Do company-owned academic patents influence firm performance? Evidence from the Italian industry

We document that firms holding academic patents in their portfolios perform better in terms of market power since they benefit from academic knowledge spillovers generated by academic patents. On the other hand, we detect a negative effect on firms' short-term profitability imputable to a larger fixed cost associated to the acquisition and exploitation of these patents. In terms of policy, our analysis suggests focusing on company-owned academic patents. A set of economic incentives dedicated to university-industry knowledge transfer through academic patents could support integration between basic and applied research.