Productivity and finance: the intangible assets channel - a firm level analysis:
Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance-productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase of int...
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2020
|
| Series: | OECD Economics Department Working Papers
|
| Subjects: | |
| Online Access: | Volltext |
| Summary: | Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance-productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase of intangible assets is more difficult than that of tangible assets. As a result, financial frictions are expected to be more binding for productivity growth in sectors where intangibles have become a pivotal component in firms production function. The analysis relies on a panel fixed effects econometric approach, several indices to capture financial frictions at the firm level and a new measure of intangible intensity at the industry level. We provide evidence that financial frictions act as a drag on productivity growth and especially so with respect to firms operating in intangible intensive sectors. These findings, which are robust to alternative specifications, shed light on the role of financial factors in explaining the productivity slowdown in OECD countries and provide support for using intangible intensity as a new dimension to proxy the relative exposure of industries to financing frictions |
| Physical Description: | 1 Online-Ressource (60 Seiten) |
| DOI: | 10.1787/d13a21b0-en |
Staff View
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV047931090 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220413s2020 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1787/d13a21b0-en |2 doi | |
| 035 | |a (ZDB-13-SOC)06132535X | ||
| 035 | |a (OCoLC)1312694720 | ||
| 035 | |a (DE-599)BVBBV047931090 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-384 |a DE-91 |a DE-473 |a DE-824 |a DE-29 |a DE-739 |a DE-355 |a DE-20 |a DE-1028 |a DE-1049 |a DE-188 |a DE-521 |a DE-861 |a DE-898 |a DE-92 |a DE-573 |a DE-19 | ||
| 100 | 1 | |a Demmou, Lilas |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Productivity and finance: the intangible assets channel - a firm level analysis |c Lilas Demmou, Guido Franco and Irina Stefanescu |
| 264 | 1 | |a Paris |b OECD Publishing |c 2020 | |
| 300 | |a 1 Online-Ressource (60 Seiten) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers | |
| 520 | |a Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance-productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase of intangible assets is more difficult than that of tangible assets. As a result, financial frictions are expected to be more binding for productivity growth in sectors where intangibles have become a pivotal component in firms production function. The analysis relies on a panel fixed effects econometric approach, several indices to capture financial frictions at the firm level and a new measure of intangible intensity at the industry level. We provide evidence that financial frictions act as a drag on productivity growth and especially so with respect to firms operating in intangible intensive sectors. These findings, which are robust to alternative specifications, shed light on the role of financial factors in explaining the productivity slowdown in OECD countries and provide support for using intangible intensity as a new dimension to proxy the relative exposure of industries to financing frictions | ||
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Franco, Guido |4 ctb | |
| 700 | 1 | |a Stefanescu, Irina |4 ctb | |
| 856 | 4 | 0 | |u https://doi.org/10.1787/d13a21b0-en |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033312583 | |
Record in the Search Index
| _version_ | 1818805995646746624 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Demmou, Lilas |
| author2 | Franco, Guido Stefanescu, Irina |
| author2_role | ctb ctb |
| author2_variant | g f gf i s is |
| author_facet | Demmou, Lilas Franco, Guido Stefanescu, Irina |
| author_role | aut |
| author_sort | Demmou, Lilas |
| author_variant | l d ld |
| building | Verbundindex |
| bvnumber | BV047931090 |
| collection | ZDB-13-SOC |
| ctrlnum | (ZDB-13-SOC)06132535X (OCoLC)1312694720 (DE-599)BVBBV047931090 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/d13a21b0-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000zc 4500</leader><controlfield tag="001">BV047931090</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2020 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/d13a21b0-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)06132535X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312694720</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047931090</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-1028</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-861</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Demmou, Lilas</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Productivity and finance: the intangible assets channel - a firm level analysis</subfield><subfield code="c">Lilas Demmou, Guido Franco and Irina Stefanescu</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2020</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (60 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance-productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase of intangible assets is more difficult than that of tangible assets. As a result, financial frictions are expected to be more binding for productivity growth in sectors where intangibles have become a pivotal component in firms production function. The analysis relies on a panel fixed effects econometric approach, several indices to capture financial frictions at the firm level and a new measure of intangible intensity at the industry level. We provide evidence that financial frictions act as a drag on productivity growth and especially so with respect to firms operating in intangible intensive sectors. These findings, which are robust to alternative specifications, shed light on the role of financial factors in explaining the productivity slowdown in OECD countries and provide support for using intangible intensity as a new dimension to proxy the relative exposure of industries to financing frictions</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Franco, Guido</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Stefanescu, Irina</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/d13a21b0-en</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033312583</subfield></datafield></record></collection> |
| id | DE-604.BV047931090 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:34:56Z |
| indexdate | 2024-12-18T19:02:44Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033312583 |
| oclc_num | 1312694720 |
| open_access_boolean | 1 |
| owner | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| owner_facet | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| physical | 1 Online-Ressource (60 Seiten) |
| psigel | ZDB-13-SOC |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Demmou, Lilas Verfasser aut Productivity and finance: the intangible assets channel - a firm level analysis Lilas Demmou, Guido Franco and Irina Stefanescu Paris OECD Publishing 2020 1 Online-Ressource (60 Seiten) txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance-productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase of intangible assets is more difficult than that of tangible assets. As a result, financial frictions are expected to be more binding for productivity growth in sectors where intangibles have become a pivotal component in firms production function. The analysis relies on a panel fixed effects econometric approach, several indices to capture financial frictions at the firm level and a new measure of intangible intensity at the industry level. We provide evidence that financial frictions act as a drag on productivity growth and especially so with respect to firms operating in intangible intensive sectors. These findings, which are robust to alternative specifications, shed light on the role of financial factors in explaining the productivity slowdown in OECD countries and provide support for using intangible intensity as a new dimension to proxy the relative exposure of industries to financing frictions Economics Franco, Guido ctb Stefanescu, Irina ctb https://doi.org/10.1787/d13a21b0-en Verlag kostenfrei Volltext |
| spellingShingle | Demmou, Lilas Productivity and finance: the intangible assets channel - a firm level analysis Economics |
| title | Productivity and finance: the intangible assets channel - a firm level analysis |
| title_auth | Productivity and finance: the intangible assets channel - a firm level analysis |
| title_exact_search | Productivity and finance: the intangible assets channel - a firm level analysis |
| title_exact_search_txtP | Productivity and finance: the intangible assets channel - a firm level analysis |
| title_full | Productivity and finance: the intangible assets channel - a firm level analysis Lilas Demmou, Guido Franco and Irina Stefanescu |
| title_fullStr | Productivity and finance: the intangible assets channel - a firm level analysis Lilas Demmou, Guido Franco and Irina Stefanescu |
| title_full_unstemmed | Productivity and finance: the intangible assets channel - a firm level analysis Lilas Demmou, Guido Franco and Irina Stefanescu |
| title_short | Productivity and finance: the intangible assets channel - a firm level analysis |
| title_sort | productivity and finance the intangible assets channel a firm level analysis |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/d13a21b0-en |
| work_keys_str_mv | AT demmoulilas productivityandfinancetheintangibleassetschannelafirmlevelanalysis AT francoguido productivityandfinancetheintangibleassetschannelafirmlevelanalysis AT stefanescuirina productivityandfinancetheintangibleassetschannelafirmlevelanalysis |