Title: Market valuation of innovation capital

Authors: Tomasz Kijek

Addresses: University of Life Sciences, Akademicka 13, 20-950 Lublin, Poland

Abstract: The aim of this study is twofold. Firstly, an attempt is made to give a concise review of the concept of innovation capital and its measures in selected intellectual capital models and to analyse the process of the stock market valuation of a firm's innovation capabilities in theoretical framework. Secondly, an investigation of the relationship between the firms' innovation capital and their market value is conducted. The main findings of the study are as follows: innovation capital has a positive linear relationship with the firms' market value and this relationship is sensitive to inter industry differences in technological opportunity.

Keywords: innovation capital; knowledge assets; intellectual capital; learning; stock market valuation; market value; financial markets; innovation capabilities; technological opportunity.

DOI: 10.1504/IJIL.2014.062476

International Journal of Innovation and Learning, 2014 Vol.15 No.4, pp.411 - 421

Available online: 09 Jun 2014 *

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