Abstract : We examine the relationship between the characteristics of the firms’ knowledge
base in terms of knowledge capital and knowledge integration and the stock market
value of 84 firms active in biotechnology during the nineties. Panel data regression
models show that the degree of knowledge integration within firms is a significant
explanatory variable of firms’ stock market value. Moreover, knowledge integration
becomes an increasingly important determinant of market value, which illustrates the
growing integration of biotechnology in several industrial applications. However, the
role of knowledge is sector-specific, revealing differences in the extent to which
biotechnology has become a key technology.
Lionel Nesta, Pier Paolo Saviotti. Firm knowledge and market value in biotechnology. Industrial and Corporate Change, Oxford University Press (OUP), 2006, 15 (4), pp.625 - 652. ⟨hal-03416011⟩