Zhang, Dongna (2020) Intangibles and the UK under-investment puzzle: Evidence from firm-level panel data. Economics Letters, 194. p. 109389. ISSN 0165-1765
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Official URL: https://doi.org/10.1016/j.econlet.2020.109389
Abstract
This paper analyses the relationship between intangibles and the low business investment relative to Q at the firm-level. Using a large panel of UK firms, the findings suggest that a negative association exists between intangibles and fixed investment. The under-investment gap since 2002 can be largely reduced by controlling for intangibles. In particular, the impact is magnified for firms with higher leverage, lower tangibility and lower labour productivity.
| Item Type: | Article |
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| Uncontrolled Keywords: | Investment, Tobin’s Q, Intangibles |
| Subjects: | L100 Economics N300 Finance |
| Department: | Faculties > Business and Law > Newcastle Business School > Accounting and Finance |
| Depositing User: | Rachel Branson |
| Date Deposited: | 15 Sep 2022 13:18 |
| Last Modified: | 15 Sep 2022 13:30 |
| URI: | https://nrl.northumbria.ac.uk/id/eprint/50136 |
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