Market value, R&D and intellectual property:an empirical analysis of large Australian firms

Bosworth, Derek and Rogers, Mark (2001). Market value, R&D and intellectual property:an empirical analysis of large Australian firms. Economic Record, 77 (239), pp. 323-337.

Abstract

This paper considers the value of innovation to large Australian firms. Specifically, we investigate how R&D and intellectual property activity influences the market value of firms, using a Tobin’s q approach. R&D data are available for the period 1994–96 and data on patent, trade mark and design applications for 1996. The findings suggest that R&D and patent activity are positively and significantly associated with market value. The results also suggest that private returns to R&D in Australia are low by international standards.

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