Table 2.

Review of empirical studies on the relationship between patenting and exit

Author	Patent measure	Major finding	Sample
Buddelmeyer et al. (2010)	(1) Patent application (2-year lagged), (2) patent stock (aggregates of number of years in-force)	(1) Positive on exit, (2) negative on exit	299,038 firms (all companies registered), 1997–2003, Australia
Cefis and Marsili (2011)	Patent application (dummy)	Negative on exit via M&A, insignificant for closure	3203 firms (young ones within 5 years: 8%), 1996–2003, the Netherlands
Colombelli et al. (2013)	Patent application stock	Positive on survival	74,862 manufacturing firms (firms created by 2001), 2001–2011, France
Cotei and Farhat (2018)	IP rights (dummy for patent, trademark, or copyright)	Positive on exit via M&A	3140 firms (created in 2004), 2005–2011, the US
Helmers and Rogers (2010)	Patent application (dummy)	Negative on exit	131,325 firms, (limited companies incorporated in 2001), 2001–2005, UK
Levitas et al. (2006)	(1) Average citation ratio (# citations adjusted by the application year and patent class), (2) patent activity (dummy)	(1) Negative on exit, (2) insignificant	295 firms (the number of employees is approximately 500), integrated circuit industry
Wagner and Cockburn (2010)	(1) Patent application (dummy), (2) # of US patent application, (3) # patents w/more than 6 cites	(1) Negative on pooled exit, merger, and delisted, (2) negative on pooled exit and merger, insignificant on delisted, (3) positive on exit via merger	356 firms (5.9 years), 1998–2005, US Internet-related industries