Corporate technology portfolios and R&D performance measures: a study of technology intensive firms
This paper examines the relations between technology portfolio strategies and five commonly used research and development (R&D) performance measures. Patent and financial data of 78 US‐based technology companies from 1976 to 1995 were gathered and analysed to investigate how a well‐managed techn...
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| Published in: | R & D management Vol. 35; no. 2; pp. 157 - 170 |
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| Main Authors: | , |
| Format: | Journal Article |
| Language: | English |
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Oxford, UK
Blackwell Publishing
01.03.2005
Blackwell Publishing Ltd |
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| ISSN: | 0033-6807, 1467-9310 |
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| Abstract | This paper examines the relations between technology portfolio strategies and five commonly used research and development (R&D) performance measures. Patent and financial data of 78 US‐based technology companies from 1976 to 1995 were gathered and analysed to investigate how a well‐managed technology portfolio can create synergy and affect R&D performance. A technology portfolio can be characterized by its composition and technology concentration. A valuable technology portfolio that consists of patents with higher average citation made and self‐citation ratio can have a positive effect on firm value. Our findings suggest that large firms may enjoy advantages for technological innovation because they can exploit synergy effects of their technology portfolios. Technology concentration strategy does not work well because firms focusing on few technology fields can experience diseconomy to patents received since high‐quality patents are increasingly difficult to obtain. This paper lays the groundwork for future empirical research on technology portfolio and R&D performance. |
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| AbstractList | This paper examines the relations between technology portfolio strategies and five commonly used research and development (R&D) performance measures. Patent and financial data of 78 US-based technology companies from 1976 to 1995 were gathered and analysed to investigate how a well-managed technology portfolio can create synergy and affect R&D performance. A technology portfolio can be characterized by its composition and technology concentration. A valuable technology portfolio that consists of patents with higher average citation made and self-citation ratio can have a positive effect on firm value. Our findings suggest that large firms may enjoy advantages for technological innovation because they can exploit synergy effects of their technology portfolios. Technology concentration strategy does not work well because firms focusing on few technology fields can experience diseconomy to patents received since high-quality patents are increasingly difficult to obtain. This paper lays the groundwork for future empirical research on technology portfolio and R&D performance. [PUBLICATION ABSTRACT] This paper examines the relations between technology portfolio strategies and five commonly used research and development (R&D) performance measures. Patent and financial data of 78 US‐based technology companies from 1976 to 1995 were gathered and analysed to investigate how a well‐managed technology portfolio can create synergy and affect R&D performance. A technology portfolio can be characterized by its composition and technology concentration. A valuable technology portfolio that consists of patents with higher average citation made and self‐citation ratio can have a positive effect on firm value. Our findings suggest that large firms may enjoy advantages for technological innovation because they can exploit synergy effects of their technology portfolios. Technology concentration strategy does not work well because firms focusing on few technology fields can experience diseconomy to patents received since high‐quality patents are increasingly difficult to obtain. This paper lays the groundwork for future empirical research on technology portfolio and R&D performance. |
| Author | Chen, Ja-Shen Lin, Bou-Wen |
| Author_xml | – sequence: 1 givenname: Bou-Wen surname: Lin fullname: Lin, Bou-Wen organization: Instituteof Technology Management, National Tsing Hua University, 101 Sec. 2, Kuan-Fu Rd., Hsinchu, Taiwan bwlin@mx.nthu.edu.tw – sequence: 2 givenname: Ja-Shen surname: Chen fullname: Chen, Ja-Shen organization: Department of Business Administration, Yuan Ze University, 135, Yuan-Tung Rd., Nei-Li, Chung-Li, Taiwan |
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(b26_284) 2001; 13 Christensen H.K. (b7_269) 1981; 2 Prahalad C.K. (b33_290) 1990 Bone S. (b3_265) 2000; 43 Woolridge J.R. (b40_296) 1988 Bowonder B. (b4_266) 2000; 43 Kanter R.M. (b20_279) 1989 Palepu K. (b31_288) 1985; 6 b11_272 b15_276 Burgelman R. (b5_267) 2001 Maddala G.S. (b25_283) 2001 b6_268 Freeman C. (b14_275) 1997 Markides C.C. (b27_285) 1997; 75 Long Clarisa (b23_282) 2002; 69 Deng Z. (b12_273) 1999; 55 Granstrand O. (b17_277) 1997; 39 Porter M.E. (b32_289) 1985 b18_278 Tritle G.L. (b39_295) 2000; 43 b21_280 Megna P. (b29_286) 1993; 83 Sadowski M. (b36_293) 1999; 42 Chung K.H. (b8_270) 1994; 23 Montgomery C. (b30_287) 1985; 28 b13_274 b22_281 Rumelt R.P. (b35_292) 1974 Cooper R.G. (b10_271) 2000; 43 Thomas P. (b38_294) 2001; 13 b34_291 |
| References_xml | – reference: Tritle, G.L., Scriven, E. and Fusfeld, A.R. (2000) Resolving uncertainty in R&D portfolios. Research Technology Management, 43, 6, 47-55. – reference: Cooper, R.G., Edgett, S.J. and Kleinschmidt, E.J. (2000) New problems, new solutions: making portfolio management more effective. Research Technology Management, 43, 2, 18-33. – reference: Frumau, C. (1992) Choices in R&D and business portfolio in the electronics industry: What the bibliometric data show. Research Policy, 21, 2, 97-124.DOI: 10.1016/0048-7333(92)90036-4 – reference: Long, Clarisa (2002) Patent signals. The University of Chicago Law Review, 69, 2, 625-679. – reference: Burgelman, R., Maidique, M. and Wheelwright, S. (2001) Strategic Management of Technology and Innovation. Homewood, IL: Irwin. – reference: Barney, J.B. (1991) Firm resources and sustained competitive advantage. Journal of Management, 17, 99-120. – reference: Sadowski, M. and Roth, A. (1999) Technology leadership can pay off. Research Technology Management, 42, 6, 32-33. – reference: Rumelt, R.P. (1974) Strategy, Structure, and Economic Performance. Cambridge, MA.: Harvard University Press. – reference: Montgomery, C. (1985) Product-market diversification and market power. Academy of Management Journal, 28, 789-798. – reference: Chan, S.H., Martin, J. and Kensinger, J. (1990) Corporate research and development expenditures and share value. Journal of Financial Economics, August, 255-276. – reference: Rouse, W.B. and Boff, K.R. (1998) R&D/Technology management: a framework for putting technology to work. IEEE Transactions on Systems, Man and Cybernetics, 28, 4, 501-515. – reference: Bowonder, B., Yadav, S. and Kumar, B.S. (2000) R&D spending patterns of global firms. Research Technology Management, 43, 5, 40-56. – reference: DeCarolis, D.M. and Deeds, D.L. (1999) The impact of stocks and flows of organizational knowledge on firm performance: An empirical investigation of the biotechnology industry. Strategic Management Journal, 20, 10, 953-968.DOI: 10.1002/(SICI)1097-0266(199910)20:10<953::AID-SMJ59>3.0.CO;2-3 – reference: Palepu, K. (1985) Diversification strategy, profit performance, and the entropy measures. Strategic Management Journal, 6, 239-255. – reference: Thomas, P. and McMillan, G.S. (2001) Using science and technology indicators to manage R&D as a business. Engineering Management Journal, 13, 3, 9-14. – reference: Woolridge, J.R. (1988) Competitive decline and corporate restructuring: is a myopic stock market to blame? Journal of Applied Corporate Finance, March, 26-36. – reference: Chung, K.H. and Pruitt, S.W. (1994) A simple approximation of Tobin's Q. Financial Management, 23, Autumn, 70-74. – reference: Markides, C.C. (1997) To diversify or not to diversify. Harvard Business Review, 75, 6, 93-99. – reference: Maddala, G.S. (2001) Introduction to Econometrics ((3rd ed.)). New York: John Wiley & Sons. – reference: Prahalad, C.K. and Hamel, G. (1990) The core competence of the corporation. Harvard Business Review, May-June, 79-91. – reference: Bettis, R.A. and Hall, W.K. (1982) Diversification strategy, accounting determined risk, and accounting determined return. Academy of Management Journal, 25, 254-264. – reference: Lindenberg, E.B. and Ross, S.A. (1981) Tobin's q ratio and industrial organization. Journal of Business, January, 1-32.DOI: 10.1086/296120 – reference: Megna, P. and Klock, M. (1993) The impact of intangible capital on Tobin's q in the semiconductor industry. American Economic Association Papers and Proceedings, 83, 3, 265-269. – reference: Granstrand, O., Patel, P. and Pavitt, K. (1997) Multi-technology corporations: Why they have distributed rather than distinctive core competencies. California Management Review, 39, 4, 8-25. – reference: Deng, Z., Lev, B. and Narin, F. (1999) Science and technology as predictors of stock performance. Financial Analysts Journal, 55, 3, 20-32. – reference: Kanter, R.M. 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| Title | Corporate technology portfolios and R&D performance measures: a study of technology intensive firms |
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