The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries

This study explores the various effects of technology trade on the sustainable market value of firms in 36 OECD member countries using panel data estimations. To proxy technology trade activities, our study uses the technology export and import growths of intellectual property rights (IPRs). We sugg...

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Autores principales:	Hyunchul Lee, Kyungtag Lee, Jong Ha Lee
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	technology imports technology exports IPRs firm value panel data Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/1bbe9e1310644c5c8a090a2e665a6201
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spelling	oai:doaj.org-article:1bbe9e1310644c5c8a090a2e665a62012021-11-25T19:03:32ZThe Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries10.3390/su1322126712071-1050https://doaj.org/article/1bbe9e1310644c5c8a090a2e665a62012021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/22/12671https://doaj.org/toc/2071-1050This study explores the various effects of technology trade on the sustainable market value of firms in 36 OECD member countries using panel data estimations. To proxy technology trade activities, our study uses the technology export and import growths of intellectual property rights (IPRs). We suggest that technology imports, proxied by IPR imports, increase the market value of firms in our sample countries. The net technology imports (exports) are also positively (negatively) associated with the sustainable value of the firms. We use panel data regression to analyze the specific effects of the trade (i.e., imports and exports) of technology assets, proxied by IPRs, on the market value of firms proxied by country benchmark composite stock returns in 36 OECD member countries. For robustness, our study uses an instrumental variable estimation to check for the possible effects of endogeneity biases for the baseline results. System dynamic panel regressions further examine the effect of the dependent variable’s persistence. We find evidence of nonlinear effects for IPR exports and net IPR trade on the sustainable market value of firms. The positive effect of technology imports on the market value of firms is stronger at the lower and middle levels of the distribution of the firm value of stock returns, and this suggest heterogenous effects of technology trade across the quantiles. Overall, the empirical findings from our panel study suggest that the positive effects of technology trade for the market value of firms are due to the effect of its imports rather than exports.Hyunchul LeeKyungtag LeeJong Ha LeeMDPI AGarticletechnology importstechnology exportsIPRsfirm valuepanel dataEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12671, p 12671 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	technology imports technology exports IPRs firm value panel data Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	technology imports technology exports IPRs firm value panel data Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Hyunchul Lee Kyungtag Lee Jong Ha Lee The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
description	This study explores the various effects of technology trade on the sustainable market value of firms in 36 OECD member countries using panel data estimations. To proxy technology trade activities, our study uses the technology export and import growths of intellectual property rights (IPRs). We suggest that technology imports, proxied by IPR imports, increase the market value of firms in our sample countries. The net technology imports (exports) are also positively (negatively) associated with the sustainable value of the firms. We use panel data regression to analyze the specific effects of the trade (i.e., imports and exports) of technology assets, proxied by IPRs, on the market value of firms proxied by country benchmark composite stock returns in 36 OECD member countries. For robustness, our study uses an instrumental variable estimation to check for the possible effects of endogeneity biases for the baseline results. System dynamic panel regressions further examine the effect of the dependent variable’s persistence. We find evidence of nonlinear effects for IPR exports and net IPR trade on the sustainable market value of firms. The positive effect of technology imports on the market value of firms is stronger at the lower and middle levels of the distribution of the firm value of stock returns, and this suggest heterogenous effects of technology trade across the quantiles. Overall, the empirical findings from our panel study suggest that the positive effects of technology trade for the market value of firms are due to the effect of its imports rather than exports.
format	article
author	Hyunchul Lee Kyungtag Lee Jong Ha Lee
author_facet	Hyunchul Lee Kyungtag Lee Jong Ha Lee
author_sort	Hyunchul Lee
title	The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
title_short	The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
title_full	The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
title_fullStr	The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
title_full_unstemmed	The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries
title_sort	various effects of technology trade on the sustainable market value of firms in oecd countries
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/1bbe9e1310644c5c8a090a2e665a6201
work_keys_str_mv	AT hyunchullee thevariouseffectsoftechnologytradeonthesustainablemarketvalueoffirmsinoecdcountries AT kyungtaglee thevariouseffectsoftechnologytradeonthesustainablemarketvalueoffirmsinoecdcountries AT jonghalee thevariouseffectsoftechnologytradeonthesustainablemarketvalueoffirmsinoecdcountries AT hyunchullee variouseffectsoftechnologytradeonthesustainablemarketvalueoffirmsinoecdcountries AT kyungtaglee variouseffectsoftechnologytradeonthesustainablemarketvalueoffirmsinoecdcountries AT jonghalee variouseffectsoftechnologytradeonthesustainablemarketvalueoffirmsinoecdcountries
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The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries

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