Tangible and intangible investments and sales growth of US firms

Joel Rabinovich

doi:10.1016/j.strueco.2023.05.001

Tangible and intangible investments and sales growth of US firms

Joel Rabinovich

Research output: Contribution to journal › Article › peer-review

13 Citations (Scopus)

251 Downloads (Pure)

Abstract

This article presents new insights into the evolving relation among different types of investments and the growth in sales of US nonfinancial listed firms during the 1979-2018 period. By means of quantile regressions, it is observed an increasing relevance over time of intangible investments vis-à-vis a stable or declining contribution of capital expenditure for all types of firms. However, the impact of different types of intangible investment differs depending on the kind of firm. Whereas advertising has a growing relevance on all types of firms except the top decile in growth distribution, the positive effects of research and development become increasingly concentrated in high-growth firms.

Original language	English
Pages (from-to)	200-212
Number of pages	13
Journal	Structural Change and Economic Dynamics
Volume	66
Early online date	12 May 2023
DOIs	https://doi.org/10.1016/j.strueco.2023.05.001
Publication status	Published - Sept 2023

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Tangible and intangible_RABINOVICH_Accepted3May2023_GOLD VoR (CC BY-NC-ND)Final published version, 2.82 MBLicence: CC BY-NC-ND

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abstract = "This article presents new insights into the evolving relation among different types of investments and the growth in sales of US nonfinancial listed firms during the 1979-2018 period. By means of quantile regressions, it is observed an increasing relevance over time of intangible investments vis-{\`a}-vis a stable or declining contribution of capital expenditure for all types of firms. However, the impact of different types of intangible investment differs depending on the kind of firm. Whereas advertising has a growing relevance on all types of firms except the top decile in growth distribution, the positive effects of research and development become increasingly concentrated in high-growth firms.",

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note = "Funding Information: Earlier versions of this paper have been presented at the IFRIS internal seminar on INDUSTRY 4.0, {\textquoteleft}The Industry 4.0 and the international division of labour Industry 4.0{\textquoteright} (May, 2020) and the International Schumpeter Conference (July, 2021). The paper has benefited from discussions there and from comments made by Effie Kesidou, Sandra Lancheros Torres, Serdal Ozusaglam, Cecilia Rikap, Nicolas Aguila, Tristan Auvray and two anonymous reviewers. All errors and omissions remain the sole responsibility of the author. Publisher Copyright: {\textcopyright} 2023 The Author",

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JO - Structural Change and Economic Dynamics

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Tangible and intangible investments and sales growth of US firms

Abstract

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