Journal
RESEARCH POLICY
Volume 30, Issue 1, Pages 143-157Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/S0048-7333(99)00098-0
Keywords
company performance; machine tool industry; panel analyses; patents; R&D; time-lag
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This article examines the relationship between patent applications and subsequent changes of company performance. Time-series cross-section data from 50 German machine tool manufacturers between 1984 and 1992 are used to perform panel analyses. It is shown that national patent applications lead to sales increases with a time-lag of 2 to 3 years after the priority year. European patent applications, which are of higher quality than national patent applications, have an even higher impact on sales increases with a lag of 3 years after the priority year. These results lend support to the use of patent data as an output indicator of R&D activities for business applications as well as empirical research. (C) 2001 Elsevier Science B.V. All rights reserved.
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