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Intangible Assets, Resource Allocation and Growth: A Framework for Analysis

Author

Listed:
  • Dan Andrews

    (OECD)

  • Alain de Serres

    (OECD)

Abstract
This paper explores the growing importance of intangible assets as a potential source of innovation and productivity gains, and the contribution of efficient resource allocation to this process. Realising the growth opportunities implied by intangible assets depends on the ability to reallocate labour and capital to their most productive use, which is determined by the design of framework policies. The redeployment of tangible resources takes on heightened importance given the inherent difficulties in allocating intangibles efficiently. Indeed, the characteristics of intangible assets create market imperfections, which hinder the allocation of new ideas to where they can be developed most efficiently. While a number of policy instruments are typically deployed to address these market failures, the paper also explores how the growing importance of intangible assets is affecting the suitability of these policy tools. In turn, a number of policy issues are identified, spanning the financing of start-up firms, the treatment of intangibles in corporate valuation and accounting frameworks, competition policy in the digital economy and the role of intellectual property rights frameworks in rapidly growing domains such as information technology. Les actifs intangibles, l'allocation des biens de production et la croissance : Un cadre d'analyse Cette étude examine le potentiel des actifs intangibles comme source d’innovation et de gains de productivité, ainsi que la contribution de l’allocation des ressources à ce processus. Afin de réaliser les opportunités de croissance offertes par les actifs intangibles, il est nécessaire de pouvoir redéployer les ressources en capital et en travail pour les utiliser de la manière la plus productive. Le redéploiement des ressources tangibles est d’autant plus important que les actifs intangibles peuvent êtres difficiles à allouer de manière efficiente. En effet, leur caractère immatériels entraîne des défaillances de marché qui font en sorte que l es idées les plus innovantes ne sont pas toujours développées là où leur potentiel commercial peut être exploité de manière optimale. Cette étude explore dans quelle mesure l’efficience des politiques publiques mise en place pour pallier aux défaillances des marché est mise en cause par l’importance croissante des actifs intangibles. Les champs de politiques publiques jouant un rôle déterminant incluent le financement des nouvelles entreprises innovantes (start-up), le traitement des actifs intangibles dans la comptabilité et l’évaluation financière des entreprises, l’application des politiques de concurrence à l’économie numérique ainsi que cadre législatif visant à protéger les droits de propriété intellectuelle.

Suggested Citation

  • Dan Andrews & Alain de Serres, 2012. "Intangible Assets, Resource Allocation and Growth: A Framework for Analysis," OECD Economics Department Working Papers 989, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:989-en
    DOI: 10.1787/5k92s63w14wb-en
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    Citations

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    Cited by:

    1. Segol, Matthieu & Kolev, Atanas & Maurin, Laurent, 2021. "The impact of bank loan terms on intangible investment in Europe," EIB Working Papers 2021/05, European Investment Bank (EIB).
    2. Hana Bohušová & Patrik Svoboda, 2018. "Intangible Assets Reporting: the Case of Chemical and Pharmaceutical Industry in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 66(2), pages 431-439.
    3. Balázs Égert, 2021. "Investment in OECD Countries: a Primer," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(2), pages 200-223, June.
    4. Murat Ocak & Derya Fındık, 2019. "The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms," Sustainability, MDPI, vol. 11(19), pages 1-23, September.
    5. Siedschlag, Iulia & Di Ubaldo, Mattia, 2017. "The impact of investment in knowledge-based capital on productivity: firm-level evidence from Ireland," Papers WP556, Economic and Social Research Institute (ESRI).
    6. Christine de la Maisonneuve, 2016. "How to boost export performance in Greece," OECD Economics Department Working Papers 1299, OECD Publishing.
    7. Aloysius Ajab AMIN, 2015. "An incentive compatible model for eliciting firms’ production function in a development process," Journal of Economics Library, KSP Journals, vol. 2(2), pages 93-101, June.
    8. Konstantinos Sioumalas-Christodoulou, 2021. "Exploring the Intellectual Capital of a High Tech Industry: A Case Study of the Scientific Outputs of Defence Firms," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 11(3), pages 69-85.
    9. Ioniţă Cătălin Gabriel, 2020. "The need for rethinking the model of assessing value in the digital economy context," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14(1), pages 170-181, July.
    10. Anne Mione, 2015. "The value of intangibles in a situation of innovation: questions raised by the case of standards," Post-Print hal-01988676, HAL.
    11. Sebastian Beer & Jan Loeprick, 2015. "Profit shifting: drivers of transfer (mis)pricing and the potential of countermeasures," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(3), pages 426-451, June.
    12. Nicoletti, Giuseppe & von Rueden, Christina & Andrews, Dan, 2020. "Digital technology diffusion: A matter of capabilities, incentives or both?," European Economic Review, Elsevier, vol. 128(C).
    13. Paul Conway, 2016. "Achieving New Zealand's productivity potential," Working Papers 2016/01, New Zealand Productivity Commission.
    14. Alain de Serres & Naomitsu Yashiro & Hervé Boulhol, 2014. "An international perspective on the New Zealand productivity paradox," Working Papers 2014/01, New Zealand Productivity Commission.
    15. Joel Rabinovich, 2022. "The evolving contribution of R&D, advertising and capital expenditures for US-listed firms’ growth in sales, 1979-2018. A quantile regression analysis," Working Papers hal-03539656, HAL.
    16. Åsa Johansson & Yvan Guillemette & Fabrice Murtin & David Turner & Giuseppe Nicoletti & Christine de la Maisonneuve & Philip Bagnoli & Guillaume Bousquet & Francesca Spinelli, 2013. "Long-Term Growth Scenarios," OECD Economics Department Working Papers 1000, OECD Publishing.
    17. Sandro Montresor & Antonio Vezzani, 2019. "Financial constraints and intangible investments. Do innovative and non-innovative firms differ?," JRC Working Papers on Corporate R&D and Innovation 2019-07, Joint Research Centre.
    18. Siedschlag, Iulia & Lawless, Martina & Di Ubaldo, Mattia, 2017. "Investment in knowledge-based capital and its contribution to productivity growth: a review of international and Irish evidence," Research Series, Economic and Social Research Institute (ESRI), number BKMNEXT336.
    19. Åsa Johansson & Yvan Guillemette & Fabrice Murtin & David Turner & Giuseppe Nicoletti & Christine de la Maisonneuve & Guillaume Bousquet & Francesca Spinelli, 2012. "Looking to 2060: Long-Term Global Growth Prospects: A Going for Growth Report," OECD Economic Policy Papers 3, OECD Publishing.
    20. Mattia Di Ubaldo & Iulia Siedschlag, 2021. "Investment in Knowledge‐Based Capital and Productivity: Firm‐Level Evidence from a Small Open Economy," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(2), pages 363-393, June.
    21. Nasirov, Shukhrat, 2020. "Trademark value indicators: Evidence from the trademark protection lifecycle in the U.S. pharmaceutical industry," Research Policy, Elsevier, vol. 49(4).
    22. Dan Andrews & Chiara Criscuolo, 2013. "Knowledge-Based Capital, Innovation and Resource Allocation," OECD Economics Department Working Papers 1046, OECD Publishing.
    23. Shuangling, Zhao & Guohua, Cao & Lijuan, Wu, 2019. "Tangible and intangible investment in corporate finance," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    24. Marques, Mário & Pinho, Carlos & Montenegro, Tânia Menezes, 2019. "The effect of international income shifting on the link between real investment and corporate taxation," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 36(C), pages 1-1.

    More about this item

    Keywords

    actifs intangibles; croissance; growth; innovation; innovation; intangible assets; reallocation; redéploiement;
    All these keywords.

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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