讲题: Software Patents and Firm Value: A Real Options Perspective on the Role of Innovation Orientation and Environmental Uncertainty

讲者：Prof. Animesh, Desautels Faculty of Management, McGill University

时间：4月18日（周一）下午15：00—17：00

地点：商学院二楼研讨室

内容简介：

Software patents have been growing steadily since 1996 when the restrictions on the patentability of software were eliminated. However, there is ongoing debate about the value of software patents, especially among practitioners who argue that software patents do not play a significant role in a firm’s profits because such technological inventions are often fuzzy and ambiguous. In this paper, we develop a novel theoretical framework based on the real option theory and the literature on exploration and exploitation to assess the value of software patent. Moreover, we examine the impact of contextual factors related to the nature of innovation underlying firms’ patent portfolios (exploitative vs. explorative) and the environmental uncertainty (competitiveness and dynamism) on the value of software patents. Specifically, we focus on the interaction between the moderators (i.e., innovation orientation and environmental uncertainty) as well as the joint effect of two different dimensions of environmental uncertainty. Based on a large panel dataset consisting of 602 US firms, our results suggest that firms with a software patent portfolio having higher levels of explorative (exploitative) orientation have greater returns and higher firm value (as measured by Tobin’s q) in market environment exhibiting low (high) dynamism and high (low) competitiveness. We discuss the implications for research and practice.

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 商学院

2016-4-17