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Intangible assets and productivity at the firm level: R&D versus non-R&D intangibles
Roth, Felix Maximilian
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Rammer, Christian
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URN:
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urn:nbn:de:bsz:180-madoc-716225
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Document Type:
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Working paper
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Year of publication:
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2025
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The title of a journal, publication series:
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ZEW Discussion Papers
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Volume:
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25-062
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Place of publication:
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Mannheim
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Publication language:
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English
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Institution:
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Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
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MADOC publication series:
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Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
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Subject:
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330 Economics
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Classification:
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JEL:
E22, O33 , O38 , D24,
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Keywords (English):
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non-R&D intangibles , productivity , R&D, digitalisation , firm-specific human capital , brand value , firm-level panel data
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Abstract:
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Intangible assets have increasingly been identified as a main source of productivity gains. Since the pioneering work by Corrado, Hulten, and Sichel (2005), empirical research has largely focused on macro and industry-level studies, while firm-level studies have often been confined to a limited set of intangible assets, especially Research and Development (R&D). This paper employs a unique firm-level panel database that contains information on four types of intangible assets: R&D, software & databases (S&D), firm-specific human capital (HC), and brand value (BV). For R&D, we find much lower productivity returns than for S&D and HC. R&D even loses significance once controlling for other intangibles, except for high-tech manufacturing. In contrast to R&D, we find that S&D and HC tend to be the primary drivers of productivity gains, particularly in services. Our findings have implications for research policy, suggesting a stronger focus on supporting investment in non-R&D intangibles, including S&D and HC.
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 | Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt. |
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