Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340310 
Year of Publication: 
2022
Citation: 
[Journal:] Borsa İstanbul Review [ISSN:] 2214-8469 [Volume:] 22 [Issue:] 4 [Year:] 2022 [Pages:] 828-837
Publisher: 
Elsevier, Amsterdam
Abstract: 
Market capitalization and intellectual capital can be understood as two main that can play a dynamic role in multiple organizational decisions. Given that, the current study examines the role of market capitalization and intellectual capital in determining corporate investment decisions. In our empirical analysis, we use 10 years of financial information, from 2010 to 2019, for nonfinancial publicly listed corporations in three economies: China, India, and Pakistan. In our regression estimation, this study employs the panel-EGLS (estimated generalized least squares) and two-step system generalized method of moments techniques to address the problems of heteroskedasticity and endogeneity. The statistical analysis first reveals the positive significant effect of market capitalization on investment decisions because of the availability of sufficient funds for investment. It then substantiates the significant role of human capital, structural capital, and capital employed efficiency in protecting industrial investment. The empirical findings offer policy implications on how market capitalization (MC) and intellectual capital (IC) promote investment decisions.
Subjects: 
Human capital efficiency
Industrial investment
Intellectual capital
Macroeconomic factors
Market capitalization
JEL: 
E24
G31
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article
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