Intangibles and the UK under-investment puzzle: Evidence from firm-level panel data

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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.
Original languageEnglish
Article number109389
JournalEconomics Letters
Volume194
DOIs
Publication statusPublished - 7 Jul 2020

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© 2020 Elsevier B.V.

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Copyright 2020 Elsevier B.V., All rights reserved.

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