On the Profitability of Innovative Assets

Czarnitzki, Dirk ; Kraft, Kornelius

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URL: http://ub-madoc.bib.uni-mannheim.de/619
URN: urn:nbn:de:bsz:180-madoc-6190
Document Type: Working paper
Year of publication: 2004
The title of a journal, publication series: None
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O32 L11 C25 O31 ,
Subject headings (SWD): Deutschland , Innovation , Patent , Profit
Abstract: Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies' profits is a priori unclear. We present the results of an empirical study on the effects of the patent stock on profitability. The data base is a representative sample of German manufacturing firms and we use a number of control variables including measures of competition and firm leadership. It turns out that the patent stock has a strong and robust effect on profitability.
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