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Complementary Assets and Investment Decisions

Author

Listed:
  • Gema Pastor-Agustín
  • Marisa Ramírez-Alesón
  • Manuel Espitia-Escuer

Abstract

This paper analyzes which simultaneous crossover effects among tangible, intangible, and current assets affect investment and disinvestment decisions on tangible and intangible assets. Controlling for nonconvexity and irreversibility effects, we analyze investment and disinvestment over 1,044 firm-year observations of Spanish firms. The results show interrelations among tangible and intangible assets affecting their investment and disinvestment decisions, a different effect of current assets on investment and disinvestment, and the existence of lumping investment. The main contribution is the control for misspecification biases since all the effects are considered together.

Suggested Citation

  • Gema Pastor-Agustín & Marisa Ramírez-Alesón & Manuel Espitia-Escuer, 2011. "Complementary Assets and Investment Decisions," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(0), pages 25-39, November.
    • Handle: RePEc:mes:emfitr:v:47:y:2011:i:0s5:p:25-39
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    Citations

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    Cited by:

    1. Anna Thum-Thysen & Peter Voigt & Christoph Weiss, 2021. "Reflections on Complementarities in Capital Formation and Production: Tangible and Intangible Assets across Europe," European Economy - Discussion Papers 152, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Felix J. Lopez-Iturriaga & Emilio Lopez-Millan, 2015. "Institutional Framework, Corporate Ownership Structure, and R&D Investment: An International Analysis," HSE Working papers WP BRP 36/MAN/2015, National Research University Higher School of Economics.
    3. Thum-Thysen, Anna & Voigt, Peter & Bilbao-Osorio, Beñat & Maier, Christoph & Ognyanova, Diana, 2019. "Investment dynamics in Europe: Distinct drivers and barriers for investing in intangible versus tangible assets?," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 77-88.
    4. Thum-Thysen, Anna & Voigt, Peter & Weiss, Christoph, 2021. "Complementarities in capital formation and production: Tangible and intangible assets across Europe," EIB Working Papers 2021/12, European Investment Bank (EIB).

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