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Klaus Friesenbichler, Agnes Kügler (WIFO), Julia Schieber-Knöbl (ST.AT)
Intangible Capital as a Production Factor. Firm-level Evidence from Austrian Microdata
WIFO Working Papers, 2023, (660), 37 Seiten
Studie von: Österreichisches Institut für Wirtschaftsforschung – Centraal Bureau voor de Statistiek – Istituto Nazionale di Statistica – Lunaria Associazione di Promozione Sociale e Impresa Sociale – United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology – Fondation Nationale des Sciences Politiques – Scuola superiore Sant'Anna – Statistik Austria – University College London – Universität Ljubljana – Universität Tartu – Katholieke Universiteit Leuven – Zentrum für Europäische Wirtschaftsforschung – Universität Bielefeld
Auftraggeber: Europäische Kommission, Rahmenprogramm
Online seit: 12.05.2023 0:00
We examine the role of intangible capital as a production factor using Austrian firm-level register data. Descriptive statistics show that intangible investment has increased over time. The intensive and extensive margins of firms' investments are highly skewed. They differ across sectors. A series of sample splits show that the components of intangible capital play different roles as inputs in the production function. Software and especially licenses are important for SMEs and exporters. Research and development play an important role in production in all specifications. For firms that continuously invest in intangible capital, all components of intangible capital gain importance in the production functions. These patterns differ from those found in previous studies and have implications for the strategic orientation of industrial and innovation policy.
Keywords:Intangible capital, R&D, Firm level productivity, Investment, Production function, Austria
Forschungsbereich:Industrie-, Innovations- und internationale Ökonomie

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