INTANGIBLE DETERMINANTS OF MARKET VALUE IN THE NEW ECONOMY: A DYNAMIC PANEL DATA ANALYSIS OF THE INDIAN SOFTWARE INDUSTRY

Supriyo de ()
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Supriyo de: Faculty of Economics and Business, The University of Sydney, Sydney, NSW 2006, Australia;

The Singapore Economic Review (SER), 2009, vol. 54, issue 03, 379-398

Abstract: Intangible assets like human capital and organization capital have driven the success of India's software industry. This article analyzes the impact of intangible assets on the market value of Indian software firms using a dynamic panel data model. Measures of tangible and intangible assets are constructed using firm-level panel data. The estimation technique uses system generalized method of moments (GMM) and minimum distance estimation (MDE). This methodology accounts for unobserved firm heterogeneity, endogenous explanatory variables and persistent variables. The results conclusively show that intangible assets have a significant impact on market values of Indian software firms.

Keywords: Dynamic panel data; Indian software industry; intangible capital; new economy; market valuation; C23; G12 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (2)

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DOI: 10.1142/S0217590809003392

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