English, Article, Journal or magazine article edition: Innovation, Tangible and Intangible Investments and the Value of Spanish Firms Aitor Lacuesta; Omar Licandro; Teresa Molina; ...

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/121181
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Innovation, Tangible and Intangible Investments and the Value of Spanish Firms
Author
  • Aitor Lacuesta
  • Omar Licandro
  • Teresa Molina
  • Luis A. Puch
Physical Description
  • preprint
Notes
  • Why is R&​D spending so low in Spanish firms? One possible answer may lie in a small contribution of innovative investments to value creation at the firm level. When pulling together complementary sources of spending data and related evidence to measure these investments, we observe that R&​D is low for international standards, but overall intangible investment seems adequate. Data from the Central de Balances are then used to assess the effect of R&​D and other innovative investments on the value of Spanish firms. The results suggest that intangible investments have a positive impact on market values which is more substantial for innovative sectors, and this is also the case for R&​D capital. Such a positive impact is influenced by the size of the firm and its presence in the stock market. In fact, an alternative explanation to low R&​D intensity could be found in the small fraction of firms publicly traded in the stock market in Spain, as far as equity holders tend to value intangible assets more than bond holders. Consequently, promoting a more active role of market valuations might be a promising policy.
  • RePEc:fda:fdaddt:2009-19
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment