Intangibles and the market value of biopharmaceutical startups

R Morales, F Radoniqi - The Journal of Business Inquiry, 2018 - journals.uvu.edu
The Journal of Business Inquiry, 2018journals.uvu.edu
This paper investigates the relationship between various measures of intangible capital and
the market valuation of young biopharmaceutical firms. We employ a non-linear model to
measure the impact of R&D, patents, alliances, organizational capital, and mergers on the
value of 349 newly-incorporated firms between 1980 and 2006. We find that, with the
exception of mergers, our measures of intangible capital have positive and significant effects
on market values; the impact of R&D declines as firms mature; and the omission of either …
Abstract
This paper investigates the relationship between various measures of intangible capital and the market valuation of young biopharmaceutical firms. We employ a non-linear model to measure the impact of R&D, patents, alliances, organizational capital, and mergers on the value of 349 newly-incorporated firms between 1980 and 2006. We find that, with the exception of mergers, our measures of intangible capital have positive and significant effects on market values; the impact of R&D declines as firms mature; and the omission of either alliances or organizational capital leads to a significant overstatement of the influence of R&D.
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