Abstract:
This independent study aimed to examine the relationship between patents and the performance of companies listed on the Stock Exchange of Thailand (SET). The patent-related variables included the number of patent applications, the number of granted patents, and the number of patent forward citations. Company performance was measured using four indicators: market value (Tobin's Q), return on total assets (ROA), return on equity (ROE), and earnings per share (EPS). The sample consisted of 618 companies listed on the SET and MAI markets between 2021 and 2023, excluding those in the financial sector. Financial data, patent application counts, granted patent counts, and patent citation counts were collected from the websites of the Stock Exchange of Thailand, Google Patents, and the Department of Intellectual Property. The data were analyzed using descriptive statistics and multiple regression analysis. The results showed that the maximum number of patent applications was 23, with an average of 0.07. The highest number of granted patents was 39, with an average of 0.19, while the maximum number of patent citations was 15, with an average of 0.02. The average market value, measured by Tobin's Q, was 1.68. The average return on total assets (ROA) was 5.89%, the average return on equity (ROE) was 3.64%, and the average earnings per share (EPS) was 1.21 baht. The study found that the number of patent applications and granted patents had no significant relationship with market value (Tobin's Q), return on assets (ROA), return on equity (ROE), or earnings per share (EPS). In contrast, the number of patent citations was positively associated with market value (Tobin's Q) and return on assets (ROA) at the 0.05 significance level, but showed no significant relationship with return on equity (ROE) or earnings per share (EPS).