Intangible capital , productivity , R&D , marketing , firm-specific human capital , organizational capital , patents , trademarks
Abstract:
Firms invest huge amounts into intangible assets. This paper explores to which
extent different kinds of intangible assets are conducive to firm-level produc-
tivity. Our study contributes to the literature by simultaneously comparing
productivity effects of innovative capital, human capital, branding capital and
organizational capital and testing whether complementarity or substitutabil-
ity exists between different intangible assets. Using panel data for the period
2006-2010, our econometric estimates confirm strong positive productivity ef-
fects of human capital and branding capital. Results for innovative capital
are found to be mixed. While R&D has a strong positive impact on produc-
tivity, design & licences and patents show only weak productivity enhancing
effects. The same holds for organizational capital. We furthermore detect sev-
eral complementarities among different kind of intangible assets. Our results
are robust to various parametric (OLS, FE) and non-parametric (Olley and
Pakes, Levinsohn and Petrin) productivity estimation methods.
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