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Patents in the energy sector: The connection between innovation and stock volatility in the context of Europe’s largest utilities
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Autores
Orientador(es)
Resumo(s)
The pressure on European energy Utilities to move their business activities in a more
sustainable direction increased in the recent years. In order to measure innovation, factors such
as research and development expenditures have often been used in the past. This study attempts
to understand the corporate innovation process using patents. For this purpose, a comprehensive
analysis of patenting dynamics of a selected group of companies is carried out and then the
influence on the volatility of the associated stocks is estimated using a GARCH model. In this
context, the impact of green patents on market capitalization will be examined in more detail.
We find that the number of published patents has risen very sharply for the period 2000-2020
and that a large proportion of these patents can be classified as green patents. This suggests that
Europe's energy Utilities are working on inventions to make their business models more
sustainable. To answer the second part of this research, a GARCH model was used to measure
the volatility and ultimately the impact of different patents on this. In some cases, significant
results were found, but they were not sufficiently meaningful to draw a general conclusion for
the entire industry. The insights are nonetheless suggestive and further research could look at
the influence of positive and negative patents on volatility by using an EGARCH model.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Knowledge Management and Business Intelligence
Palavras-chave
Patent analysis, IPC Green Inventory, Utilities, GARCH