Software Patents and Firm Value: A Real Options Perspective on the Role of Innovation Orientation and Environmental Uncertainty
研究基于602家美国企业数据，发现软件专利组合的探索性创新导向在高竞争低动态环境中提升企业价值，而利用性创新导向在低竞争高动态环境中更有效，为管理者评估软件专利价值提供实证依据。
Our paper shows that software-based patents can contribute significantly to the value of firms. Our paper provides managers with insights into how different types of software-based innovations affect firm value in market environments exhibiting different levels of competitiveness and dynamism. Using a large-panel data set consisting of 602 U.S. firms, we find that firms with a software patent portfolio having higher levels of explorative innovation orientation achieve higher market value in environments with high competitiveness and low dynamism. By contrast, firms with a software patent portfolio exhibiting high levels of exploitative innovation orientation achieve higher market value in low competitiveness and high dynamism environments. Although some practitioners are still skeptical about the value of software patents, we provide empirical evidence that a firm’s software patents do contribute to firm performance, thereby helping practitioners to justify their investments in software innovation and assess the value of their software patents. Furthermore, our paper highlights key factors—both internal (i.e., innovation orientation) and external (i.e., environmental uncertainty)—that may affect the value of software patents. This can help firms formulate the appropriate innovation strategy for software patents that can lead to the greatest returns.