The importance of intangible capital for the transmission of financial shocks

López, José Ignacio Atienza; Olivella, Virginia

doi:10.1016/j.red.2018.04.004

Cited by 17 publications

(8 citation statements)

References 25 publications

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“…Our model is a RBC model augmented by financially constrained firms and intangible capital. Intangible capital enters the production function as a third input factor, along with tangible capital and labor (see, for example, McGrattan and Prescott (2010), Malik, Ali, and Khalid (2014) and Lopez and Olivella (2018)). The financial structure is modeled following Jermann and Quadrini (2012).…”

Section: The Model Economymentioning

confidence: 99%

“…The effects of financial shocks on tangible and intangible investment has been receiving attention very recently in the literature using DSGE models. Lopez and Olivella (2018) study the role of intangible capital in the transmission of financial shocks using an RBC model with financial and labor market frictions but without costly capital accumulation. Bianchi et al (2019) analyze the transmission of various types of financial shocks in the US economy through the lens of an estimated DSGE model which features endogenous growth and investment-specific adjustment costs.…”

Section: Introductionmentioning

confidence: 99%

“…One key contribution made by our paper to this literature is to isolate the implications of the presence of investment-specific adjustment costs for the relative dynamics of tangible and intangible investment in response to financial shocks. Our model shares with Lopez and Olivella (2018) and Bianchi et al (2019) the assumption that firms' borrowing is constrained and that intangible capital cannot be pledged as collateral in debt contracts.…”

Section: Introductionmentioning

confidence: 99%

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Financial Shocks and the Relative Dynamics of Tangible and Intangible Investment: Evidence from the Euro Area

Gareis

Mayer

2020

SSRN Journal

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We develop an extended real business cycle (RBC) model with financially constrained firms and non-pledgeable intangible capital. Based on a model-consistent series for firms' borrowing conditions, we find, within a structural vector autoregression (SVAR) framework, that, in response to an adverse financial shock, tangible investment falls more than intangible investment. This positive co-movement between tangible and intangible investment as well as the relative resilience of intangible investment pose a challenge for the theoretical model. We show that investmentspecific adjustment costs help in reconciling the model with the observed empirical evidence. The estimation of the theoretical model using a Bayesian limited information approach yields support for the presence of much larger adjustment costs for intangible investment than for tangible investment.

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Section: The Model Economymentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Financial Shocks and the Relative Dynamics of Tangible and Intangible Investment: Evidence from the Euro Area

Gareis

Mayer

2020

SSRN Journal

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“…Sin embargo, una forma de lucrar y capitalizar es promover un valor agregado o crear valor a los productos (Hou & Johri, 2018) o servicios a través de los intangibles (Hu, Ke, Guo & Wen, 2015). En este sentido, la creación de valor está enfocada a través de promover y considerar las necesidades de los clientes, emplear la innovación, calidad, investigación y desarrollo de nuevos productos o servicios, así como emplear estrategias para reducir costos (Kirkbesoglu & Ozder, 2015;Noordin et al, 2015;López & Olivella, 2018) por lo que representa una ventaja competitiva para la microempresa.…”

Section: Conclusionesunclassified

La creación de valor a través de la planeación estratégica en microempresas emprendedoras

Lemus

Carranza

2019

CyA

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Propósito: El propósito de la investigación es identificar la influencia que existe de la planeación estratégica sobre la creación de valor en las microempresas emprendedoras de la región del bajío del Estado de Guanajuato, México. Diseño y Metodología: El diseño metodológico fue cuantitativo, explicativo, observacional y transversal. Se empleó una muestra de 407 jóvenes emprendedores. Se desarrolló un modelo de ecuación estructural (SEM). En cuanto a los índices de bondad y ajuste del SEM ( 2 =146.10 gl=52; CFI=0.969 y TLI=0.960; RMSEA=.06) fueron absolutamente aceptables. Resultados: Se demuestra que existe relación positiva y significativa entre la planeación estratégica y la creación de valor en el emprendimiento de las microempresas. Asimismo, la planeación estratégica influye positiva y significativamente sobre la creación de valor en el emprendimiento de las microempresas Originalidad / Valor: Los hallazgos son relevantes y de gran valor ya que actualmente no hay suficientes investigaciones que estén enfocados en las variables analizadas.

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“…Investing in human capital influences positively on company's productivity with precise measurements (McGrattan, 2020). Intellectual capital plays an important role in a company's final success (Rodriguez-Castellanos et al, 2011), but at the same time, in a period of crisis and financial shocks, it enables greater labor market volatility as a response (Lopez and Olivella, 2018).…”

Section: Introductionmentioning

confidence: 99%

Measuring distribution of intellectual capital components contribution: French context

Pap¹,

Petković²,

Simićević³

2021

EurJ Appl Econ

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In this paper the contribution of intellectual capital components in the overall intellectual capital value is investigated. This paper adopted quantitative statistical methods Lambda phase measurement and Shapley's value on the sample of 498 French companies in the period of 2008 to 2016 in order to estimate the highest and lowest contributions of intellectual capital components. For the purpose of the study, the official financial information from the companies' annual reports were taken from the financial database "Point Risk". The paper concentrates on two out of three intellectual capital components: structural and customer capital components. By the Shapley's value final result, the customer capital component, which represents company's commercial activities with the coefficient of 0.29911, is of greatest importance. On the other side, the lowest importance belongs to the structural capital component that represents value coming from research and development expenses with the coefficient of 0.07463 This study contributes to the management sciences literature by examining distribution of contribution of two intellectual capital components in the annual reports of French companies.

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The importance of intangible capital for the transmission of financial shocks

Cited by 17 publications

References 25 publications

Financial Shocks and the Relative Dynamics of Tangible and Intangible Investment: Evidence from the Euro Area

Financial Shocks and the Relative Dynamics of Tangible and Intangible Investment: Evidence from the Euro Area

La creación de valor a través de la planeación estratégica en microempresas emprendedoras

Measuring distribution of intellectual capital components contribution: French context

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