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Intangible Investments and their Consequences: New evidence from unlisted Japanese companies


  • HARADA Nobuyuki


Although there is widespread recognition of the importance of investment in intangibles, this is difficult to observe from the published data, even for listed companies. This study investigates the extent of investments in intangibles and their consequences for unlisted companies in Japan. For this purpose, we employ unique microdata gathered from a recent survey of unlisted companies and financial information from elsewhere matched with the surveyed companies. The analysis covers a broad range of intangible investment activities involving scientific and technological research and development, software production, product development and design, content production, marketing, organizational change, and education and training (both on and off the job). The empirical results suggest that these investments enhance the growth of companies rather than their profitability.

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  • HARADA Nobuyuki, 2014. "Intangible Investments and their Consequences: New evidence from unlisted Japanese companies," Discussion papers 14058, Research Institute of Economy, Trade and Industry (RIETI).
  • Handle: RePEc:eti:dpaper:14058

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    1. Tronconi, Claudia & Vittucci Marzetti, Giuseppe, 2011. "Organization capital and firm performance. Empirical evidence for European firms," Economics Letters, Elsevier, vol. 112(2), pages 141-143, August.
    2. Frederico Belo & Xiaoji Lin & Maria Ana Vitorino, 2014. "Brand Capital and Firm Value," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(1), pages 150-169, January.
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