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<p>The theoretical literature establishes a causal link between innovation and growth, motivating the adoption of pro-patent policies. Yet, empirical evidence does not consistently confirm that patenting enhances innovation and firm growth. To address this discrepancy, I examine the blocking effects of patents—particularly those arising from overlapping rights and dense patent thickets—on follow-on innovation and firm growth. Using data on US publicly traded manufacturing firms, I find that patent thickets exert a negative effect on firm growth. Further, patent thickets are significantly correlated with a decrease in citation-weighted patent stocks and R &amp;D productivity. Taken together, the results indicate that patent thickets have both a direct negative impact on firm growth and indirect effects that operate through diminished innovation performance, thereby reinforcing the slowdown in growth. The analysis also uncovers systematic time effects linked to pro-patent shifts in the US patent system. After these shifts, denser thickets no longer hinder the growth of large firms—likely due to their extensive patent portfolios and bargaining power—but continue to constrain the growth of smaller firms. This asymmetry persists when accounting for productivity and market concentration, mirroring the dynamics of “superstar” firms. Furthermore, the effects of patent thickets on growth vary with patenting intensity, exposure to R &amp;D and patent thicket spillovers, and firm age.</p>

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Patent ownership fragmentation and firm growth: evidence from a panel of US firms

  • 期刊论文

  • 发表日期：

    2026年1月9日

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  • Mahdiyeh Entezarkheir

摘要

The theoretical literature establishes a causal link between innovation and growth, motivating the adoption of pro-patent policies. Yet, empirical evidence does not consistently confirm that patenting enhances innovation and firm growth. To address this discrepancy, I examine the blocking effects of patents—particularly those arising from overlapping rights and dense patent thickets—on follow-on innovation and firm growth. Using data on US publicly traded manufacturing firms, I find that patent thickets exert a negative effect on firm growth. Further, patent thickets are significantly correlated with a decrease in citation-weighted patent stocks and R &D productivity. Taken together, the results indicate that patent thickets have both a direct negative impact on firm growth and indirect effects that operate through diminished innovation performance, thereby reinforcing the slowdown in growth. The analysis also uncovers systematic time effects linked to pro-patent shifts in the US patent system. After these shifts, denser thickets no longer hinder the growth of large firms—likely due to their extensive patent portfolios and bargaining power—but continue to constrain the growth of smaller firms. This asymmetry persists when accounting for productivity and market concentration, mirroring the dynamics of “superstar” firms. Furthermore, the effects of patent thickets on growth vary with patenting intensity, exposure to R &D and patent thicket spillovers, and firm age.