Edited by Derek Bosworth and Elizabeth Webster
Chapter 7: Market Valuation of UK Intellectual Property: Manufacturing, Utility and Financial Services Firms
1 Christine Greenhalgh and Mark Rogers 1 INTRODUCTION In the UK, as in many countries, there is an ongoing debate over the extent and value of innovative activities. An understanding of the factors that underpin innovation, which is critical to maintaining competitiveness and productivity growth, provides the information to formulate key targets for both ﬁrms and policy-makers. Within this debate there is keen interest in the role of the intellectual property (IP) system. Speciﬁcally, in the UK there is a concern that ﬁrms do not optimally use the IP system, as historically there has been a good record of scientiﬁc discovery but a poor record of commercial innovation (Department of Trade and Industry 2003; HM Treasury and Inland Revenue 2001). This, in turn, results in either a failure to extract full value from the innovation process or a lack of investment in innovation, or both. Related to these issues are concerns over whether the existing IP system, and the institutional framework surrounding innovation in general, is keeping pace with the changing nature of the economy. An important change to the UK and other economies in recent decades has been the growing importance of the service sector and, within this, the ﬁnancial services sector, yet there is relatively little data and analysis on the role of innovation and IP in the service sector. A contribution of this chapter is to analyse new data on the IP activity of UK ﬁnancial services sector ﬁrms, which tends to be dominated by...
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