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Intangible capital and business productivity in the hotel industry

Author

Listed:
  • Paz Rico

    (Universitat de València)

  • Bernardí Cabrer-Borrás

    (Universitat de València)

  • María Mar Benavides-Espinosa

    (Universitat de València)

Abstract

Intangible capital is a key factor of productivity growth. This paper analyses how the internal intangible capital of the company and external intangible capital influence its productivity. This contribution focuses on the hotel industry since it is a key industry of the Spanish economy, such that any increase in its productivity has an impact on the entire economy. Both, the intangible capital of the company and that of the region in which the company is located are considered as determinants of productivity. Likewise, the importance of other agglomeration economies in the productivity of hotel companies is taken into account. A model estimates firm level determinants of productivity, controlling for regional characteristics that include intangible capital. The findings suggest that, as expected, investment of innovation by hotel companies and regions positively affects company productivity. In addition, there is evidence of the presence of agglomeration economies, both in specialization and urbanization economies. Also, the elasticity of the intangible capital itself is higher in smaller hotel companies.

Suggested Citation

  • Paz Rico & Bernardí Cabrer-Borrás & María Mar Benavides-Espinosa, 2020. "Intangible capital and business productivity in the hotel industry," International Entrepreneurship and Management Journal, Springer, vol. 16(2), pages 691-707, June.
    • Handle: RePEc:spr:intemj:v:16:y:2020:i:2:d:10.1007_s11365-019-00614-4
    DOI: 10.1007/s11365-019-00614-4
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