讲座：Terminating isolated options: patent renewal by U.S. pharmaceutical firms during COVID19 发布时间：2023-05-05
题 目：Terminating isolated options: patent renewal by U.S. pharmaceutical firms during COVID19
嘉 宾：Kun Liu, Associate Professor, Kent State University
主 持：刘丽莎, 助理教授, 上海交通大学
Real option theory (ROT) has been an important theory to understand decision-making under certainty. However, ROT has not considered the heterogeneity of assets, the organizational embeddedness of assets, and termination of options under uncertainties. The purpose of this study is to extend the ROT under the context of terminating a firm’s knowledge assets such as patents. We argue that that real assets differ from financial assets because they are heterogeneous and not always interchangeable, and because there is an organizational order under which these assets are embedded, controlled, and organized. Our study focuses on the issue of isolation of individual patents from the firm context, including organizational and inventor dimensions. First, those patents created within subsidiaries are more likely to be terminated. Second, those patents created by inventors of low centrality, in terms of inventor collaboration network, are more likely to be terminated. We examine these hypotheses using patent data of the largest U.S. pharmaceutical firms during COVID19. The results strongly support our predictions.
Kun Liu is an Associate Professor of Entrepreneurship at Kent State University. His research has been published at journals such as Strategic Management Journal, Journal of Management, Research Policy, Entrepreneurship Theory and Practice, Journal of Business Ethics, and other journals. He is interested in patent renewal, IPO, and international entrepreneurship.