Marketing Intangible Assets and the External Commercialization of Technology

This study examines the strategic drivers of technology transactions, focusing on downstream specialized assets (DSAs). While patents are well-recognized to facilitate technology transactions, the role of downstream information remains underexplored. We propose that marketing-related DSAs—specifically trademarks—mitigate asymmetric information about a technology owner's competitive positioning, reduce transaction costs, and thereby increase outgoing technology transactions. Using a representative sample of S&P 1500 firms, we find that companies with larger trademark portfolios sell more patents, suggesting an information effect. Our heterogeneity analysis, which accounts for technology generality, analyst coverage, and product market competition, is supportive for the importance of the information component. Overall, this study contributes to our understanding of how marketing-related DSAs facilitate technology transactions, challenging the traditional view that DSAs broadly restrain technology sales.