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Litigation risks and firms innovation dynamics after the IPO

Forti, E; Morricone, S; Munari, F; (2021) Litigation risks and firms innovation dynamics after the IPO. Journal of Industrial and Business Economics , 48 pp. 291-313. 10.1007/s40812-020-00161-y. Green open access

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Abstract

An initial public offering (IPO) is a critical event in a firm’s life cycle which can reshape its innovation strategy. Research suggests that after going public firms experience an increase in patent productivity. Our paper explores perceived litigation risks as a determinant of this outcome by examining US semiconductor firms. Results show that perceived patent litigation risks are positively associated with patent productivity after the IPO. Interestingly, we also find that the amount of capital raised during the IPO is positively associated with patent productivity after the IPO, successfully replicating previous findings on this relationship. These results are robust to model specifications where we attempt to account for the dynamics of self-selection of firms into IPO by considering matched control firms with similar pre-IPO characteristics, but that never went public.

Type: Article
Title: Litigation risks and firms innovation dynamics after the IPO
Open access status: An open access version is available from UCL Discovery
DOI: 10.1007/s40812-020-00161-y
Publisher version: https://doi.org/10.1007/s40812-020-00161-y
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Technology ventures, Initial public offering (IPO), Innovation, Patents, Litigation
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > UCL School of Management
URI: https://discovery.ucl.ac.uk/id/eprint/10121417
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