Main Article Content
Abstract
Abstract: Prior studies pointed to evidence that startups and venture capital (VC) companies tended to use different measures to provide signals to outsiders. This study adds to those previous insights by focusing on established firms’ patenting behaviors and their effect on the amount of money raised at the initial public offering (IPO). Since technology intensity may differ considerably between high and low-tech companies, our main interest in this paper lies on whether the significance of pre-IPO patenting activities as a predictor of IPO performance also varies between these two industry categories. Using cross-sectional data representing 308 Japanese industrial firms’ IPO commitments between 2000 and 2015, we find a robust positive correlation between patent applications and IPO performance. Contrary to the conventional wisdom proposing that high-tech firms with more patenting activities achieve better IPO performance, we show that the signaling power of patenting is stronger for the low-tech companies in our sample: While the high-tech firms do not seem to have significantly benefited from a patent signal, the low-tech firms seem to have attracted external investors more easily due to patenting at the IPO.
Keywords: Patent, signal, initial public offering (IPO), high-tech industries, low-tech industries
Keywords
Patent
Signal
Initial Public Offering (IPO)
High-tech Industries
Low-tech Industries.
Article Details
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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Copyright @2017. This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (http://creativecommons.org/licenses/by-nc-sa/4.0/) which permits unrestricted non-commercial used, distribution and reproduction in any medium
How to Cite
An, L. T. N., Matsuura, Y., Yahya, N. C., & Phuc, N. H. (2022). Patent Signals of IPO Performance: Evidence from High- and Low-Tech Industries in Japan. The Asian Journal of Technology Management (AJTM), 15(1), 21–39. https://doi.org/10.12695/ajtm.2022.15.1.2
References
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Al‐Shammari, H. A., Ross, O. W., & Yousuf, H. A. (2013). Firm internationalization and IPO firm performance: The moderating effects of firm ownership structure. International Journal of Commerce and Management, 23(3), 242–261.
Arora, N., & Singh, B. (2019). Impact of Auditor and Underwriter Reputation on Underpricing of SME IPOs in India. Management and Labour Studies, 44(2), 193–208.
Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. The Journal of Product Innovation Management, 27(5), 725–740.
Barth, M. E., & Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211–241.
Basir, N. (2020). Reputation Enhancing Through Patent Portfolios: An Exploration of Lapsed Patents and IPOS. Corporate Reputation Review, 23(1), 42–56.
Baum, H. S. (2000). Fantasies and Realities in University-Community Partnerships. Journal of Planning Education and Research, 20(2), 234–246.
Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings. The Accounting Review, 64(4), 693–709.
Bruton, G. D., Chahine, S., & Filatotchev, I. (2009). Founders, Private Equity Investors, and Underpricing in Entrepreneurial IPOs. Entrepreneurship Theory and Practice, 33(4), 909–928.
Certo, S. T., Daily, C. M., & Dalton, D. R. (2001). Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings. Entrepreneurship Theory and Practice, 26(2), 33–50.
Chan, K. H., Mo, P. L. L., & Zhang, W. (2021). Do Abnormal IPO Audit Fees Signal IPO Audit Quality and Post-IPO Performance? A Principal-Agent Analysis Based on Evidence from China. Journal of International Accounting Research, 20(1), 1–29.
Cohen, B. D., & Dean, T. J. (2005). Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal. Strategic Management Journal, 26(7), 683–690.
Cohen, W., Nelson, R., & Walsh, J. (2000). Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not). doi: 10.3386/w7552.
Coursey, C. C. (2009). Battling the patent troll: tips for defending patent infringement claims by non-manufacturing patentees. The American Journal of Trial Advocacy, 33, 237.
Deeds, D. L., Decarolis, D., & Coombs, J. E. (1997). The impact of firmspecific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry. Journal of Business Venturing, 12(1), 31–46.
Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational Growth: Linking Founding Team, Strategy, Environment, and Growth Among U.S. Semiconductor Ventures, 1978-1988. Administrative Science Quarterly, 35(3), 504–529.
Feldman, R., & Frondorf, E. (2015). Patent demands and initial public offerings. Stan. Tech. L. Rev., 19, 52.
Gomulya, D., Jin, K., Lee, P. M., & Pollock, T. G. (2019). Crossed wires: Endorsement signals and the effects of IPO firm delistings on venture capitalists’ reputations. Academy of Management Journal. Academy of Management, 62(3), 641–666.
Graham, S. J. H., & Sichelman, T. (2008). Why do start-ups patent. Berkeley Tech. LJ, 23, 1063.
Guiso, L. (1998). High-tech firms and credit rationing. Journal of Economic Behavior & Organization, 35(1), 39–59.
Gujarati, D. N., & Porter, D. C. (1999). Essentials of econometrics (Vol. 2). Irwin/McGraw-Hill Singapore.
Hall, B. H., & Ziedonis, R. H. (2001). The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995. The Rand Journal of Economics, 32(1), 101–128.
Heeley, M. B., Matusik, S. F., & Jain, N. (2007). Innovation, Appropriability, And The Underpricing Of Initial Public Offerings. Academy of Management Journal, 50(1), 209–225.
Higgins, M. C., & Gulati, R. (2001). Getting off to a good start: the effects of top management team affiliations on prestige of investment bank and IPO success. Working paper.
Higgins, M. C., & Gulati, R. (2006). Stacking the deck: the effects of top management backgrounds on investor decisions. Strategic Management Journal, 27(1), 1–25.
Higgins, M. J., Stephan, P. E., & Thursby, J. G. (2011). Conveying quality and value in emerging industries: Star scientists and the role of signals in biotechnology. Research Policy, 40(4), 605–617.
Hsu, D. H., & Ziedonis, R. H. (2008). Patents As Quality Signals For Entrepreneurial Ventures. Proceedings: A Conference of the American Medical Informatics Association /... AMIA Annual Fall Symposium. AMIA Fall Symposium, 2008(1), 1–6.
Johan, S. A. (2010). Listing standards as a signal of IPO preparedness and quality. International Review of Law and Economics, 30(2), 128–144.
Lange, J. E., Bygrave, W., Nishimoto, S., Roedel, J., & Stock, W. (2001). Smart money? The impact of having top venture capital investors and underwriters backing a venture. Venture Capital, 3(4), 309–326.
Lemley, M. (n.d.). Reconceiving Patents in the Age of Venture Capital. doi: 10.31235/osf.io/sdtmj
Lemley, M. A. (2000). Rational ignorance at the patent office. Nw. UL Rev., 95, 1495.
Leone, A. J., Rock, S. K., & Willenborg, M. (n.d.). Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings. In SSRN Electronic Journal. doi: 10.2139/ssrn.384620.
Levin, R. C., Klevorick, A. K., Nelson, R. R., Winter, S. G., Gilbert, R., & Griliches, Z. (1987). Appropriating the Returns from Industrial Research and Development. Brookings Papers on Economic Activity, 1987(3), 783–831.
Long, C. (2002). Patent Signals. The University of Chicago Law Review. University of Chicago. Law School, 69(2), 625–679.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879–903.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879–903.
Motohashi, K. (2008). Licensing or not licensing? An empirical analysis of the strategic use of patents by Japanese firms. Research Policy, 37(9), 1548–1555.
Ozmel, U., Reuer, J. J., & Gulati, R. (2013). Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration. Academy of Management Journal, 56(3), 852–866.
Pukthuanthong-Le, K., & Walker, T. (n.d.). Pre-IPO insider ownership and underpricing: High-tech versus low-tech IPOs. Retrieved August 12, 2021, from http://www.financialdecisionsonline.org/current/PukthuanghongWalkerSummer2008.pdf
Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. The Journal of Finance, 57(4), 1795–1828.
Stuart, T. E., Hoang, H., & Hybels, R. C. (1999). Interorganizational Endorsements and the Performance of Entrepreneurial Ventures. Administrative Science Quarterly, 44(2), 315–349.
Useche, D. (2014). Are patents signals for the IPO market? An EU–US comparison for the software industry. Research Policy, 43(8), 1299–1311.
Zhou, L. (jolly), & Sadeghi, M. (2019). The impact of innovation on IPO short-term performance – Evidence from the Chinese markets. Pacific-Basin Finance Journal, 53, 208–235.
Ziedonis, R. H. (2004). Don’t Fence Me In: Fragmented Markets for Technology and the Patent Acquisition Strategies of Firms. Management Science, 50(6), 804–820.
References
Al‐Shammari, H. A., Ross, O. W., & Yousuf, H. A. (2013). Firm internationalization and IPO firm performance: The moderating effects of firm ownership structure. International Journal of Commerce and Management, 23(3), 242–261.
Arora, N., & Singh, B. (2019). Impact of Auditor and Underwriter Reputation on Underpricing of SME IPOs in India. Management and Labour Studies, 44(2), 193–208.
Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. The Journal of Product Innovation Management, 27(5), 725–740.
Barth, M. E., & Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211–241.
Basir, N. (2020). Reputation Enhancing Through Patent Portfolios: An Exploration of Lapsed Patents and IPOS. Corporate Reputation Review, 23(1), 42–56.
Baum, H. S. (2000). Fantasies and Realities in University-Community Partnerships. Journal of Planning Education and Research, 20(2), 234–246.
Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings. The Accounting Review, 64(4), 693–709.
Bruton, G. D., Chahine, S., & Filatotchev, I. (2009). Founders, Private Equity Investors, and Underpricing in Entrepreneurial IPOs. Entrepreneurship Theory and Practice, 33(4), 909–928.
Certo, S. T., Daily, C. M., & Dalton, D. R. (2001). Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings. Entrepreneurship Theory and Practice, 26(2), 33–50.
Chan, K. H., Mo, P. L. L., & Zhang, W. (2021). Do Abnormal IPO Audit Fees Signal IPO Audit Quality and Post-IPO Performance? A Principal-Agent Analysis Based on Evidence from China. Journal of International Accounting Research, 20(1), 1–29.
Cohen, B. D., & Dean, T. J. (2005). Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal. Strategic Management Journal, 26(7), 683–690.
Cohen, W., Nelson, R., & Walsh, J. (2000). Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not). doi: 10.3386/w7552.
Coursey, C. C. (2009). Battling the patent troll: tips for defending patent infringement claims by non-manufacturing patentees. The American Journal of Trial Advocacy, 33, 237.
Deeds, D. L., Decarolis, D., & Coombs, J. E. (1997). The impact of firmspecific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry. Journal of Business Venturing, 12(1), 31–46.
Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational Growth: Linking Founding Team, Strategy, Environment, and Growth Among U.S. Semiconductor Ventures, 1978-1988. Administrative Science Quarterly, 35(3), 504–529.
Feldman, R., & Frondorf, E. (2015). Patent demands and initial public offerings. Stan. Tech. L. Rev., 19, 52.
Gomulya, D., Jin, K., Lee, P. M., & Pollock, T. G. (2019). Crossed wires: Endorsement signals and the effects of IPO firm delistings on venture capitalists’ reputations. Academy of Management Journal. Academy of Management, 62(3), 641–666.
Graham, S. J. H., & Sichelman, T. (2008). Why do start-ups patent. Berkeley Tech. LJ, 23, 1063.
Guiso, L. (1998). High-tech firms and credit rationing. Journal of Economic Behavior & Organization, 35(1), 39–59.
Gujarati, D. N., & Porter, D. C. (1999). Essentials of econometrics (Vol. 2). Irwin/McGraw-Hill Singapore.
Hall, B. H., & Ziedonis, R. H. (2001). The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995. The Rand Journal of Economics, 32(1), 101–128.
Heeley, M. B., Matusik, S. F., & Jain, N. (2007). Innovation, Appropriability, And The Underpricing Of Initial Public Offerings. Academy of Management Journal, 50(1), 209–225.
Higgins, M. C., & Gulati, R. (2001). Getting off to a good start: the effects of top management team affiliations on prestige of investment bank and IPO success. Working paper.
Higgins, M. C., & Gulati, R. (2006). Stacking the deck: the effects of top management backgrounds on investor decisions. Strategic Management Journal, 27(1), 1–25.
Higgins, M. J., Stephan, P. E., & Thursby, J. G. (2011). Conveying quality and value in emerging industries: Star scientists and the role of signals in biotechnology. Research Policy, 40(4), 605–617.
Hsu, D. H., & Ziedonis, R. H. (2008). Patents As Quality Signals For Entrepreneurial Ventures. Proceedings: A Conference of the American Medical Informatics Association /... AMIA Annual Fall Symposium. AMIA Fall Symposium, 2008(1), 1–6.
Johan, S. A. (2010). Listing standards as a signal of IPO preparedness and quality. International Review of Law and Economics, 30(2), 128–144.
Lange, J. E., Bygrave, W., Nishimoto, S., Roedel, J., & Stock, W. (2001). Smart money? The impact of having top venture capital investors and underwriters backing a venture. Venture Capital, 3(4), 309–326.
Lemley, M. (n.d.). Reconceiving Patents in the Age of Venture Capital. doi: 10.31235/osf.io/sdtmj
Lemley, M. A. (2000). Rational ignorance at the patent office. Nw. UL Rev., 95, 1495.
Leone, A. J., Rock, S. K., & Willenborg, M. (n.d.). Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings. In SSRN Electronic Journal. doi: 10.2139/ssrn.384620.
Levin, R. C., Klevorick, A. K., Nelson, R. R., Winter, S. G., Gilbert, R., & Griliches, Z. (1987). Appropriating the Returns from Industrial Research and Development. Brookings Papers on Economic Activity, 1987(3), 783–831.
Long, C. (2002). Patent Signals. The University of Chicago Law Review. University of Chicago. Law School, 69(2), 625–679.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879–903.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879–903.
Motohashi, K. (2008). Licensing or not licensing? An empirical analysis of the strategic use of patents by Japanese firms. Research Policy, 37(9), 1548–1555.
Ozmel, U., Reuer, J. J., & Gulati, R. (2013). Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration. Academy of Management Journal, 56(3), 852–866.
Pukthuanthong-Le, K., & Walker, T. (n.d.). Pre-IPO insider ownership and underpricing: High-tech versus low-tech IPOs. Retrieved August 12, 2021, from http://www.financialdecisionsonline.org/current/PukthuanghongWalkerSummer2008.pdf
Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. The Journal of Finance, 57(4), 1795–1828.
Stuart, T. E., Hoang, H., & Hybels, R. C. (1999). Interorganizational Endorsements and the Performance of Entrepreneurial Ventures. Administrative Science Quarterly, 44(2), 315–349.
Useche, D. (2014). Are patents signals for the IPO market? An EU–US comparison for the software industry. Research Policy, 43(8), 1299–1311.
Zhou, L. (jolly), & Sadeghi, M. (2019). The impact of innovation on IPO short-term performance – Evidence from the Chinese markets. Pacific-Basin Finance Journal, 53, 208–235.
Ziedonis, R. H. (2004). Don’t Fence Me In: Fragmented Markets for Technology and the Patent Acquisition Strategies of Firms. Management Science, 50(6), 804–820.
Arora, N., & Singh, B. (2019). Impact of Auditor and Underwriter Reputation on Underpricing of SME IPOs in India. Management and Labour Studies, 44(2), 193–208.
Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. The Journal of Product Innovation Management, 27(5), 725–740.
Barth, M. E., & Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211–241.
Basir, N. (2020). Reputation Enhancing Through Patent Portfolios: An Exploration of Lapsed Patents and IPOS. Corporate Reputation Review, 23(1), 42–56.
Baum, H. S. (2000). Fantasies and Realities in University-Community Partnerships. Journal of Planning Education and Research, 20(2), 234–246.
Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings. The Accounting Review, 64(4), 693–709.
Bruton, G. D., Chahine, S., & Filatotchev, I. (2009). Founders, Private Equity Investors, and Underpricing in Entrepreneurial IPOs. Entrepreneurship Theory and Practice, 33(4), 909–928.
Certo, S. T., Daily, C. M., & Dalton, D. R. (2001). Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings. Entrepreneurship Theory and Practice, 26(2), 33–50.
Chan, K. H., Mo, P. L. L., & Zhang, W. (2021). Do Abnormal IPO Audit Fees Signal IPO Audit Quality and Post-IPO Performance? A Principal-Agent Analysis Based on Evidence from China. Journal of International Accounting Research, 20(1), 1–29.
Cohen, B. D., & Dean, T. J. (2005). Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal. Strategic Management Journal, 26(7), 683–690.
Cohen, W., Nelson, R., & Walsh, J. (2000). Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not). doi: 10.3386/w7552.
Coursey, C. C. (2009). Battling the patent troll: tips for defending patent infringement claims by non-manufacturing patentees. The American Journal of Trial Advocacy, 33, 237.
Deeds, D. L., Decarolis, D., & Coombs, J. E. (1997). The impact of firmspecific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry. Journal of Business Venturing, 12(1), 31–46.
Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational Growth: Linking Founding Team, Strategy, Environment, and Growth Among U.S. Semiconductor Ventures, 1978-1988. Administrative Science Quarterly, 35(3), 504–529.
Feldman, R., & Frondorf, E. (2015). Patent demands and initial public offerings. Stan. Tech. L. Rev., 19, 52.
Gomulya, D., Jin, K., Lee, P. M., & Pollock, T. G. (2019). Crossed wires: Endorsement signals and the effects of IPO firm delistings on venture capitalists’ reputations. Academy of Management Journal. Academy of Management, 62(3), 641–666.
Graham, S. J. H., & Sichelman, T. (2008). Why do start-ups patent. Berkeley Tech. LJ, 23, 1063.
Guiso, L. (1998). High-tech firms and credit rationing. Journal of Economic Behavior & Organization, 35(1), 39–59.
Gujarati, D. N., & Porter, D. C. (1999). Essentials of econometrics (Vol. 2). Irwin/McGraw-Hill Singapore.
Hall, B. H., & Ziedonis, R. H. (2001). The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995. The Rand Journal of Economics, 32(1), 101–128.
Heeley, M. B., Matusik, S. F., & Jain, N. (2007). Innovation, Appropriability, And The Underpricing Of Initial Public Offerings. Academy of Management Journal, 50(1), 209–225.
Higgins, M. C., & Gulati, R. (2001). Getting off to a good start: the effects of top management team affiliations on prestige of investment bank and IPO success. Working paper.
Higgins, M. C., & Gulati, R. (2006). Stacking the deck: the effects of top management backgrounds on investor decisions. Strategic Management Journal, 27(1), 1–25.
Higgins, M. J., Stephan, P. E., & Thursby, J. G. (2011). Conveying quality and value in emerging industries: Star scientists and the role of signals in biotechnology. Research Policy, 40(4), 605–617.
Hsu, D. H., & Ziedonis, R. H. (2008). Patents As Quality Signals For Entrepreneurial Ventures. Proceedings: A Conference of the American Medical Informatics Association /... AMIA Annual Fall Symposium. AMIA Fall Symposium, 2008(1), 1–6.
Johan, S. A. (2010). Listing standards as a signal of IPO preparedness and quality. International Review of Law and Economics, 30(2), 128–144.
Lange, J. E., Bygrave, W., Nishimoto, S., Roedel, J., & Stock, W. (2001). Smart money? The impact of having top venture capital investors and underwriters backing a venture. Venture Capital, 3(4), 309–326.
Lemley, M. (n.d.). Reconceiving Patents in the Age of Venture Capital. doi: 10.31235/osf.io/sdtmj
Lemley, M. A. (2000). Rational ignorance at the patent office. Nw. UL Rev., 95, 1495.
Leone, A. J., Rock, S. K., & Willenborg, M. (n.d.). Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings. In SSRN Electronic Journal. doi: 10.2139/ssrn.384620.
Levin, R. C., Klevorick, A. K., Nelson, R. R., Winter, S. G., Gilbert, R., & Griliches, Z. (1987). Appropriating the Returns from Industrial Research and Development. Brookings Papers on Economic Activity, 1987(3), 783–831.
Long, C. (2002). Patent Signals. The University of Chicago Law Review. University of Chicago. Law School, 69(2), 625–679.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879–903.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879–903.
Motohashi, K. (2008). Licensing or not licensing? An empirical analysis of the strategic use of patents by Japanese firms. Research Policy, 37(9), 1548–1555.
Ozmel, U., Reuer, J. J., & Gulati, R. (2013). Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration. Academy of Management Journal, 56(3), 852–866.
Pukthuanthong-Le, K., & Walker, T. (n.d.). Pre-IPO insider ownership and underpricing: High-tech versus low-tech IPOs. Retrieved August 12, 2021, from http://www.financialdecisionsonline.org/current/PukthuanghongWalkerSummer2008.pdf
Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. The Journal of Finance, 57(4), 1795–1828.
Stuart, T. E., Hoang, H., & Hybels, R. C. (1999). Interorganizational Endorsements and the Performance of Entrepreneurial Ventures. Administrative Science Quarterly, 44(2), 315–349.
Useche, D. (2014). Are patents signals for the IPO market? An EU–US comparison for the software industry. Research Policy, 43(8), 1299–1311.
Zhou, L. (jolly), & Sadeghi, M. (2019). The impact of innovation on IPO short-term performance – Evidence from the Chinese markets. Pacific-Basin Finance Journal, 53, 208–235.
Ziedonis, R. H. (2004). Don’t Fence Me In: Fragmented Markets for Technology and the Patent Acquisition Strategies of Firms. Management Science, 50(6), 804–820.