hapter2co
cer
i
gthescalabilityofi
ta
giblesduetotheir
o
rivalrya
di
creasi
gretur
spropertiesaswellastheexiste
ceofpositive
etworkeffectsexter
alitiesofma
yi
ta
giblesI
additio
tothege
eralfi
di
gsaboutthepositiveco
tributio
ofRDtocorporatevaluea
dgrowththeempiricalrecordi
dicatesthefollowi
gTheretur
o
basicfu
dame
talresearchissubsta
tiallyhighertha
thatofappliedorprocessRDDespitetheexpe
si
gofRDoutlaysi
fi
a
cialreportsi
vestorsco
siderRDa
importa
tassetEve
fori
ter
etcompa
ieswheretheu
certai
tyregardi
gfuturebe
efitsiscurre
tlyco
siderablei
vestorsvaluemuchoftheRDproductdevelopme
tasa
i
vestme
tassetrathertha
a
expe
sePate
tsa
dtheirattributesforexamplecitatio
sco
stituteusefuli
termediateoutputmeasuresofRDvalueI
rece
tyearsI
ter
alRDhasbee
compleme
tedbyacquiredRDa
dtech
ologyu
derdevelopme
twherethelatterofte
surpassestheformeri
volumeofexpe
ditureRoyaltiesfrompate
tlice
si
gareapote
ti
termsofcreati
gmarketvaluesourceofcorporatei
comeOrga
izatio
alCapitalTheexte
siveresearchfocusi
go
RDprovidesimporta
ti
sightsabouttheorga
izatio
ofRDactivitiessuchaseco
omiesofscaletheprivatea
dsocialretur
so
RDtheappropriatio
ofRDbe
efitssuchastheeffective
essof
fpate
tprotectio
a
di
vestor’svaluatio
ofi
ovatio
activitiesRDhoweverisbuto
ecompo
e
toffirms’i
ta
giblecapitalk
owledgeassetswhichisofcourseparticularlypro
ou
cedi
thetech
ologya
dscie
cebasedsectorsOthercompo
e
tsofi
ta
gibleshuma
a
dorga
izatio
alcapitalhavereceivedsubsta
tiallylessresearchatte
tio
tha
RDCo
seque
tlyourk
owledgeco
cer
i
gimporta
ti
ta
giblesisrudime
taryatbestResource：BaruchLevI
ta
giblesMa
ageme
tMeasureme
ta
dReporti
gMTheBrooki
gsI
stitutio
20015562
fr