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The investment activity of Spanish firms with tangible and intangible assets

Author

Listed:
  • Manuel Espitia Escuer

    (Department of Business. Business and Economics Faculty. University of Zaragoza)

  • Gema Pastor Agust�n

    (Doctoral Student in Business Organization. Business and Economics Faculty. University of Zaragoza)

Abstract

There are several studies that show the importance of intangible assets in the value of a company. Nevertheless, there are few that consider the influence of their existence on tangible assets. This paper attempts to demonstrate how the existence of the intangible assets of a company affects its decisions to invest in tangible goods. To do so, an investment model based on Tobin�s q is developed. It considers the investment possibilities than companies have in both tangible and intangible assets. The proposed model is used to analyse the investment decisions on Spanish firms for a sample of Spanish, non-financial companies that were quoted on the stock market between 1991 and 1999.

Suggested Citation

  • Manuel Espitia Escuer & Gema Pastor Agust�n, 2003. "The investment activity of Spanish firms with tangible and intangible assets," Documentos de Trabajo dt2003-08, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
    • Handle: RePEc:zar:wpaper:dt2003-08
    as

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    References listed on IDEAS

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    More about this item

    Keywords

    Investment models; intangibles; Tonbin's q; panel data;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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