What do U.S. biopharmaceutical companies get from patents and research and development spikes for their dynamic corporate performance? |
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| Authors: | Wei-Kang Wang Wen-Min Lu Qian Long Kweh Hoang Tu Nhi Truong |
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| Institution: | 1. Department of Accounting, Yuan Ze University, Taoyuan City, Taiwan;2. Department of International Business Administration, Chinese Culture University, Taipei, Taiwan;3. Faculty of Management, Canadian University Dubai, Dubai, United Arab Emirates;4. College of Information Technology, The University of Danang, Vietnam |
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| Abstract: | This paper investigates how patents and research and development (R&D) spikes affect the corporate performance of 863 firm-year observations of U.S. biopharmaceutical companies. First, a dynamic data envelopment analysis model is adopted to evaluate the performance of the U.S. biopharmaceutical companies. Then, ordinary least squares regression is used to explore the effects of three patent-related variables (patent counts, citations, and claims) and R&D spikes on corporate performance. This study finds positive impacts of patent counts, citations, and claims on corporate performance. In addition, the results show that R&D spikes have negative contemporaneous effects and time-lagged effects on corporate performance. |
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