Munich Personal RePEc Archive

Intangibles and the Market Value of Biopharmaceutical Startups

Morales, Rosa and Radoniqi, Fatos (2017): Intangibles and the Market Value of Biopharmaceutical Startups. Forthcoming in: The Journal of Business Inquiry , Vol. 18, No. 2 (2018)

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Abstract

his 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 havepositive 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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