Abstract
Patents are acknowledged as intellectual assets that can establish legal appropriability and increase profits for firms; thus, previous literature has focused on the relationship between patent assets and market value of firms. Few studies note the uncertain examination duration encountered by patents. Therefore, this study tests the moderating effect of duration of patent examination on market value of firms by extending the hedonic model presented by Griliches and the framework of profit from innovation by Teece. The sample comprises firm-level financial and patent data from Taiwanese publicly traded firms in the electronics, computer and communications industries. The analytical results support our hypothesis that there is an inverse U-shaped moderating effect of examination duration on the relationship between patent assets and market value of firms. Based on the results, this study offers suggestions to knowledge management practitioners.
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