The investment activity of Spanish firms with tangible and intangible assets

Manuel Espitia Escuer () and Gema Pastor Agust�n ()
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Manuel Espitia Escuer: Department of Business. Business and Economics Faculty. University of Zaragoza
Gema Pastor Agust�n: Doctoral Student in Business Organization. Business and Economics Faculty. University of Zaragoza
Authors registered in the RePEc Author Service: Gema Pastor-Agustin ()

Documentos de Trabajo from Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza

Abstract: There are several studies that show the importance of intangible assets in the value of a company. Nevertheless, there are few that consider the influence of their existence on tangible assets. This paper attempts to demonstrate how the existence of the intangible assets of a company affects its decisions to invest in tangible goods. To do so, an investment model based on Tobin�s q is developed. It considers the investment possibilities than companies have in both tangible and intangible assets. The proposed model is used to analyse the investment decisions on Spanish firms for a sample of Spanish, non-financial companies that were quoted on the stock market between 1991 and 1999.

Keywords: Investment models; intangibles; Tonbin's q; panel data (search for similar items in EconPapers)
JEL-codes: C33 G31 M21 (search for similar items in EconPapers)
Date: 2003-08
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