The factors affecting firms' growth: investment in tangible versus intangible assets in the Greek pharmaceutical industry

Makris, Ilias A.

doi:10.1504/ijbhr.2008.018457

Cited by 17 publications

(6 citation statements)

References 11 publications

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“…To survive in the global competitive environment the companies must not only seize every growth opportunity found on their way, but also create it by being engaged in the existing and new product research and development activities. Makris (2008) discovered that investment in intangible assets contributes more to the firms' performance and growth than investment in tangible assets in the Greek pharmaceutical industry. In addition, the researcher also asserts that only real innovative activity, when the innovative process is organized by in-house Research and Development, has a positive impact on the firm growth as opposed to outsourcing and acquisition of intellectual property rights.…”

Section: Literature Reviewmentioning

confidence: 99%

Contemporary drivers of business growth: Evidence from US public companies

Дерун¹,

Mysaka²

2021

Journal of International Studies

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Achieving profitable business growth and maximizing shareholder value with limited resources are the crucial issues of doing business today. The goal of this paper is to identify endogenous factors that increase business growth by analyzing companies' annual reports. This paper contains the results of assessment on the influence tangible assets and intellectual capital (IC) have on Price-to-Earnings Ratio (P/E Ratio) as a proxy for business growth. The research methodology of this paper is based on regression analysis with panel data. Empirical results are tested on annual reports data of the 40 US companies from TOP 150 of Brand Finance Global 500 list for 2008-2020. The results reveal that the role of tangible assets in ensuring business growth is declining in contradistinction to IC, which has gained a stronger effect on business growth. Moreover, findings suggest that balanced management of tangible assets and IC could ensure a more effective internal expansion of business. Additionally, results indicate that the influence of human capital and fixed assets on business growth is declining in competitive environment. This paper integrates and complements prior studies and concepts on business growth, financial performance, IC and tangible assets management, aiming to develop an integrated framework for improving the efficiency of managing business growth drivers. Practical application of the obtained results lies in helping the companies' management to choose the right combination of endogenous factors that will ensure business growth.

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Section: Literature Reviewmentioning

confidence: 99%

Contemporary drivers of business growth: Evidence from US public companies

Дерун¹,

Mysaka²

2021

Journal of International Studies

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“…Some researchers instead decided to analyse the different role of tangible and intangible assets as resources (Galbreath, 2005) and some others concentrated on one sector in particular, monitoring the impact of a specific investment policy (Makris, 2008).…”

Section: Literaturementioning

confidence: 99%

Investment policy and economic performance of Italian listed companies: a multivariate analysis

Giovando¹,

Crovini²,

Ossola³

2018

GBER

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This study focuses on the investment policy of companies listed on the Italian Stock Exchange in the period between 2007 and 2014. In particular, this research concentrates on the industrial and technological sectors, which have deep differences in terms of internal structure and business strategy. As a consequence, there emerged the curiosity to investigate whether the specific type of investments have an impact on the economic performance, in terms of operating margin (EBIT). This study starts with the analysis of trends and relationships between tangibles, intangibles and operating income. Using the Pearson correlation ratio, the authors aimed at finding evidence of a hypothetical correlation in 2014 between tangible and intangible investments and EBIT. In addition, in order to verify if the trend of the economic performance is affected, a MANOVA multivariate analysis is used, by starting from the production function and its development.

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“…As for the factors affecting growth, a variety of variables have been used by many surveys; investment activity (net fixed assets) is considered to be a source of motive power for firms, increasing longrun growth and employment (Chirinko, 1993;Voulgaris et al, 2005) and affect positively cash flow and profitability (Agiomirgiannakis et al, 2006;Eriotis et al, 2002). Innovative activity through the expenses for research and development (R&D), or by acquiring of know-how (intellectual property rights), seems also to affect growth and economic performance [Autio and Parhankangas, (1998), p.120;Delapierre et al, (1998), p.990;Ferguson and Olofsson, (2004), p.5;Kafouros, (2005), p.492;Makris, 2007Makris, , 2008. Furthermore, firm's size and age seem to contribute to economic growth, either positively (Agiomirgiannakis et al, 2006;Voulgaris et al, 2005), or negatively [Bartjokas, 2001;Giudici and Paleari, 2000;Voudouris et al, (2000), p.669].…”

Section: Factors Affecting Growth Of the Firmmentioning

confidence: 99%

Identifying factors affecting firm performance: the role of exporting activity on Greek industry

Makris

Nikolaidis

Stavroyiannis

2012

IJBG

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The aim of the present paper is to locate and analyse the factors affecting firms' economic behaviour in food products' sector, by collecting data from a large number of firms and indicators. A special focus concerning exporting activity took place, trying to disclose the factors that spur exports, as they are considered to be a synonym of economic growth and prosperity. Several methodological issues of exports' valuation were apposed and some strong conclusions were underlined as regard to the necessary infrastructure that a firm should develop, in order to grow, and to establish a dynamic exporting profile.Reference to this paper should be made as follows: Makris, I.A., Nikolaidis, V. and Stavroyiannis, S. (2012) 'Identifying factors affecting firm performance: the role of exporting activity on Greek industry', Int.

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The factors affecting firms' growth: investment in tangible versus intangible assets in the Greek pharmaceutical industry

Cited by 17 publications

References 11 publications

Contemporary drivers of business growth: Evidence from US public companies

Contemporary drivers of business growth: Evidence from US public companies

Investment policy and economic performance of Italian listed companies: a multivariate analysis

Identifying factors affecting firm performance: the role of exporting activity on Greek industry

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