Paper to be presented at the                35th DRUID Celebration Conference 2013, Barcelona, Spain, June 17-19   Co-owne...
we uncover this tension between technological value creation and financial value appropriation when engaging in jointtechn...
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!2+D                                                                               D    Table 1. Trends in co-patenting ac...
Table 4. Negative Binomial Regression of Forward Citations Received (patent level)                                        ...
Table 5. Tobin Q: firms with and without copatenting activity                                                             ...
Table 7. The Effect of Co-patenting on the Growth in Market Valuation (Tobins q)                                          ...
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Bart Leten's paper co ownership of intellectual property exploring the value creation and appropriation implications of co-patentig

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External knowledge sourcing as part of a successful open innovation strategy requires firms to deal simultaneously with value creation and value appropriation aspects of these interactions. Combining qualitative interviews of IP managers with a large sample investigation of technological and financial implications of co-patenting for 166 R&D intensive firms,

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Bart Leten's paper co ownership of intellectual property exploring the value creation and appropriation implications of co-patentig

  1. 1. Paper to be presented at the 35th DRUID Celebration Conference 2013, Barcelona, Spain, June 17-19 Co-ownership of intellectual property: Exploring the value creation and appropriation implications of co-patenting Bart Leten KU Leuven Managerial Economics, Strategy and Innovation bart.leten@econ.kuleuven.be Rene Belderbos KU Leuven Managerial Economics, Strategy and Innovation rene.belderbos@kuleuven.be Bart Van Looy KU Leuven Managerial Economics, Strategy and Innovation bart.vanlooy@kuleuven.be Bruno Cassiman IESE Business School Strategic Management Department b.cassiman@iese.edu Dries Faems University of Groningen Innovation Management and Strategy d.l.m.faems@rug.nl AbstractExternal knowledge sourcing as part of a successful open innovation strategy requires firms to deal simultaneously withvalue creation and value appropriation aspects of these interactions. Combining qualitative interviews of IP managerswith a large sample investigation of technological and financial implications of co-patenting for 166 R&D intensive firms,
  2. 2. we uncover this tension between technological value creation and financial value appropriation when engaging in jointtechnology development trajectories. We find that the type of partners that engage in joint technology developmentaffects the severity of the tension between value creation and value appropriation. Firms that operate in the sameindustries and decide to co-own technologies, develop more valuable technologies, but also encounter more difficulty inappropriating the returns from such interactions. Our results also indicate the relevance to distinguish betweenownership rights and exploitation rights of jointly owned technologies when assessing the impact of open innovationpractices. Jelcodes:O32,O34
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  25. 25. A69E25C2985 C6556269C72+662CAA9C795629F766685265D6682C655C729AACD2725C297628C795C82C7626685A298E2856789A,625662B8CDA6EF62ACD2DA62CC7E8958F25672865685285C2E66AC8F286D2568CACF2829276A5%25662CAA9C7958F27296292F6728685625C286528276697298E2E66AC685%287698F25629A62C22CAA9C795629F7666852-998%2*..02CAA9C795629F7666852D52C655C7%25676C76%2962562C56859A25C29762C7628C795C8298E2CC7E895628656852A69E8F25C292A6972C5626652C82568CACF9A267C79862C22CAA9C795C8285256296256%252F526297E6725C286FC59562A697298E28C8 C8A58F264AC595C829F76668529229F766685265D6682C655C72CAE262E666E2985 C65562(7567C76%256297B652C7264AC58F256276A52C25662568CACF62F5262C762EA525C2697956%2D292A69E25C29286F95626652C828989A267C79862D682C 956858F29F7666852976265222 82529672D627CE6292752FA62C2562N979EC42C2C6886O2952DC7B257CF2989A,8F2C 95685265D6682E676852562C29758672:CD667%2825762DC7B252DCAE2628567658F25C2952562C 956852C2975867%262CD86727F5%2D5256286FC5956E264AC595C827F528C758956A%292C7285676D662FF656E%228C795C82568E25C2626726856298E228AB6A25C26299A9A62C8292A97F629A6282E676852A862C2865F95C8276A956E25C2C956858F298E29E986E2226AE67C26529A2-*.1.0225C28E67598E256298566E6852C2C 956858F21C62859A264AC795C827669A259528989AA2D69B67272F5262C7628A86E25C2C 95685%2DA625628989AA257C8F6727297629A625C29762562AA2CD867298E264AC595C827F525C2956852+9B8F252C8625627567%2C862CAE2689F62989A2C2E9E2C 9568529758672C6%296E2C82562CA66859752C2568CACF9A2646756298E276A95628989A25768F5262A69625662A862C2865F95C82C725762766972 2 */2 2
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  27. 27. ,9785,B%2$%2:9AA%22:%298E2)798%22-*..!02+62B97B65259A95C82C2?8CDA6EF628652821298E237C6982(728C2+62B989F66852C2856AA659A27C675%26E2$22CDC75%298E22656726A5689%2?C23ED97E23AF97%2111J1/122$C,%2S%2:96A%2@%21==E2%282+98%2B7%288E67C8%22-3E0%2+6262C28AA986282A66858F2+68CACF2157956F642B989F8F2157956F288C95C8298E298F6C282CAA65C82C269E8F2)4C7E28675276%2HS%2266! 6.22$C,%2S7%21==!2+626CA5C82C2CC6795C828257956F29AA986C2859A2C8E5C82C72A69788F27C66P2157956F2B989F62A21E%266 /22$67%2A:%218F%2:%21==2+6276A95C89A26DC2CC67956257956F298E2C762C28567C7F98,95C89A2C655629E9859F6289E62C2B989F6685266D2*/%2!!. !E=22(96%2$%259827CC%22%2$69B676%2?%2*..628567C7F98,95C89A2CAA9C795C8298E288C95C8C2+CD97E292C75CAC297C92A27CE288C95C82B989F62**%2*/ *6.22(96%2$%2A9868%2B%2B9ECB%28%259827CC%22%2*..2+CD97E2982856F79562676562C828AA9862@C678986C2C88658F2C857952$6F8%2+752$89%298E2C8579528A95C8289E62C2B989F66852AC789A261%21.6/ 1.E22(96%2$%2A9868%2B%29827CC%22%2*..E2+628595C8298E26CA5C82C2856772B8CDA6EF62579867282#$276A95C82)7F98215E2*%21!== 1E*22(A68F%27%2)21C768C82-*..30221686292929282568CACF9A26972157956F2B989F66852AC789A2*62=.= =*2@89D9A%2$2%2#297B%222-2-*.1102RC C655C8265D6682F985C2CAA9C795C82D52C655C72C72568CACF9A288C95C8R266972CA%23.%2!6. !/22@89D9A%2$2%2#297B%222-2-*..=02RC C655C8298E2568CACF9A288C95C82829AA298E26E,6E26856776C282A5A66A2C8659A2CE6AR2AC789A2C219AA22862B989F6685%23E%2/./.22@997E6AA9%28%2:97C%2$%298E25679F68%222-*..02+6259A62C2237C698295685232EC8296728C2!3222@7A6%2T2-1=102B97B65259A6%2#$298E29568523C8C27655672EC1/J1E222@7A6%2T2-1==.02956852159552923C8C28E95C7C2821762AC789A2C23C8C2756795762*-30C1!!1J1E.E2:9F6ECC78%2A%2*../21978F2856AA659A27C67527F52 298264AC795C725E2C2C852956858F29C8F52C98628E579A298E2C7C7956298F621*%21./6 1.6.22:9F6ECC78%2A%25982?798687F%2:%2)C78%2H%2*../2AC852956858F29C8F52C986C234AC78F25626652C28567 72#$29758678F298E264676862B989F679A298E2$6C823C8C2*3%2E1 322:9AA%22%2A96%28%298E2+7956867F%2B2-*..602B97B65259A6298E2956852595C8298E2AC789A2C23C8C2/!-10C1!J/2 *62 2
  28. 28. 2:97C%2$%2(216767%2?25C6A2-*../02595C8%2(9A21,6%2)C5C8298E256259A62C2956852F52 23E68627C2@679826E6D7AF18BA2/*-0221/3/ 1/!/2:698%228%2HB67C8%2A8%2*..32379A26E686276F97E8F2562568C8265D6682B8CDA6EF62978F298E2B8CDA6EF62647C795C8282CAA9C795C82B989F62$623C82*622:68B6A%2A%2*..!216A65627669A8F282C68288C95C827C66C2+62962C266EE6E2784266972CA2/6%2=6/ =!=22A96%28298E2767867%2A2-*..30288C95C8298E252$C85685C2:CD2)7227CB6829568521562238E98F678F288C95C8298E27CF76%298E29525C2$C29C52527865C8%2HAC27865C8286752762279768%2?%219A567%28%2*..!2)682C7288C95C8C2+627CA62C2C688628264A988F288C95C8267C798629C8F2?2989578F272157956F2B989F62A2*E%211/ 16.2279768%2?%219A567%28%2*..62+62979EC42C2C68862C2B8CDA6EF62C7288C95C822768%2%2?A6C7B%28%2H6AC8%2%298E28567%212-1=E0287C7958F2562657827C28E579A26697298E2$66AC685227CCB8F29672C823C8C28552/CE/J/122B986AE%232-1=!0295685298E288C95C8C2882379A215E2B989F6685216862/*-*0C1E/J1122B9ECB%28%2+9AA98%212%21==26C76%2579895C8298E27685C2989F8F29A6257CF2856772CAA9C7956276A95C82)7F98,95C8216862=%2/*! //=22B67F6%2%27CB6%278%21==.2C CD8672C295685C282C97956298E26C8C26D2AC789A2C256295685298E2+79E697B2)621C652E*229B6%2821==62)8295685%2#$%298E256215CB2B97B6529562C26578%2AC789A2C2CA59A23C8C%286752C29FC276%2CA2=/-*0%2/=. 3.=2979EC%2A%2657CDB%23%2*..=2$A692C2C852956852CD8672H6D2A676279D2AC789A21=E%2=1* =1/22955%2?2-1=602956852159552928E95C72C288C95628556C2CA56298E27CA621685C6572E-10CEEJ==22MAA68%2298E26567%2)2-*..102C8588F29568528A95C8298E267C79862C256212956852)62(6E679A27522972AC789A211-10C1J*122 2265,F%2B2-*..3027C8F29568529A95C82C72989F668527C62U9AE958F286D28E95C722989A,8F29A95C82795C89A6266972CA2//2=/=J=6E259A9%2%2#2:76A889 79BB9868%22-*..=02R95R28252C726P276958F298E297C7958F29A628288C95C8 76A956E2CC655C8R2+68C95C8%2*=%21= *221C567%212-1==1021598E8F2C82562CAE672C2F985C2A956276697298E2562956852A9D2+62AC789A2C26C8C26765626-102*= 312 *!2 2
  29. 29. 5989676B6%2%2*..!2+628567C7F98,95C89A2C856452C2C68288C95C8%28267CF%2:%25989676B6%2%265%2A2-3E0%2)68288C95C8C266978F292H6D2979EF%22*.6 *1=2259827CC%22%2$2A6%2B%298E2B9F6798%2+2-*..!02$95927CE5C82B65CE2C72:97C8,6E295685215955C295685662165C728AAC95C82B12C7B8F29672.!.!225982C556A67F62E62A92C55676%22298E2(798LC%2$2-*..!02+62C52(95C728295685215623)2DC7B8F29672322.! ..*2256F6A67%2298E2229982-*..602#$2CC6795C8265D6682(7298E286756C21C62679A26E68627C226AF%2+628567895C89A2AC789A2C28E579A2)7F98,95C8%2*/2-6 !0%22/66 /E=2265%2A2-*..!02N$C6287C79A52389A62C726597E2)68288C95C8PO282:687267CF%225989676B6298E2AC6A265%26E%2#621228DCB82$16E6D7AFB21D1%61D7DB42)4C7EC2)4C7E28675276%2*..!%221.= 1//22 D D *E2 2
  30. 30. !2+D D Table 1. Trends in co-patenting activity of the 166 sample firms year 1995 1996 1997 1998 1999 2000 2001 2002 2003 copatents - vertical partners 302 311 244 299 263 314 237 167 84 % total 2,9 2,8 2,2 2,7 2,4 3,0 2,5 2,4 1,7 copatents - horizontal partners 98 132 158 145 158 140 114 107 56 % total 0,9 1,2 1,4 1,3 1,4 1,3 1,2 1,5 1,1 copatents - universities 15 20 16 16 11 21 9 4 7 % total 0,14 0,18 0,14 0,14 0,10 0,20 0,10 0,06 0,14 all patent grants 10548 10920 11289 11145 11184 10560 9295 6938 4941 22 Table 2. Characteristics of copatents copatents other vertical horizontal university all patents forward citations 1.080 1.380 1,622 1.195 1,024 backward citations 4.859 4.479 3,546 4.692 4,452 non-patent citations 0.482 0.528 2,874 0,579 0,569 number of technology fields 1.392 1.408 1,630 1.406 1,302 number of inventors 4.593 4.738 4,580 4.639 2,795 22 Table 3. Patent citation model: means, standard deviations and correlations mean st dev 1 2 3 4 5 6 7 8 1 forward citations 0,812 1.786 2 copatent - all 0,040 0,196 0,013 3 copatent - vertical partners 0,011 0,106 0,016 0,521 4 copatent- horizontal partners 0,006 0,075 0,024 0,367 -0,008 5 copatent - universities 0,002 0,044 0,007 0,217 -0,005 -0,003 6 backward patent citations 4.164 3.064 0,071 0,022 0,024 0,008 -0,017 7 non-patent citations 0,637 1.550 0,068 0,003 -0,011 -0,005 0,070 -0,067 8 number of technology fields 1.314 0,596 0,046 0,044 0,014 0,012 0,028 0,093 0,097 9 number of inventors 2.860 2.054 0,086 0,193 0,090 0,069 0,033 0,077 0,056 0,123 22 2 2 *2 2
  31. 31. Table 4. Negative Binomial Regression of Forward Citations Received (patent level) Model 1 Model 2 Model 3 Model 4 Model 5 Model 6 copatent - all 0.185*** 0.184*** 0.073*** [0.028] [0.028] [0.028] copatent - vertical partners 0.161*** 0.162*** 0,054 [0.035] [0.035] [0.035] copatent- horizontal partners 0.242*** 0.240*** 0.123*** [0.047] [0.047] [0.047] copatent - universities 0,075 0,045 -0,038 [0.137] [0.138] [0.137] backward patent citations 0.030*** 0.027*** 0.030*** 0.027*** [0.002] [0.002] [0.002] [0.002] non-patent citations 0.037*** 0.035*** 0.037*** 0.035*** [0.004] [0.004] [0.004] [0.004] number of cited technology fields 0.219* 0.228* 0.220* 0.229* [0.131] [0.130] [0.131] [0.130] number of inventors 0.069*** 0.069*** [0.003] [0.003] 3-digit IPC dummies Included Included Included Included Included Included firm dummies Included Included Included Included Included Included year dummies Included Included Included Included Included Included Observations 86820 86820 86820 86820 86820 86820 Loglikelihood -113263 -113092 -112812 -112811 -113090 -113261 12907 13249 13808 13810 13252 12909 LR chi square (DF) (304) (307) (308) (306) (309) (310) Standard errors in parentheses * significant at 10%; ** significant at 5%; *** significant at 1% 22 2 2 *=2 2
  32. 32. Table 5. Tobin Q: firms with and without copatenting activity firms with # firm obs firms without # firm obs stat diff copatents - horizontal partners 1,53 315 1,87 830 p 0,01 copatents - vertical partners 1,33 422 2,03 733 p 0,01 copatents - universities 2,48 175 1,65 970 p 0,01 note: based on 1145 firm-year observations 22 Table 6. Market valuation growth model: means, standard deviations and correlations mean st dev 1 2 3 4 5 6 7 8 1 growth (dln) Tobins q -0,027 0,414 2 lagged Tobins q 0,274 0,765 -0,311 3 copatents - horizontal partners 0,018 0,054 -0,006 -0,078 4 copatents - vertical partners 0,030 0,086 0,005 -0,068 0,111 5 copatents - universities 0,002 0,017 0,004 0,118 0,013 0,019 6 RD/assets 0,063 0,046 -0,040 0,465 -0,025 -0,133 0,063 7 patents/RD 0,012 0,015 0,024 -0,124 -0,080 -0,033 -0,062 -0,336 8 citations/patents 0,846 0,813 0,072 0,274 0,060 -0,083 0,095 0,253 0,010 9 product diversification 3.924 1.760 -0,006 -0,249 0,019 -0,031 0,083 -0,190 0,036 -0,110 22 2 2 /.2 2
  33. 33. Table 7. The Effect of Co-patenting on the Growth in Market Valuation (Tobins q) 1-year growth 2-year growth Model 1 Model 2 Model 3 Model 4Co-Patents - vertical partners 0,047 0,097 [0.124] [0.236]Co-Patents - horizontal partners -0.357* -0.978*** [0.194] [0.367]Co-Patents - universities -0,081 0,506 [0.609] [1.125]Lagged Tobins q -0.235*** -0.237*** -0.450*** -0.453*** [0.019] [0.019] [0.024] [0.024]RD/assets 0.785*** 0.827*** 1.354*** 1.456*** [0.293] [0.295] [0.435] [0.438]patents/RD 1.049 1.012 2.820** 2.647** [0.76] [0.77] [1.13] [1.10]citations/patents 0,013 0,014 0.063** 0.069*** [0.015] [0.016] [0.026] [0.026]product diversification -0.014** -0.013** -0.018** -0.018** [0.006] [0.006] [0.008] [0.008]country dummies Included Included Included Includedsector dummies Included Included Included Includedyear dummies Included Included Included IncludedObservations (firms) 1145 (166) 1145 (166) 1023 (165) 1023 (165)R squared 0,315 0,318 0,443 0,447F test 19.1*** 17.3*** 30.5*** 27.7***Standard errors in parentheses* significant at 10%; ** significant at 5%; *** significant at 1% note: Results of OLS regression. Patent and RD variables are two-year weighted averages in models 3 and 4. 2 /12 2

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