Izvorni znanstveni članak

https://doi.org/10.3326/pse.50.2.2

The effect of physical and intangible capital on labour productivity: role of institutional and development factors

Valentin Lovrić ; Croatian National Bank, Zagreb, Hrvatska *

* Dopisni autor.

Sažetak

Economists agree that physical and intangible capital can have a positive impact on productivity growth. However, the dependence of intangible capital on adequate institutions may lead to its weak impact on productivity in countries with weak institutions. The aim of this paper is to assess the link between investments in physical and intangible capital on the one hand and productivity on the other. For determining differences in the level of effect of physical and intangible capital on productivity depending on institutional and developmental characteristics of countries, the research is divided into two parts. First, we assessed regression models for Croatia, after which we used panel analysis to evaluate a number of models for highly developed countries with quality institutions. The results suggest a significant positive effect of physical and intangible capital in advanced economies, while in Croatia only physical capital has a significant impact.

Ključne riječi

labour productivity; intangible capital; panel analysis; institutions; economic development

Hrčak ID:

347632

URI

https://hrcak.srce.hr/347632

Datum izdavanja:

8.6.2026.

Posjeta: 146 *