New sources of firm growth

2014 Fiscal Year Final Research Report

• Project/Area Number: 24730252
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic policy
• Research Institution: Toyo University
• Principal Investigator: TAKIZAWA Miho 東洋大学, 経済学部, 准教授 (50509247)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: 無形資産 / 生産性 / トービンのQ / 投資 / IPO / ベンチャーキャピタル / 資金制約 / 企業価値

Outline of Final Research Achievements

First, we measured intangible assets and investigates their effect on firms' value. It turns out that firms' accumulation of intangible assets positively influences their value in Japan. Moreover, this paper estimates the investment function which makes Tobin's q an explanatory variable including intangible assets. As a result, the coefficient of Tobin's q is positive and significant. This implies that taking into account of intangible assets is important in modeling capital investment action.
Second, we measured the effect of intangibles on the growth of developed countries, the U.S. and Japan. We could see that intangibles were important sources of productivity growth at the micro level in the U.S. Those results were not obtained in Japan. The cross term between intangibles and tangibles was positive and significant in both the U.S. and Japan. This suggests that if a firm invests more not only in intangibles but also in tangibles, the firm can enjoy a high productivity growth.

Free Research Field

マクロ経済学　生産性分析　コーポレートファイナンス