Intangible resources, Tobin’s q, and sustainability of performance differences
نویسنده
چکیده
This paper tests empirically the hypothesis that the greater the intangibility of a firm’s resources, the greater the sustainability of its competitive advantage. Resource intangibility is measured by: (1) Tobin’s q and (2) the predicted value from a hedonic regression of q on several accounting measures of intangibles. Sustainability is measured by the persistence of firm-specific profits. Using a dynamic panel data regression model, I find that intangibles play an effective role in sustaining a firm’s competitive advantage, as predicted by the resource-based view of the firm. However, the results suggest that intangibles can also lock firms into persistent disadvantages. © 2004 Elsevier B.V. All rights reserved. JEL classification: G31; M21
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Tobin’s q and Intangible Assets
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