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Article

Michele Grimaldi, Livio Cricelli and Francesco Rogo

The purpose of the paper is to advance a framework that can assess and analyze the value of patent portfolios. On this purpose, the framework develops a conceptual and…

Abstract

Purpose

The purpose of the paper is to advance a framework that can assess and analyze the value of patent portfolios. On this purpose, the framework develops a conceptual and comprehensive index, the patent portfolio value index (PPVI), to assess the patent innovation level and suggest economic-strategic guidelines.

Design/methodology/approach

The authors have designed and applied a framework that synthesizes into a single index the results of a multiple criteria approach, based on information derived from quantitative objective data (claims, citations, and market coverage), information related to qualitative determinants (strategic positioning and economic importance), and information derived from decision makers’ perceptions and judgments.

Findings

The authors have applied the PPVI to the 3,532 patent portfolio documents in an Italian worldwide player in aerospace and defense market. The combined analysis, provided by the PPVI and a qualitative synoptic representation, has made it possible to understand the strategic positioning and alignment of patents with the core business of the company. The results of the analysis have provided managers with the necessary suggestions regarding action items to be performed: to reinforce, license, try to dismiss, or sell some of the examined patents of the portfolios.

Practical implications

The PPVI supplies a quick procedure to ascertain the profitability of patents and accounts for the value of a patent portfolio from an internal business perspective.

Originality/value

As it is built and defined, the PPVI shows elements of novelty compared to the other indexes existing in the literature, in that it follows a multiple criteria approach by merging quantitative and qualitative information.

Details

European Journal of Innovation Management, vol. 21 no. 2
Type: Research Article
ISSN: 1460-1060

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Article

George K. Chako

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or…

Abstract

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or countries in their efforts to develop and market new products. Looks at the issues from different strategic levels such as corporate, international, military and economic. Presents 31 case studies, including the success of Japan in microchips to the failure of Xerox to sell its invention of the Alto personal computer 3 years before Apple: from the success in DNA and Superconductor research to the success of Sunbeam in inventing and marketing food processors: and from the daring invention and production of atomic energy for survival to the successes of sewing machine inventor Howe in co‐operating on patents to compete in markets. Includes 306 questions and answers in order to qualify concepts introduced.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 12 no. 2/3
Type: Research Article
ISSN: 1355-5855

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Article

Kuei-Kuei Lai, Hsueh-Chen Chen, Yu-Hsin Chang, Vimal Kumar and Priyanka C. Bhatt

This study aims to propose a methodology by integrating three approaches, namely, internal core technology, external knowledge flow and industrial technology development…

Abstract

Purpose

This study aims to propose a methodology by integrating three approaches, namely, internal core technology, external knowledge flow and industrial technology development to help companies improve their decision-making quality for technology planning and enhance their research and development (R&D) portfolio efficiency.

Design/methodology/approach

The primary focus of this study is thin-film solar technology and patent data is retrieved from the United States Patent and Trademark Office (USPTO) database. This study presents a methodology based on the proposed integrated analysis method, constructed with patent indicators, centrality analysis of social networks and main path analysis.

Findings

The results of this study can be itemized as – the core technological competency: companies involved in two specific technology fields have lower strength in R&D portfolio than leading companies with single-core technology. Knowledge flow: most companies in a network are knowledge producers/absorbers and technological development: diverse source and sink nodes were identified in the global main path during 1997-2003, 2004-2010 and 2011-2017.

Research limitations/implications

Latecomer companies can emulate leaders’ innovation and enhance their technological competence to seek niche technology. Using the global main path, companies monitor outdated technologies that can be replaced by new technologies and aid to plan R&D strategy and implement appropriate strategic decisions avoiding path dependency.

Originality/value

The knowledge accumulation process helps in identifying the change of position and the role of companies; understanding the trend of industrial technology knowledge helps companies to develop new technology and direct strategic decisions. The novelty of this research lies in the integrated approach of three methods aiding industries to find their internal core technical competencies and identify the external position in the competitive market.

Details

Journal of Knowledge Management, vol. 25 no. 2
Type: Research Article
ISSN: 1367-3270

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Article

Byungun Yoon and Bomi Song

The purpose of this paper is to propose a systematic approach to exploring potential partners for open innovation in order to facilitate the process of technological…

Abstract

Purpose

The purpose of this paper is to propose a systematic approach to exploring potential partners for open innovation in order to facilitate the process of technological collaboration.

Design/methodology/approach

The proposed approach utilizes patent information that is considered the most effective data to investigate innovation activities by applying morphology analysis (MA) and generative topology map (GTM) to the process to identify the configurations of technologies and visualize the collected patent information. In particular, diverse informative indices can assist researchers in deriving appropriate partners for technological cooperation.

Findings

The hybrid approach that combines MA, GTM, and indices is useful to discover technological opportunity, identify necessary technologies and explore potential partners. The systematic process can overcome the limitations of existing approaches that depend on the insights and strategic decisions of top management, reflect a superficial relationship among firms and mostly fail to consider both theoretical and practical approaches to retrieve potential partners.

Practical implications

The results of this paper will help practitioners, academic researchers, and policy makers link a pair of partners who can maximize the synergy of collaboration in a systematic manner. The proposed approach is illustrated to show the validity of the process with a case of light emitting diode (LED) technology. In addition, the social cost for collaboration can be reduced by applying the proposed approach in open innovation.

Originality/value

This paper tackles the important issue of exploring appropriate partners by applying a systematic approach that utilizes text mining, MA and GTM because existing research mostly deals with ad-hoc processes. The proposed approach utilizes multiple methodologies of data mining and technology forecasting to derive promising technology areas in a systematic manner and then employs critical indices to explore proper partners. Thus, this approach considers both quantitative and qualitative methodologies to suggest a sophisticated tool for successful open innovation. Moreover, a real case – LED case was illustrated to demonstrate that the proposed approach can be employed to implement technological cooperation.

Details

Industrial Management & Data Systems, vol. 114 no. 7
Type: Research Article
ISSN: 0263-5577

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Article

Shahbaz Sheikh

The purpose of this paper is to examine if the structure and design of CEO compensation has any effect on firm innovation. It further investigates the effectiveness of…

Abstract

Purpose

The purpose of this paper is to examine if the structure and design of CEO compensation has any effect on firm innovation. It further investigates the effectiveness of each component of portfolio of compensation incentives in encouraging innovation.

Design/methodology/approach

This study uses systems of simultaneous equations to model the interdependence between compensation incentives and measures of firm innovation.

Findings

Results indicate that the pay‐performance sensitivity of the CEO portfolio of compensation incentives is positively related to investment in R&D expenditures, number of patents and citations. Options in general are more effective than stocks. However, within the options portfolio, recently awarded and unvested options are more effective than previously awarded and vested options. Restricted stock is more effective than unrestricted stock.

Research limitations/implications

Measuring innovation output is difficult as innovation could take different forms, including business model innovation, which does not appear in the patent data.

Practical implications

Stock options encourage investment in value‐increasing innovations and should remain a significant part of managerial compensation. If the firm awards stock, it should only award restricted stock.

Originality/value

This study uses comprehensive measures of compensation incentives and firm innovation. It views incentives as a portfolio of stock and options and uses incentives in their entirety. It examines the effectiveness of each component of the portfolio in encouraging innovation. It measures innovation as investment into the innovation process (R&D expenditures) and the resulting success of that investment (patents and citations).

Details

Review of Accounting and Finance, vol. 11 no. 1
Type: Research Article
ISSN: 1475-7702

Keywords

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Article

Chi-Lu Peng, Kuan-Ling Lai, Maio-Ling Chen and An-Pin Wei

– This study aims to investigate whether and how different sentiments affect the stock market’s reaction to the American Customer Satisfaction Index (ACSI) information.

Abstract

Purpose

This study aims to investigate whether and how different sentiments affect the stock market’s reaction to the American Customer Satisfaction Index (ACSI) information.

Design/methodology/approach

The portfolio approach, with time-varying risk factor loadings and the asset-pricing models, is borrowed from the finance literature to investigate the ACSI-performance relationship. A direct sentiment index is used to examine how investors’ optimistic, neutral and pessimistic sentiments affect the aforementioned relation.

Findings

This paper finds that customer satisfaction is a valuable intangible asset that generates positive abnormal returns. On average, investing in the Strong-ACSI Portfolio is superior to investing in the market index. Even when the stock market holds pessimistic beliefs, investors can beat the market by investing in firms that score well on customer satisfaction. The out-performance of our zero-cost, long–short ACSI strategy also confirms the mispricing of ACSI information in pessimistic periods.

Research limitations/implications

Findings are limited to firms covered by the ACSI data.

Practical implications

Finance research has further documented evidence of the stock market under-reacting to intangible information. For example, firms with higher research and development expenditures, advertising, patent citations and employee satisfaction all earn superior returns. Literature also proves that investors efficiently react to tangible information, whereas they undervalue intangible information. In summary, combining our results and those reported in the literature, customer satisfaction is value-relevant for both investors and firm management, particularly in pessimistic periods.

Originality/value

This study is the first to investigate how sentiment affects the positive ACSI-performance relationship, while considering the time-varying property of risk factors. This study is also the first to show that ACSI plays a more important role during pessimistic periods. This study contributes to the growing literature on the marketing–finance interface by providing better understanding of how investor emotional states affect their perceptions and valuations of customer satisfaction.

Details

European Journal of Marketing, vol. 49 no. 5/6
Type: Research Article
ISSN: 0309-0566

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Article

Lara Agostini and Federico Caviggioli

The purpose of this paper is twofold: to analyze to what extent innovation output of R & D collaborations, proxied by co-patenting activities in terms of quantity…

Abstract

Purpose

The purpose of this paper is twofold: to analyze to what extent innovation output of R & D collaborations, proxied by co-patenting activities in terms of quantity, characteristics and value, differs depending on whether the engaged R & D partners have a certain type of relationship (allies, suppliers and subsidiaries); to identify possible automakers co-patenting patterns taking into account the differences in the innovation output with their R & D partners.

Design/methodology/approach

To reach the aims, the authors matched two types of data: co-assigned patent portfolio of four automakers and relationship type between automakers and their co-assignees. Matching the company names of the two data sources allowed the authors to obtain the final data set used to carry out extensive descriptive and regression analysis, both on a firm- and patent-level.

Findings

Results show differences in the characteristics and the technological value of patented inventions in relation with the type of collaboration partner; they also support the authors in the identification of four co-patenting patterns (contingent, purposive, watchful and advanced) according to the co-patenting propensity and the presence of a preferred relationship type.

Originality/value

The paper contributes to the literature by investigating the presence of differences across the patenting activities of a selection of automakers and their supplier, allied and subsidiary firms. The issue related to patent value represents an emerging area of interest in the field of collaborations for innovation. The methodology constitutes a novelty by matching two different sources and standardizing the company names (“name game”) through an automated algorithm and a double manual check, by searching company web sites and corporate trees.

Details

Management Decision, vol. 53 no. 6
Type: Research Article
ISSN: 0025-1747

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Article

Szabolcs Pronay, Tamara Keszey, Norbert Buzás, Takayuki Sakai and Kensuke Inai

This study aims to improve the understanding of the factors that influence the performance of universities' technology transfer offices (TTOs), units charged with the…

Abstract

Purpose

This study aims to improve the understanding of the factors that influence the performance of universities' technology transfer offices (TTOs), units charged with the responsibility for aiding the commercialization of research innovations.

Design/methodology/approach

To empirically test the link between factors affecting TTO performance and whether these effects are contingent on a country-specific environment, survey data were collected from 187 TTO stakeholders (TTO heads, TTO employees and university researchers) in 18 countries of Europe and Japan, and structural equation modeling (SEM) was used.

Findings

The results show that the internal embeddedness of a TTO within a university is the most important factor in determining a TTO's performance. A TTO's performance is positively affected by its marketing capabilities and social embeddedness. Strict patent portfolio management has no significant impact on TTO performance in Japan and has a negative effect on European TTOs' performance.

Originality/value

This study highlights the role of organizational and interorganizational factors in TTO performance; moreover, this is one of the few multi-continent (Europe and Asia) studies in the domain of university–industry collaborations, expanding the current understanding of the contingent roles of the region of operation, which has remained unexplored, as extant studies were typically conducted in only one country.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

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Article

Kristie Briggs

This paper examines the relationship between the originality of a pharmaceutical innovation and its patent quality. Greater patent quality has been shown in the extant…

Abstract

Purpose

This paper examines the relationship between the originality of a pharmaceutical innovation and its patent quality. Greater patent quality has been shown in the extant literature to enhance market value, which better enables firms to recoup research and development (R&D) expenditures incurred during the innovation process. Understanding how originality improves patent quality can assist policymakers, when determining the optimal length of pharmaceutical patent protection and/or market exclusivity.

Design/methodology/approach

The relationship between originality and patent quality is empirically investigated using a tobit, as well as a zero-inflated negative binomial, estimation approach to account for prevalence of patents receiving zero forward citations. Moderating effects of joint innovation, innovation by a university researcher and innovation by an established innovator on originality are also considered.

Findings

There is a robust and positive relationship between patent originality and quality in the pharmaceutical sector. This relationship is positively moderated by joint patent ownership with a university. As such, innovators that target originality in new drug development (especially those collaborating with universities) should, according to extant literature, see greater increases in their market value.

Originality/value

Policymakers can use information on the originality of a new drug to discern the optimal length of market exclusivity needed to enable the innovator to recoup expenditures related to R&D. Better predictions of the timing for which firms can recoup R&D expenditures will equip policymakers with knowledge about the appropriate timing to introduce competition into the market, which is critical to reducing the price of pharmaceuticals to consumers.

Details

Journal of Entrepreneurship and Public Policy, vol. 10 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

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Article

Varun Mahajan

This paper aims to present structural changes and trade competitiveness in Indian pharmaceutical industry in pre and post product patent regime. The study shows the impact…

Abstract

Purpose

This paper aims to present structural changes and trade competitiveness in Indian pharmaceutical industry in pre and post product patent regime. The study shows the impact of product patent on market structure, ownership, trade, revealed comparative advantage, R&D and mergers and acquisitions.

Design/methodology/approach

The study is based on secondary data and extensive relevant conceptual and empirical literature review.

Findings

The study finds that this oligopoly Indian dominant pharmaceutical industry has many challenges ahead such as in R&D expenditure, patent expiration of many major drugs manufactured in Ireland, growing competition in generic global market, bulk drugs dependence on China, rise in the number of M&As, rising costs of new drug discovery and tightening safety and efficacy testing requirements. The smaller firms are likely to act as the contract manufacturers for medium and bigger companies at a lower value chain. The Normalised Revealed Comparative Advantage (NRCA) index was calculated for top exporters of pharmaceutical. It was found that NRCA index of IPI has shown deterioration from 1996 to 2005 and thereafter, improvement except in the year 2009. Switzerland, Belgium and Ireland are the top three countries in NRCA index, which are followed by Germany, the UK and France.

Originality/value

It attempts to capture recent trends in market structure, comparative advantage indices, R&D, trade, M&A and ownership, especially in new IPR regime. There is a dearth of studies providing detailed analyses of India’s comparative advantage vis-a-vis other leading exporters of pharmaceutical products in the world. The paper would be of value to practitioners and scholars interested in structural changes of IPI, especially in product patent regime. The findings have significant implications for managers and government for future policymaking.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. 13 no. 1
Type: Research Article
ISSN: 1750-6123

Keywords

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