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Sustainability 2017, 9(5), 846;

Patent Citations and Financial Analysts’ Long-Term Growth Forecasts

College of Business Administration, Inha University, Incheon 22212, Korea
College of Business Administration, Sangmyung University, Seoul 03016, Korea
Author to whom correspondence should be addressed.
Academic Editor: Marc A. Rosen
Received: 9 January 2017 / Revised: 14 April 2017 / Accepted: 14 May 2017 / Published: 19 May 2017
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
Full-Text   |   PDF [257 KB, uploaded 19 May 2017]


This paper examines the influence of patent citations, a proxy for the quality of firms’ innovation outputs, on financial analysts’ long-term growth forecasts for firms. We find that financial analysts are more likely to issue long-term forecasts for firms with higher patent citations. In addition, we find that financial analysts’ long-term forecasts are more positive for firms with high patent citations. These results imply that patent citations increase financial analysts’ coverage, and result in more positive forecasts for firms with impactful patents. Considering that financial analysts play important roles in allocating financial resources in capital markets, our findings suggest that patents are valuable assets for firms in securing capital from capital markets, and are thus essential for the sustainable growth of firms. View Full-Text
Keywords: financial analysts; long-term growth forecasts; patent citations; capital markets financial analysts; long-term growth forecasts; patent citations; capital markets
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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Bae, J.; Hur, W.; Lee, J.; Goh, J. Patent Citations and Financial Analysts’ Long-Term Growth Forecasts. Sustainability 2017, 9, 846.

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