Formy ochrony własności intelektualnej a struktura kapitału
Protection Of Intellectual Property Rights And Capital Structure
Author(s): Katarzyna PrędkiewiczSubject(s): Economy, Business Economy / Management
Published by: Wydawnictwo Naukowe Uniwersytetu Szczecińskiego
Keywords: capital structure; intellectual property protection; IP-backed financing; asymmetry of information
Summary/Abstract: Purpose – The aim of the paper is to examine the impact of IP strategy on companies’ capitalstructure and indirectly their access to debt.Design/methodology/approach – The study was based on combined data form the survey and financial database(409 enterprises) in years from 2010 to 2014. Pooled OLS and heteroskedasticity-corrected model wereemployed in the study using 1417 observations. The following tools of intellectual protection were employedin the research: patents, licence, utility models, trademark, copyrights and secret.Findings – The research has confirmed that IPR strategy affects the capital structure and may have impacton access to debt. The signalling role of patens (and licences) has not been confirmed, however we can claimthat this role has a utility model. The underexploited role of IP for polish companies has been also discussed.Originality/value – Based on theoretical and empirical literature review we can conclude that there exists inglobal literature moderate number of articles on IP-backed financing, but there were no research based onpolish enterprises.
Journal: Finanse, Rynki Finansowe, Ubezpieczenia
- Issue Year: 2017
- Issue No: 85
- Page Range: 163-174
- Page Count: 12
- Language: Polish
