Intangible Assets and Firm-Level Productivity Growth in the U.S. and Japan

Miho Takizawa

No 00010/2015, Working papers of the Department of Economics - University of Perugia (IT) from Università di Perugia, Dipartimento Economia

Abstract: The purpose of this study is to measure the effect of intangibles on the growth of developed countries, particularly, at firm level. This paper analyzes the role "intangibles" play in firms' growth and performance, in addition to the production factors of labor and tangible capital, using their financial data in the U.S. and Japan. And this study attempts to analyze whether companies accumulating intangible assets respond better to shocks (for example, financial crises) than those without intangible capital. We could see that intangibles were important sources of productivity growth at the micro level in the U.S. Those results were not obtained in Japan. The cross term between intangibles and tangibles was positive and significant in both the U.S. and Japan. This suggests that if a firm invests more not only in intangibles but also in tangibles, the firm can enjoy a high productivity growth. Finally, this paper analyzed whether companies that had invested in intangibles responded better to shocks than those without intangible capital. The results showed that the firms with greater intangible capital managed to overcome the crisis in the U.S.

Keywords: Intangible assets; productivity (search for similar items in EconPapers)
JEL-codes: J24 O40 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2015-05-01
New Economics Papers: this item is included in nep-acc, nep-eff and nep-sbm
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Citations: View citations in EconPapers (2)

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