Original scientific paper
https://doi.org/10.1080/1331677X.2019.1699139
Intangible capital and business productivity
Paz Rico
Bernardí Cabrer-Borrás
Abstract
The importance of intangible capital as a driver of productivity
growth is recognised at both macroeconomic and microeconomic
levels. However, in general, there is a lack of strong empirical evidence
in the relevant literature on the connection between micro
and macro approaches. This study integrates both perspectives to
analyse how internal and external intangible capital influence the
productivity of companies and, therefore, economic growth. A
model is estimated in which the total factor productivity of companies
is explained through their internal and external intangible
capital. To this end, regional characteristics are considered in
terms of technological endowment, human capital, and entrepreneurial
capital. In addition, other agglomeration economies such
as regional specialisation and regional productive diversity are
also considered. In the empirical application, a panel of companies
from the seventeen Spanish regions over the period
2006–2015 is used. The findings suggest that there is a positive
effect of intangible capital on companies’ productivity and evidence
of a spillover effect as a result of local intensities of
intangibles.
Keywords
Business productivity; intangible capital; externalities; R&D
Hrčak ID:
254675
URI
Publication date:
9.2.2021.
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