|Author Name||HOSONO Kaoru (Faculty Fellow, RIETI) / TAKIZAWA Miho (Gakushuin University) / YAMANOUCHI Kenta (Kagawa University)|
|Creation Date/NO.||January 2020 20-E-001|
|Research Project||Microeconometric Analysis of Firm and Industry Growth|
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First draft: January, 2020
We examine the role of intangible capital in firms' growth in sale through physical productivity (TFPQ), markup, and factor price distortion. Using a large dataset from Japan, we have constructed firm-level panel data of intangible capital consisting of software, organizational capital, and R&D stocks. We find that TFPQ plays a significant role in the firm growth. In addition, the accumulation of intangible capital accounts for a major part of sales growth. Among three types of intangible capital, organization capital is crucial for firm growth.