В статье представлен анализ трансформации интеллектуальных ресурсов компании в терминах производственной функции фирмы. Идея такой постановки задачи возникла в связи с тем, что новые экономические условия определяют необходимость включения неосязаемых факторов производства при моделировании поведения фирм на рынке. Цель работы заключалась в эмпирической оценке производственной функции с применением гедонического подхода на базе данных более 400 компаний Европы и США.
Purpose – This study explores company strategies for intangibles. We investigate whether it is reasonable for companies to intensify intangibles when the current strategy is not intangible-intensive. This paper aims to elaborate a theoretical model to describe the strategic decision-making in companies.
Design/methodology/approach – We use the Bellman equation framework to find the conditions under which a change in strategy for intangibles is reasonable.
Findings – The results determine the parameters of returns on intangibles in different strategies, the optimal intangible stock and the influence of external economic shocks. The findings of our study demonstrate that many requirements have to be met to make intangible-intensive strategy beneficial for a company. Moreover negative shocks of crises force a company to postpone a new strategy on intangibles.
Practical implications – This research provides an insight into strategic behaviour of companies under uncertainty. The theoretical findings demonstrate under which conditions companies should decide to switch to a strategy more intangible-intensive. This model can be used to empirically test parameters of different investment strategies of companies using structural estimation techniques.
Originality/value – This work contributes to the theory of managerial economics giving closed form solutions for the dynamic optimization of company behaviour. The findings also show how this behaviour might change when economic crises are faced or expected.
Purpose – This paper investigates the production function of firms based on the use of intellectual capital. We come up with this problem since believe that the new economy conditions require an adjustment and a development of classical firm theory.
Design/methodology/approach – The research question addressed in this study is mainly related to the empirical validation of the function based on companies’ intangibles in the Cobb-Douglas framework. This model enables us to advocate the idea of the complementarity of intellectual resources as well as simplifies the analysis of intellectual capital features. To accomplish the purpose of our research we design a log-linear model and estimate it on a sample of more than 400 European and American companies.
Findings – Application of Cobb-Douglas framework allowed designing a production function based on intellectual capital. The complementarity of intellectual capital components is justified on the empirical results obtained in this research. The increasing return to scale for intellectual capital was established for the sample examined in this study.
Research limitations/implications – The main shortcoming of the approach implemented in this study is related to the proxy indicators of intellectual capital. Nevertheless, we statistically validate the chosen indicators applying hedonic approach.
Practical implications – Practical accomplishment of this research is mainly associated with the conclusion about an increasing return to scale of intellectual capital. This phenomenon appears to be of a particular importance for investment decisions.
Originality/value – The findings of this paper provide a new insight into intellectual resources interrelation that enhances companies’ value creation. We also hope to assist future research attempts in application of the theory of company’s growth driven by its intangible capital.