Causal relationship between research and development input, research and development output, and corporate value

Abstract

The most essential topic of the technology industry is the conversion of research and development (R&D) resources to substantive output and the creation of commercial value through patented products. However, cumbersome R&D investment does not correlate positively with the effectiveness of innovation output, and firms with excellent innovative capacity that own a variety of intangible assets (e.g., patents and trademark rights) do not necessarily utilize their full economic benefits. Therefore, this study explores the correlation between innovation input, innovation output, and corporate value.