leaders and followers

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dc.affiliation.dptoUC3M. Departamento de Economíaes
dc.contributor.authorBlazsek, Szabolcs
dc.contributor.authorEscribano, Álvaro
dc.contributor.editorUniversidad Carlos III de Madrid. Departamento de Economíaes
dc.date.accessioned2014-06-17T12:21:13Z
dc.date.available2014-06-17T12:21:13Z
dc.date.issued2014-06
dc.description.abstractDynamic interactions among stock return, Research and Development (R&D) expenses, patent applications based on R&D investment, and the propensity to patent are studied in this work for a panel of firms from the United States. The panel includes technologically similar firms, neck-to-neck, mostly from the drugs product-market sector. Firms’ propensity to patent is modeled by a dynamic latent-factor patent count data model that separates patented and non patented R&D. Patent innovation leader and follower firms are identified according to their knowledge stock. Significant and positive dynamic spillover effects are obtained among patent application leaders and followers. We observe that neck-to-neck firms in patent innovation activity produce an inverted-U relationship between market competition and innovation. Furthermore, firms’ propensity to patent is positively correlated with market competition and there is a positive feedback in both directions. Increasing the degree of competition in the market enhances innovation and patent applications, in order to help firms to appropriate part of the benefits of their R&D investments. On the other hand, firms by increasing their patent applications defend themselves from competitors, trying to improve their market share. However, due to the diffusion of knowledge through patent applications, knowledge spills over to competitors therefore, the degree of competition and innovation increases in the market.en
dc.format.mimetypeapplication/pdf
dc.identifier.issn2340-5031
dc.identifier.repecwe1412
dc.identifier.urihttps://hdl.handle.net/10016/19006
dc.identifier.uxxiDT/0000001211
dc.language.isoengen
dc.relation.ispartofseriesUC3M working papers. Economicsen
dc.relation.ispartofseries14-12
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España*
dc.rights.accessRightsopen accessen
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/*
dc.subject.jelC15
dc.subject.jelC31
dc.subject.jelC32
dc.subject.jelC33
dc.subject.jelC41
dc.subject.otherPropensity to patenten
dc.subject.otherCompetitionen
dc.subject.otherTechnological proximityen
dc.subject.otherPatent innovation leaders and followersen
dc.subject.otherLatent factor patent count data modelen
dc.subject.otherPanel vector autoregressionen
dc.subject.otherSimulated quasi maximum likelihooden
dc.subject.otherEfficient importance samplingen
dc.titlePropensity to patent, R&D and market competition : dynamic spillovers of innovation leaders and followersen
dc.typeworking paper*
dc.type.hasVersionSMUR*
dspace.entity.typePublication
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