دانلود رایگان مقاله انگلیسی سرمایه گذاری غیرمستقیم و عملکرد شرکت - اشپرینگر 2018

Abstract

We combine survey and administrative data for about 13,000 New Zealand frms from 2005 to 2013 to study intangible investment and frm performance. We fnd that frm size and moderate competition is associated with higher intangible investment, while frm age is associated with lower intangible investment. Examining frm performance, we fnd that higher investment is associated with higher labour and capital input, higher revenue, and higher frm-reported employee and customer satisfaction, but not with higher productivity or proftability. The evidence suggests that intangible investment is associated with growth and ‘soft’ performance objectives, but not with productivity or proftability.

5 Conclusion

A growing literature on intangible investment posits—and sometimes confrms empirically—that such investment results in an intangible asset of the frm that improves frm performance. In the standard the model, the presence of this productive input that is not included among measured inputs should be refected in higher productivity and proftability as conventionally measured.

Using frm-level data from the New Zealand, we link self-reported intangible investment activities—including R&D, employee training, marketing, and organisational restructuring—with measures of frm performance and activity. We fnd evidence of plausible variation in our intangible measures across diferent industries: Our measure of intangible investment is highest in ‘information media and telecommunications’; ‘manufacturing’; and ‘professional, scientifc and technical services’. It is lowest in ‘agricultural, forestry and fshing’; and ‘mining’.

Examining the characteristics of intangibles-investing frms, we fnd that intangible investment is decreasing with age; increasing with frm size; is unrelated to past output growth relative to the industry average; and is highest with a moderate amount of perceived competition.