| dc.description.abstract | This study examines the relationship between ownership structure and patent output. Regression analyses are performed on a dataset, extracted from Taiwan Economy Journal, which includes Taiwanese publicly listed firms belonging to the electronic industry. The time span of this study is 11 years (2010-2021). Ownership structure is measured by two indices, ownership concentration and ownership inequality. Ownership concentration is calculated by the sum of the top three, top five shareholders, and HHI-style index, respectively. Ownership inequality is measured by utilizing Gini-style model. Subsamples are divided according to patent types, company features, and subindustries.
This study finds a U-shaped relationship between ownership concentration and ownership inequality with patent output. In firms with low ownership concentration or inequality, block holders′ risk aversion behaviors, driven by their increasing shares, negatively impact patent output. Conversely, in firms with high ownership concentration or inequality, block holders′ interests align with the firm′s prospects, leading to project facilitation and resource allocation that benefit the firm over a longer time span. Subsample analysis confirms that the U-shaped relationship between ownership structure and patent output stems from the invented patents. Furthermore, the U-shaped relationship between ownership concentration and patent output extends to firms with higher concentration ratios, lower leverage ratios, smaller sizes, family-run firms, those with CEO duality, or those in the computer-related industry. Additionally, a U-shaped relationship between ownership inequality and patent output is observed among larger firms and those in the semiconductor and electronic component industries. | en_US |