Determinants of investment in fixed assets and in intangible assets for high-tech firms
Based on a sample of 141 Portuguese high-tech firms for the period 2004-2012 and using GMM system (1998) and LSDVC (2005) dynamic estimators, this paper studies whether the determinants of high-tech firms’ investment in fixed assets are identical to the determinants of their investment in intangible...
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Centre of Sociological Research, Szczecin, Poland
2017-05-01
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doaj-120e4b846aa0478eb1e439d943d031a02020-11-25T00:35:09ZengCentre of Sociological Research, Szczecin, PolandJournal of International Studies2071-83302306-34832017-05-0110110.14254/2071-8330.2017/10-1/12Determinants of investment in fixed assets and in intangible assets for high-tech firmsPaulo Maçãs Nunes0Zélia Serrasqueiro1António Fernandes de Matos2Beira Interior University and CEFAGE Research CentreBeira Interior University and CEFAGE Research CentreBeira Interior UniversityBased on a sample of 141 Portuguese high-tech firms for the period 2004-2012 and using GMM system (1998) and LSDVC (2005) dynamic estimators, this paper studies whether the determinants of high-tech firms’ investment in fixed assets are identical to the determinants of their investment in intangible assets. The multiple empirical evidence obtained allows us to conclude that the determinants of their investment in fixed assets are considerably different from those of their investment in intangible assets. Debt is a determinant stimulating investment in fixed assets, with age being a determinant restricting such investment. Size, age, internal finance and GDP are determinants stimulating investment in intangible assets, whereas debt and interest rates restrict such investment. These results let us make important suggestions for the owners/managers of high-tech firms, and also for policy-makers.http://jois.eu/?320,en_determinants-of-investment-in-fixed-assets-and-in-intangible-assets-for-high-tech-firmsinvestment in fixed assetsinvestment in intangible assetsKIBSpanel data |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Paulo Maçãs Nunes Zélia Serrasqueiro António Fernandes de Matos |
spellingShingle |
Paulo Maçãs Nunes Zélia Serrasqueiro António Fernandes de Matos Determinants of investment in fixed assets and in intangible assets for high-tech firms Journal of International Studies investment in fixed assets investment in intangible assets KIBS panel data |
author_facet |
Paulo Maçãs Nunes Zélia Serrasqueiro António Fernandes de Matos |
author_sort |
Paulo Maçãs Nunes |
title |
Determinants of investment in fixed assets and in intangible assets for high-tech firms |
title_short |
Determinants of investment in fixed assets and in intangible assets for high-tech firms |
title_full |
Determinants of investment in fixed assets and in intangible assets for high-tech firms |
title_fullStr |
Determinants of investment in fixed assets and in intangible assets for high-tech firms |
title_full_unstemmed |
Determinants of investment in fixed assets and in intangible assets for high-tech firms |
title_sort |
determinants of investment in fixed assets and in intangible assets for high-tech firms |
publisher |
Centre of Sociological Research, Szczecin, Poland |
series |
Journal of International Studies |
issn |
2071-8330 2306-3483 |
publishDate |
2017-05-01 |
description |
Based on a sample of 141 Portuguese high-tech firms for the period 2004-2012 and using GMM system (1998) and LSDVC (2005) dynamic estimators, this paper studies whether the determinants of high-tech firms’ investment in fixed assets are identical to the determinants of their investment in intangible assets. The multiple empirical evidence obtained allows us to conclude that the determinants of their investment in fixed assets are considerably different from those of their investment in intangible assets. Debt is a determinant stimulating investment in fixed assets, with age being a determinant restricting such investment. Size, age, internal finance and GDP are determinants stimulating investment in intangible assets, whereas debt and interest rates restrict such investment. These results let us make important suggestions for the owners/managers of high-tech firms, and also for policy-makers. |
topic |
investment in fixed assets investment in intangible assets KIBS panel data |
url |
http://jois.eu/?320,en_determinants-of-investment-in-fixed-assets-and-in-intangible-assets-for-high-tech-firms |
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1725310013744873472 |