Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/278503 
Year of Publication: 
2023
Series/Report no.: 
WIFO Working Papers No. 660
Publisher: 
Austrian Institute of Economic Research (WIFO), Vienna
Abstract: 
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.
Subjects: 
intangible capital
R&D
firm level productivity
investment
production function
Austria
JEL: 
D24
O30
L22
C33
Document Type: 
Working Paper

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