Patent quality, R&D investment, and the profitability of technology-based firms

IF 7.4 2区 经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-02-10 DOI:10.1016/j.frl.2025.106923
Hanjun Chen , Long Qian , Haohao Gu , Qianqian Chen , Ke Zheng , Yong Zhang , Sha Dong
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引用次数: 0

Abstract

This study examines the impact of patent quality on technology-based enterprise profitability using panel data from companies listed on China's Science and Technology Innovation Board (STAR market) and the Growth Enterprises Market from 2013 to 2022. The findings indicate that patent quality significantly enhances the profitability of these enterprises from an economic and legal perspective. The study explores the moderating role of research and development investment in the relationship between patent quality and profitability, identifying a negative moderating effect. Heterogeneity analysis indicates that the positive impact of patent quality on profitability is more pronounced in China's eastern region.
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来源期刊
Finance Research Letters
Finance Research Letters BUSINESS, FINANCE-
CiteScore
11.10
自引率
14.40%
发文量
863
期刊介绍: Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance
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