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| 1 |
ID:
192856
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| Summary/Abstract |
This study explores the finance-specific factors that help domestic companies operating in Thailand receive foreign direct investment (FDI) related to mergers and acquisitions (M&A). The three main objectives of this paper are to: analyse whether the firms receiving FDI differ from those that do not; identify significant finance-specific determinants that make Thai companies more likely to receive foreign investment; and explore the heterogeneity (different responses to investment decisions) at the firm-level, and the impact of financial constraints. This research makes use of the operational and financial data of both listed and unlisted Thai companies over the 2012–20 period and finds that larger as well as younger firms draw more foreign attention and have a higher probability of receiving M&A type of FDI. Moreover, companies with substantial intangible assets attract more investments from abroad. These findings have practical implications for business policies related to the accumulation of intangible assets. Specifically, developing flexible formal/informal linkages with potential M&A partners is key to promoting M&A-type FDI.
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| 2 |
ID:
157065
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| Summary/Abstract |
An estimate of intangible capital stock is made for a sample of about 3,200 Indian corporate firms for 2012–2013, based on investments made by the firms in various intangible assets during the previous 10 years. For manufacturing and services firms of the sample, three alternate specifications of a production function are estimated in which intangible capital is taken as an input. This analysis clearly reveals that intangible capital has a significant positive impact on productivity of manufacturing and services firms in India. The rate of return to intangible capital is found to be much higher than that to tangible capital.
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| 3 |
ID:
161890
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| Summary/Abstract |
Intangible capital is treated as an important determinant of economic growth in the age of knowledge economy. It has however attracted less attention in China largely due to measurement impediment. This study aims to measure intangible investment and examine its contribution to regional economic growth in China. The results show that both the coastal and interior regions in China enjoyed high growth in intangible investment during 2003–2014, especially after the year 2008. Moreover, it is found that regional disparity in intangible capital is widening and that this trend is mainly driven by the enlarging gap in investment in computer software and architecture designs. In addition, it is observed that economic competency capital is neglected in both regions, implying generally poor enterprise management in China. When intangible capital is considered, growth accounting exercises show higher labor productivity growth together with a larger effect of capital deepening in both regions. Coastal regions tend to benefit more from intangible capital due to the advancement of computerization. If the contribution of computer software in the interior region was as large as that in the coast region, labor productivity growth of the interior would be 0.5 percentage points higher than its current level. Finally, the estimates of the contribution of total factor productivity to economic growth would be biased if intangible capital is not considered.
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