Intangible capital in the pharmaceutical & chemical industry

Katherine Gleason and Mark Klock
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Katherine Gleason: University of New Orleans

No 2003-04, Working Papers from University of New Orleans, Department of Economics and Finance

Abstract: We investigate whether measures of intangible capital based on advertising and R&D can explain variation in Tobin’s Q ratio for the pharmaceutical & chemical industry using data from 1982 to 2001. The study is motivated by prior literature studying this relation in other industries, recent literature investigating intangible capital in this industry, and the larger controversy about whether stock valuations have been high due to irrational investors or large investment in intangible capital. We find that our measures of intangible capital are statistically significant determinants of Tobin’s Q and explain twenty percent of the variation in our sample.

Keywords: Intangibles; Research and Development (R&D); Advertising; Chemicals; Pharmaceuticals (search for similar items in EconPapers)
JEL-codes: G10 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2003-02-15
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