Intangible assets and firm-level productivity


Crass, Dirk ; Peters, Bettina


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URL: https://ub-madoc.bib.uni-mannheim.de/37492
URN: urn:nbn:de:bsz:180-madoc-374921
Document Type: Working paper
Year of publication: 2014
The title of a journal, publication series: ZEW Discussion Papers
Volume: 14-120
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O33 , C23 , J24 , L22,
Keywords (English): 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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Crass, Dirk ; Peters, Bettina (2014) Intangible assets and firm-level productivity. Open Access ZEW Discussion Papers Mannheim 14-120 [Working paper]
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