Showing papers by "Philipp Sandner published in 2015"
TL;DR: This article found that opportunity entrepreneurs are more willing to take risks than necessity entrepreneurs and that those who are motivated by creativity are more risk tolerant than other entrepreneurs, while necessity entrepreneurs are less risk-tolerant than opportunity entrepreneurs.
Abstract: Starting a business involves risk and, thus, requires a risk-taking attitude. The concept of risk and entrepreneurship has been widely discussed in the entrepreneurship literature; most studies compare entrepreneurs with nonentrepreneurs such as managers or bankers. So far, little research exists on the risk attitudes of the different types of entrepreneurs—those who pursue a new business because of opportunity and those who do so through necessity. This study aims to fill this gap. Our particular focus is on individuals' motivations to start their businesses and the nonmonetary returns from entrepreneurship. The results show that opportunity entrepreneurs are more willing to take risks than necessity entrepreneurs. In addition, those who are motivated by creativity are more risk tolerant than other entrepreneurs. The study contributes to the literature about both risk attitudes of entrepreneurs and necessity and opportunity entrepreneurship.
134 citations
TL;DR: In this paper, the authors analyzed whether different R&D activities show a positive influence on total factor productivity (TFP) for firms of different ownership types and across two time periods.
Abstract: In the past years Chinese firms increased their spending on R&D substantially and worked on achieving a higher quality level of R&D. We analyze whether different R&D activities show a positive influence on total factor productivity (TFP) for firms of different ownership types and across two time periods. Our panel dataset with annual information allows us to study listed firms over the two time periods 2001-2006 and 2007-2011. Privately owned enterprises (POEs) not only obtain higher returns from own R&D than majority and minority state-owned enterprises (SOEs), they are also able to increase their leading position. Overall strong increases in the size of patent stocks are related to a decreasingly positive or even vanishing influence on TFP. POEs not only produce R&D of the highest quality but are also the only ownership type profiting from higher quality. Up to now research collaborations allow almost no benefit with the only exception stemming from domestic collaborations with individuals. Our comprehensive analysis depicts strengths but also weaknesses of the corporate sector in China. We derive implications for the further development of economic policies.
109 citations
TL;DR: In this paper, the authors analyzed trademarking motives using a survey of 600 small and medium-sized enterprises (SMEs) in innovative industries and found three distinct motives: protection, marketing, and exchange.
Abstract: Trademark filings have increased markedly over time. Although prior research has investigated the outcomes of trademark registration, including its effects on firm market valuation and productivity, little is known about why firms file trademarks. However, to interpret the increase in trademark filings and its economic effects, it is important to know and understand why firms file trademarks. Because trademarks are particularly important to small and medium-sized enterprises (SMEs), this study analyzes trademarking motives using a survey of 600 SMEs in innovative industries. An exploratory factor analysis yields three distinct motives: protection, marketing, and exchange. A cluster analysis reveals four distinct clusters of firms with respect to the three trademarking motives. A comparison of these clusters reveals significant differences in several industry- and firm-level characteristics, including participation in service industries and relationships with external parties. Implications for research on SMEs, trademarks, and intellectual property management are discussed.
102 citations
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TL;DR: In this article, the effects of patents and trademarks in the financing of start-ups through venture capitalists were analyzed and it was shown that early-phase startups seeking their initial VC funding do best when stressing both their technology and marketing capabilities.
Abstract: This paper analyzes the effects of patents and trademarks in the financing of start-ups through venture capitalists (VCs). Patents and trademarks signal a start-up’s technological and marketing capabilities. We find that patents and trademarks not only have direct effects on venture capital financing but also have complementary effects. Start-ups that apply for both patents and trademarks yield higher VC funding than do those firms that apply for only one of the two IP rights. Furthermore, we find that the complementarity between patents and trademarks exists only in initial VC funding rounds. Our results suggest that early-phase start-ups seeking their initial VC funding do best when stressing both their technology and marketing capabilities. Accordingly, entrepreneurship policy should encourage start-ups to build both technological and marketing capabilities.
88 citations
TL;DR: In this article, the authors analyzed trademarking motives using a survey of 600 small and medium-sized enterprises (SMEs) in innovative industries and found three distinct motives: protection, marketing, and exchange.
88 citations
TL;DR: In this paper, a compilation of technological classes related to important battery types in the Cooperative Patent Classification (CPC) is presented, which can be used to identify relevant patent applications of the competing technologies.
58 citations
TL;DR: In this article, a ranking of the top 300 universities in terms of patent applications is provided, showing that the propensity to apply for patents is very high among US and Asian universities, while European universities lag behind.
Abstract: Despite a worldwide increase in university patenting, empirical studies have largely focused on analyzing university patenting in individual countries and regions. We provide analyses from an international perspective, examining patents at the top 300 universities worldwide. By providing a patent ranking system and an analysis of the determinants of university patenting, we enable an international comparison not only between different countries but also between universities within countries. A ranking of the top-patenting universities shows a huge predominance of US universities: 18 of the top 25 universities are located in the US, with the Massachusetts Institute of Technology being ranked first. Our results show that the propensity to apply for patents is very high among US and Asian universities, while European universities lag behind. In addition to the home country, further determinants of university patenting are the quantity of the universities’ publications and a technological focus in areas such as chemistry and mechanical engineering. However, the size of a university and the quality of its publications are not found to be significant determinants.
56 citations
TL;DR: In this paper, a broad spectrum of different indicators of the patenting behavior of German universities were analyzed, including the influence of university size, university type, technical university, and faculty profile on the probability that a German university was active in patenting and the relationships between patenting experience, research breadth, and research quality.
Abstract: Patents serve as indicators of a university’s knowledge base; consequently, information on the patent volumes and patenting activity of universities is crucial for scientific and industrial organizations and policy makers. By matching secondary patent data from PATSTAT with secondary data on German universities from the CHE research ranking, we provided a broad overview of the patenting activity of German universities. Specifically, we first introduced a patent ranking. Second, we analyzed a broad spectrum of different indicators of the patenting behavior of German universities. Third, we analyzed potential determinants of their patent output. Our data revealed that patenting activity varied not only among the 25 universities that had the highest overall number of patent applications between 2002 and 2011 but also among the 156 universities that filed at least one patent. Using a Heckman sample selection model for our regression analyses, we analyzed (1) the influence of university size, university type, technical university, and faculty profile on the probability that a German university was active in patenting (N = 328) and (2) the relationships between patenting experience, research breadth, and research quality and the patent output of German universities (N = 156). Our findings suggest that patent output at least partly depends on these determinants, thereby shedding light on the substantial performance differences in patenting activities that existed in our sample.
16 citations
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TL;DR: In this article, the authors compare the chances and the risks of NGTLDs and recommend a strategy, which should minimize the trademark-related risks for brand owners, based on the Associative Network Memory Theory.
Abstract: This study explains the positive branding effects and the trademark-related risks of the New Generic Top-Level Domain (NGTLD) program. It can be shown that Associative Network Memory Theory explains why the connection of the brand with a suitable generic NGTLD can increase brand awareness. Additionally, the Signaling Theory can explain why brand (and some generic) NGTLDs can be used as signals. Brand NGTLDs can be used to protect the brand from negative influences by third parties in the digital world. This study compares the chances and the risks of NGTLDs and recommends a strategy, which should minimize the trademark-related risks for brand owners. An extensive survey of prior literature was applied, as were interviews with a sample of 10 experts who were involved in the decision and the application process for NGTLDs.
8 citations
TL;DR: In this article, the authors examine whether an application called ChangeTip has the potential to catalyze the breakthrough of Bitcoin and assume a strong linkage between the diffusion of ChangeTip and Bitcoin so that they can directly deduce the impact of this application on Bitcoin.
Abstract: Despite a high volatility and the recent fall in price, more and more merchants and consumers adopt Bitcoin. The virtual currency might be standing at its critical point to reach the early majority of adopters. This paper examines whether an application called ChangeTip has the potential to catalyze the breakthrough of Bitcoin. We assume a strong linkage between the diffusion of ChangeTip and Bitcoin so that we can directly deduce the impact of this application on Bitcoin. Results from a conducted online survey of 210 potential early adopters indicate that the diffusion of ChangeTip has the potential to advance the diffusion of Bitcoin to mainstream markets. We found that performance expectancy is the key driver for the intention to recommend ChangeTip. Also, effort expectancy, social influence and facilitating conditions are important factors for recommending ChangeTip. Concerning the intention to use ChangeTip in the future, performance expectancy and social influence are the main drivers. Furthermore, facilitating conditions are important for using ChangeTip. In addition, an analysis of the non-user of Bitcoin and ChangeTip was conducted. Theoretical and practical implications of these results are discussed.
7 citations
01 Jan 2015
TL;DR: Using methods from computational linguistics to analyze roughly 9 million tweets, it is shown that a set of behavior-based user features, as well as characteristics of the message content relate to the quality of proffered investment advice.
Abstract: Twitter has become a popular online platform for individuals seeking news and advice about financial assets. In this study, we examine which user characteristics relate to the quality of investment advice. Due to the fact that Twitter allows users to anonymously create and share content, a large portion of the information and investment advice found on its channels turns out to be non-useful, misleading or even incorrect. Using methods from computational linguistics to analyze roughly 9 million tweets, our findings show that a set of behavior-based user features, as well as characteristics of the message content relate to the quality of proffered investment advice.
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TL;DR: Prahl et al. as mentioned in this paper compared the chances and the risks of NGTLDs and recommended a strategy, which should minimize the trademark-related risks for brand owners, based on Associative Network Memory Theory and Signaling Theory.
Abstract: This study explains the positive branding effects and the trademark-related risks of the New Generic Top-Level Domain (NGTLD) program. It can be shown that Associative Network Memory Theory explains why the connection of the brand with a suitable generic NGTLD can increase brand awareness. Additionally, the Signaling Theory can explain why brand (and some generic) NGTLDs can be used as signals. Brand NGTLDs can be used to protect the brand from negative influences by third parties in the digital world. This study compares the chances and the risks of NGTLDs and recommends a strategy, which should minimize the trademark-related risks for brand owners. An extensive survey of prior literature was applied, as were interviews with a sample of 10 experts who were involved in the decision and the application process for NGTLDs.JEL: M31, M37, O34, O32KEYWORDS: Brands, Trademarks, New Generic Top-Level Domain, NGTLD, Internet, OnlineMarketingINTRODUCTIONThe introduction of New Generic Top Level Domains (NGTLDs) could fundamentally change the Internet as we know it (Prahl & Null, 2011), since it allows companies and organizations to secure a top-level domain. For example, instead of registering "www.example.com" one can register "www.domainname.example". The NGTLD owner can exclude others from registering second level domains (SLDs) under its NGTLD (gTLD Applicant Guidebook, 2012). A total of 1930 applications for NGTLDS were submitted, from which 1293 are still being processed and 395 were already granted. The advantages and disadvantages of the program are currently the subject of intense discussion. On the one hand, there are arguments that NGTLDs will improve marketing relations with customers, as said customers will perceive the brand's NGTLD as source of trustworthy information, and that trademark infringement will decrease because of the implemented dispute resolution policies (Sisun, 2009). On the other hand, the Association of National Advertisers (2011) states that the costs of NGTLDs do not justify a more than doubtful additional value for brand owners. Additionally, there might be an increasing risk of infringement problems through second-level domains registered under the NGTLD (Prahl & Null, 2011).However, the brand theories mentioned above have not been examined yet on whether they could be applied to NGTLDs, or whether they are able to examine possible benefits of NGTLDs. The introduction of NGTLDs will bring new changes for trademark owners, but it is unclear whether NGTLDs will be perceived as intellectual property. Given the potential branding benefits and the evaluation from a trademark perspective, there is no comprehensive judgment on the chances and risks of NGTLDs yet. This leads to the following main research questions: Are major branding theories applicable to NGTLDs? What are the trademark-related consequences of NGTLDs? How do European companies perceive the opportunities and risks of NGTLDs?There is a rather broad body of research on the benefits of brands. But, with the exception of Murphy, Raffa, & Mizerski (2003) who examined domain names as a branding tool, additional research in this field is rare. In particular, the branding possibilities of NGTLDs have not been researched properly to this day. There are several studies that examine the relation between trademarks and domains. Some evaluate domains from a trademark perspective (Lee, 2001; Phillips, 2003), some include the registering process (Chaudri, 2007), and others highlight the conflicts between domains and trademarks (Marinkovic, 2012; O'Regan & Snyder, 2004) as well as the dispute solving mechanisms of ICANN and WIPO (Samuels & Samuels, 2003). There are also studies that assess the risks of NGTLDs to trademark owners (Alramahi, 2010; Prahl & Null, 2011) or analyze the application procedure for NGTLDs. But until now, there has been no research on whether NGTLDs are perceived as a way to protect brands from the influence of third parties in the digital world. …
29 Jun 2015