기술자원 정리를 통해 혁신을 달성할 수 있는가? 혁신 효율성 및 혁신의 종류에 미치는 영향을 중심으로 = Do Firms Achieve Innovation through Technological Resource Divestiture? Focused on the Effects of Innovation Efficiency and Innovation Type

다국어 초록 (Multilingual Abstract)

Constant learning in a rapidly changing environment is essential for firms’ sustainable competitive advantage. Firms are not able to foster new knowledge unless room is made for new ideas. In order to learn new things, the process of discarding obsolete knowledge, which is called ‘unlearning’, has to be preceded. Some researchers suggested that organizations should allocate part of their resources to ‘unlearning’ for achieving successful learning. Although many scholars have acknowledged the necessity of much more academic attention on divestitures, strategy researchers on innovation mainly focused on understanding how firms create and expand their resources.
Divestment research in strategic management is understudied and needed additional investigation.
Focusing on patents, which have been considered important technological resources of firms, this study examines the effects of abandoning technological resources on firms’ innovation performance. Resource divestiture refers to the shedding of firm-controlled asset from the firm’s resource portfolio, and the related factor market transfer of that resource to another firm. Based on the definition of divestiture, this study suggests the concept of technological divestiture as the abandonment of patents before the maximum granted duration and transfer the patents ownership to another firm. Based on the patents that were released due to non-payment of maintenance fees and transfer to the ownership by the firm, this study examines how technological resource divestitures lead innovation efficiency and how they affect different innovation type, explorative innovation and exploitative innovation. In order to calculate innovation efficiency of the firm, this study uses the frontier methodology, which measures the relative efficiency of firms in transforming resources to innovative achievements. This study uses Data Envelopment Analysis (DEA) approach, which is one of the prevalently used frontier approaches.
In order to test the hypotheses, we uses the patenting activities of the global pharmaceutical firms over the period 2000-2016. The overall sample is comprised of 1,128 firm-year observations and 62,062 patents are generated by the firms in the sample of this study. Multiple archival sources are used for the test of hypotheses. Data on patent expirations and sell-offs are provided by USPTO (United States Patent and Trademark Office). We also collects data on new drugs from the official drug approval list of the U.S. Food and Drug Administration (FDA). This study applies generalized estimating equation (GEE) for analyzing the effect of technological resource divestiture on innovation efficiency. Also, generalized method of moments (GMM) are applied for analyzing the effect of technological resource divestiture on innovation type. Results suggest that technological resource divestiture increases the innovation efficiency of the firms. While technological resource divestiture has no effect on exploitative innovation, it has a positive effect on explorative innovation.

국문 초록 (Abstract)

변화하는 환경에 맞추어 끊임없이 학습하는 것은 기업의 지속적 경쟁우위를 위해 필수적이다. 새로운 것을학습하기 위해서는 기존에 학습하고 쌓아온 것을 정리하고 의도적으로 지워내는 언런(unlearn)이 수반되어야한다. 학자들은 기업이 성공적인 학습을 하기 위해서는 일정 부분 자원을 언런(unlearn)을 위해 투자하여야한다고 주장하기도 하였다. 이렇게 학습을 위해 비워내는 것이 필요하다는 주장에도 불구하고 기존의 많은혁신 연구들은 주로 자원을 취득하고 쌓아가는 측면에 대해 연구해왔으며 자원을 정리하고 버려내는 것과관련한 연구는 드물다고 할 수 있다.
본 연구는 기업의 대표적인 기술자원인 특허에 초점을 맞추어, 기업의 특허 정리활동이 혁신성과에 어떠한영향을 미치는지 살펴보고자 하였다. 자원의 정리는 자산에 대한 일부분 혹은 전체의 판매 내지는 처분을의미하는 것으로, 기술자원 정리는 특허 소유권에 대한 권리를 갱신하지 않고 포기하거나 제 3자에게 그 권리를이전하는 것으로 정의될 수 있다. 이러한 기업의 기술자원 정리활동이 ‘학습을 위한 언런(unlearn)’으로 작용하여 기업의 혁신성과를 높이는지 알아보기 위하여, 본 연구는 ‘혁신 효율성’과 ‘탐험적 혁신 및 활용적 혁신’으로대표될 수 있는 혁신의 종류에 주목하여 보았다. 혁신 효율성을 산출하기 위하여 DEA(Data Envelopment Analysis)를 사용하였다.
미국 제약 시장을 바탕으로 다국적 제약기업이 출시한 미국 특허와 신규 의약품을 기반으로 하여 연구가진행되었으며, 해당 데이터는 미국특허청(USPTO) 및 식품의약청(FDA)에서 제공하는 것을 바탕으로 하였다.
2000-2016년에 걸쳐 기업 연도 기준 총 1,128개의 샘플이 수집되었고 해당 기간 기업들이 출원한 특허는 총62,062개였다. 기술자원 정리가 혁신 효율성에 미치는 영향을 분석하기 위해 일반화 추정 방정식 모형(GEE)을사용하였으며, 혁신의 종류에 미치는 영향을 분석하기 위해서는 일반화적률추정법(GMM)을 사용하였다. 분석결과, 기업의 기술자원 정리활동은 혁신 효율성을 높이는 것으로 나타났으며, 혁신의 종류 중 탐험적 혁신에만긍정적인 영향을 주는 것으로 나타났다.

참고문헌 (Reference)

1 유재욱, "환경 불확실성 하에서의 특허와 무형자산 가치 간의 관계 : 적대성과 풍부성의 조절효과를 중심으로" 대한경영학회 25 (25): 1537-1553, 2012

2 채희원, "최고경영진의 인구통계학적 특성이 하이테크 기업의 기술적 혁신에 미치는 영향" 한국전략경영학회 12 (12): 83-104, 2009

3 김효정, "조직학습 프로세스에서 활용과 탐험의 조합과 균형에 관한 실증연구" 대한경영학회 31 (31): 201-224, 2018

4 김석관, "제약산업의 기술혁신 패턴과 발전 전략" 과학기술정책연구원 2004

5 김별아, "제약산업에서의 신제품 개발이 기업가치에 미치는 영향: 신제품의 혁신 유형에 따른 기업평판의 조절효과" 한국경영학회 43 (43): 443-463, 2014

6 김영훈, "우리나라의 R&D 생산성 및 효율성분석 : OECD 국가와의 비교를 중심으로" 기술경영경제학회 19 (19): 1-28, 2011

7 임형록, "산업단위 M&A집약도와 산업성과간의 시차효과분석 - Dynamic Panel GMM 기법을 이용하여-" 대한경영학회 21 (21): 471-500, 2008

8 Cruz-Cázares, C., "You can’t manage right what you can’t measure well: Technological innovation efficiency" 42 (42): 1239-1250, 2013

9 Sembenelli, A., "Why do established firms enter some industries and exit others? Empirical evidence on Italian business groups" 17 : 441-456, 2003

10 Berry, H., "Why Do Firms Divest?" 21 : 380-396, 2010

11 Ahuja, G., "Where do resources come from? The role of idiosyncratic situations" 25 : 887-907, 2004

12 Lungeanu, R., "When do firms change technology-sourcing vehicles? The role of poor innovative performance and financial slack" 37 : 855-869, 2016

13 Srivastava, M., "When Do Relational Resources Matter? Leveraging Portfolio Technological Resources for Breakthrough Innovation" 54 : 797-810, 2011

14 Arundel, A., "What percentage of innovations are patented? Empirical estimates for European firms" 27 : 127-141, 1998

15 Brauer, M., "What have we acquired and what should we acquire in divestiture research? A review and research agenda" 32 : 751-785, 2006

16 Shimizu, K., "What constraints of facilitates divestitures of formerly acquired firms? The effects of organizational inertia" 31 : 50-72, 2005

17 Gilbert, C. G., "Unbundling the Structure of Inertia: Resource vs. Routine Rigidity" 48 : 741-763, 2005

18 Makadok, R., "Toward a synthesis of the resource-based and dynamic capability views of rent creation" 22 : 387-401, 2001

19 Moses, R., "To lease or not to lease: Why selling IP is often the better option" 63-66, 2009

20 Nystrom, P. C., "To avoid organizational crises, unlearn" (Spring) : 53-65, 1984

21 Gambardella, A., "The value of European patents" 5 : 69-84, 2008

22 Klein, A., "The timing and substance of divestiture announcements: Individual, simultaneous and cumulative effects" 41 : 685-696, 1986

23 Patel, P., "The technological competencies of the world's largest firms: Complex and path-dependent, but not much variety" 26 : 141-156, 1997

24 Hitt, M., "The market for corporate control and firm innovation" 39 : 1084-1119, 1996

25 Chang, S. J., "The impact of modes of entry and resource fit on modes of exit by multibusiness firms" 20 (20): 1019-1035, 1999

26 Seward, J. K., "The governance and control of voluntary spin-offs" 17 : 25-39, 1996

27 Miles, J. A., "The effect of voluntary spin-off announcement on shareholder wealth" 38 : 1597-1606, 1983

28 Thomas, P., "The effect of technological impact upon patent renewal decisions" 11 : 181-197, 1999

29 Serrano, C. J., "The dynamics of the transfer and renewal of patents" 41 : 686-708, 2010

30 Marco, A. C., "The USPTO patent assignment dataset: Description and analysis" USPTO 2015

31 Weick, K. E., "The Social Psychology of Organizing" McGraw-Hill 1999

32 Choo, C. W., "The Knowing Organization: How Organizations Use Information to Construct Meaning, Create Knowledge and Make Decisions" 16 : 329-340, 1996

33 Kaul, A., "Technology and corporate scope: Firm and rival innovation as antecedents of corporate transactions" 33 : 347-367, 2012

34 Ahuja, G., "Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study" 22 : 197-220, 2001

35 Shleifer, A., "Takeover in the ’60s and the ’80s: Evidence and implications" 12 : 51-59, 1991

36 Tan, G. F., "Strategic incentives of divestitures of competing conglomerates" 21 : 673-697, 2003

37 Barney, J. B., "Strategic factor markets: Expectations, luck, and business strategy" 32 : 1231-1241, 1986

38 Krishnan, R., "Status and corporate illegality: Illegal loan recovery practices of commercial banks in India" 58 : 1287-1312, 2015

39 Sorescu, A., "Sources and financial consequences of radical innovation: Insights from Pharmaceuticals" 66 : 82-102, 2003

40 Katila, R., "Something old, something new: A longitudinal study of search behavior and new product introduction" 45 : 1183-1194, 2002

41 Arellano, M., "Some tests of specification for panel data: Monte Carlo evidence and an application to emplyment equations" 58 : 227-297, 1991

42 Buchholtz, A. K., "Seller responsiveness to the need to divest" 25 : 633-652, 1999

43 Barney, J. B., "Returns to bidding firms in mergers and acquisitions: Reconsidering the relatedness hypothesis" 9 : 71-78, 1988

44 Moschieri, C., "Research on corporate divestitures: A synthesis" 14 : 399-422, 2008

45 Wang, E. C., "Relative efficiency of R&D activities: A cross-country study accounting for environmental factors in the DEA approach" 36 (36): 260-273, 2007

46 Qian, G., "Regional diversification and firm performance" 39 : 197-214, 2008

47 McGrath, R. G., "Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms" 25 : 1-21, 2004

48 Chen, C., "Production frontier methodologies and efficiency as a performance measure in strategic management research" 36 : 19-36, 2015

49 Bergh, D., "Product-market uncertainty, portfolio restructuring, and performance: An informationprocessing and resource-based view" 24 : 135-155, 1998

50 Wuyts, S., "Portfolios of interfirm agreements in technology-intensive markets: Consequences for innovation and profitability" 68 : 88-100, 2004

51 Comanor, W. S., "Patents statistics as a measure of technology change" 77 : 392-398, 1969

52 Lowe, R. A., "Patently wrong? Firm strategy and the decision to disband technological assets" 12 : 83-98, 2015

53 Somaya, D., "Patent strategy and management: An integrative review and research agenda" 38 : 1084-1114, 2012

54 Hall, B. H., "Patent citations and market value: A first look" NBER 2000

55 Akgün, A., "Organizational unlearning as changes in beliefs and routines in organizations" 20 : 794-812, 2007

56 Simsek, Z., "Organizational ambidexterity: Towards a multilevel understanding" 46 : 597-624, 2009

57 Raisch, S., "Organizational ambidexterity: Balancing exploitation and exploration for sustained performance" 20 : 685-695, 2009

58 Levinthal, D. A., "Opportunity costs and non-scale free capabilities: Profit maximization, corporate scope, and profit margins" 31 : 780-801, 2010

59 Bourgeois, L. J., "On the Measurement of Organizational Slack" 6 : 29-39, 1981

60 Markóczy, L., "Modes of organizational learning: Institutional change and Hungarian joint ventures" 24 : 5-30, 1994

61 Charnes, A., "Measuring the efficiency of DMUs" 2 : 429-444, 1978

62 Sirmon, D. G., "Managing resources: Linking unique resources, management and wealth creation in family firms" 27 : 339-358, 2003

63 Sirmon, D. G., "Managing firm resources in dynamic environments to create value: Looking inside the black box" 32 : 273-292, 2007

64 Bauer, F., "M&A and innovation: The role of integration and cultural differences a central European targets perspective" 25 : 76-86, 2016

65 Liang, K. Y., "Longitudinal data analysis using Generalized Linear Models" 73 : 13-22, 1986

66 Kogut, B., "Knowledge of the firm, combinative capabilities, and the replication of technology" 3 : 383-397, 1992

67 Argote, L., "Knowledge Transfer: A Basis for Competitive Advantage in Firms" 82 (82): 150-169, 2000

68 Laursen, K., "Keep searching and you’ll find: What do we know about variety creation through firms’ search activities for innovation?" 21 : 1181-1220, 2012

69 Priem, R. L., "Is the resource-based view a useful perspective for strategic management research?" 26 : 22-40, 2001

70 Nohria, N., "Is slack good or bad for innovation?" 39 : 1245-1264, 1996

71 Alexander, G., "Investigating the valuation effects of announcement of voluntary corporate sell-offs" 39 : 503-517, 1984

72 Arts, S., "Inventions shaping technological trajectories: Do existing patent indicators provide a comprehensive picture?" 97 : 397-419, 2013

73 Chandy, R. K., "Incumbent's Curse? Incumbency, size, and radical product innovation" 64 : 1-17, 2000

74 Schankerman, M., "How valuable is patent protection? Estimates by technology field" 29 : 77-107, 1998

75 Fu, X., "How does openness affect the importance of incentives for innovation?" 41 : 512-523, 2012

76 Darby, M. R., "Grilichesian breakthroughs: Inventions of methods of inventing and firm entry in nanotechnology" NBER 2003

77 Lawless, M. W., "Generational Technological Change: Effects of Innovation and Local Rivalry on Performance" 39 (39): 1185-1217, 1996

78 Barney, J. B., "Firm resources and sustained competitive advantage" 17 : 99-120, 1991

79 Moliterno, T. P., "Firm performance, rent appropriation, and the strategic resource divestment capability" 28 : 1065-1087, 2007

80 Khanna, R., "Fail often, fail big, and fail fast? Learning from small failures and R&D performance in the Pharmaceutical industry" 59 : 436-459, 2016

81 Tsai, K. H., "External technology sourcing and innovation performance in LMT sectors: An analysis based on the Taiwanese Technological Innovation Survey" 38 (38): 518-526, 2009

82 Murray, F., "Exploring the Foundations of Cumulative Innovation: Implications for Organization Science" 18 : 1006-1021, 2007

83 Uotila, J., "Exploration, exploitation, and financial performance: Analysis of S&P 500 corporations" 30 : 221-231, 2009

84 He, Z. L., "Exploration vs. exploitation: An empirical test of the ambidexterity hypothesis" 15 : 481-494, 2004

85 March, J. G., "Exploration and exploitation in organizational learning" 2 : 71-87, 1991

86 Helfat, C. E., "Evolutionary Trajectories in Petroleum Firm R&D" 40 : 1720-1747, 1994

87 Siggelkow, N., "Evolution toward fit" 47 : 125-159, 2002

88 Ahuja, G., "Entrepreneurship in the large corporation: A longitudinal study of how established firms create breakthrough inventions" 22 : 521-543, 2001

89 Eisenhardt, K. M., "Dynamic capabilities: What are they?" 21 : 1105-1121, 2000

90 Teece, D. J., "Dynamic capabilities and strategic management" 18 : 509-533, 1997

91 Penner-Hahn, J. D., "Does international research and development increase output? An analysis of Japanese pharmaceutical firms" 26 : 121-140, 2005

92 Montgomery, C., "Divestment: Motives and gains" 9 : 93-97, 1988

93 Lee, D., "Divestiture and firm performance: A meta-analysis" 36 : 1345-1371, 2010

94 Markides, C., "Diversification, restructuring and economic performance" 16 : 101-118, 1995

95 Gupta, A., "Dispositional Sources of Managerial Discretion: CEO Ideology, CEO Personality, and Firm Strategies" 1-31, 2018

96 Chen, W. R., "Determinants of firms’backwardand forward looking R&D search behavior" 19 : 609-622, 2008

97 Delmas, M., "Deregulation, governance structures, and efficiency: The U S. electric utility sector" 26 (26): 441-460, 2005

98 Petrenko, O., "Corporate social responsibility or CEO narcissism? CSR motivations and organizational performance" 37 : 262-279, 2016

99 Hoskisson, R., "Corporate restructuring and strategic change: The effect on diversification strategy and R&D intensity" 13 (13): 625-634, 1992

100 Aboulnasr, K., "Competitive response to radical product innovations" 72 : 94-110, 2008

101 Mulherin, H. J., "Comparing acquisitions and divestitures" 6 : 117-139, 2000

102 Daellenbach, U. S., "Commitment to innovation: The impact of top management team characteristics" 29 : 199-208, 1999

103 Ray, G., "Capabilities, business processes, and competitive advantage: Choosing the dependent variable in empirical tests of the Resource-based view" 25 : 23-37, 2004

104 Fleming, L., "Breakthroughs and the “long tail” of innovation" 49 : 69-74, 2007

105 Kim, N. M., "Board capital and exploration: From a resource provisional perspective" 53 : 2156-2174, 2015

106 Xu, S., "Balancing the Two Knowledge Dimensions in Innovation Efforts: An Empirical Examination among Pharmaceutical Firms" 32 (32): 610-621, 2014

107 Ocasio, W., "Attention to attention" 22 : 1286-1296, 2011

108 Dierickx I., "Asset stock accumulation and sustainability of competitive advantage" 35 (35): 1504-1514, 1989

109 Durand, R., "Asset divestment as a response to media attacks in stigmatized industries" 36 : 1205-1223, 2015

110 Capron, L., "Asset divestiture following horizontal acquisitions: A dynamic view" 22 : 817-844, 2001

111 Baum, J. A., "Aspiration performance and railroads’ patterns of learning from train wrecks and crashes" 18 : 368-385, 2007

112 Neter, J., "Applied Linear Statistical Models: Regression, Analysis of Variance, and Experimental Design" Irwin 1990

113 Nelson, R. R., "An evolutionary theory of economic change" Harvard University Press 1982

114 Chang, S. J., "An evolutionary perspective on diversification and corporate restructuring: Entry, exit, and economic performance during 1981-1989" 17 : 587-611, 1996

115 Vidal, E., "Adding by subtracting: The relationship between performance feedback and resource reconfiguration through divestitures" 26 : 1101-1118, 2015

116 Tangpong, C., "A temporal approach to retrenchment and successful turnaround in declining firms" 52 : 647-677, 2015

117 Wernerfelt, B., "A resource-based view of the firm" 5 : 171-180, 1984

118 Trajtenberg, M., "A penny for your quotes: Patent citations and the value of information" 21 : 325-342, 1990

119 Conner, K., "A historical comparison of resource-based logic and five schools of thought within industrial organization economics: Do we have a new theory of the firm?" 17 : 121-154, 1991

120 Cyert, R. M., "A behavioral theory of the firm" Prentice-Hall 1963