Abstract
With less than 3% of patents making money, investors are left in the dark as to what the real value of patents is. To secure a positive market valuation, firms use the behavior and the velocity of their patenting activity to fill this informational gap. In this study we define patenting velocity as firms’ frequency in patenting and claim that the real value of patenting activity resides in the signal sent to investors. Results from 203 US technology-intensive firms indicate that exploration and exploitation patenting trajectories have opposing effects on firms’ market value with high velocity patenting boosting this effect and ambidextrous patenting diminishing it.
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