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Intangible Assets and Firm-Level Productivity Growth in the U.S. and Japan

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  • MIHO TAKIZAWA

Abstract

The purpose of this study is to measure the effect of intangibles on the growth of developed countries, particularly, at firm level. This paper analyzes the role "intangibles" play in firms' growth and performance, in addition to the production factors of labor and tangible capital, using their financial data in the U.S. and Japan. And this study attempts to analyze whether companies accumulating intangible assets respond better to shocks (for example, financial crises) than those without intangible capital. We could see that intangibles were important sources of productivity growth at the micro level in the U.S. Those results were not obtained in Japan. The cross term between intangibles and tangibles was positive and significant in both the U.S. and Japan. This suggests that if a firm invests more not only in intangibles but also in tangibles, the firm can enjoy a high productivity growth. Finally, this paper analyzed whether companies that had invested in intangibles responded better to shocks than those without intangible capital. The results showed that the firms with greater intangible capital managed to overcome the crisis in the U.S.

Suggested Citation

  • Miho Takizawa, 2015. "Intangible Assets and Firm-Level Productivity Growth in the U.S. and Japan," Working papers of the Department of Economics - University of Perugia (IT) 00010/2015, Università di Perugia, Dipartimento Economia.
  • Handle: RePEc:pia:papers:00010/2015
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    File URL: http://www.econ.unipg.it/files/generale/wp_2015/WP_10_2015_Takizawa.pdf
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    Cited by:

    1. Zhang, Ming & Du, Panpan & Tu, Xianjin, 2023. "The role of intangible assets in promoting the sustainability of agri-food enterprises: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 928-939.
    2. Heike Belitz & Alexander Eickelpasch & Marie Le Mouel & Alexander Schiersch, 2017. "Wissensbasiertes Kapital in Deutschland: Analyse zu Produktivitäts- und Wachstumseffekten und Erstellung eines Indikatorensystems; Studie im Auftrag des Bundesministeriums für Wirtschaft und Energie," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, volume 126, number pbk126.

    More about this item

    Keywords

    Intangible assets; productivity;

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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