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Working paper

Intellectual Capital Investments: Evidence from Panel Var Analysis

It is believed that investments in intellectual capital enable a company to create a competitive advantage that results in the ability to earn economic profits and increase company value. However, this influence is reciprocal: Companies that generate more money can invest more funds in intellectual capital. The aim of this study is to use vector autoregression (VAR) to analyze the return on investments for companies in tangible and intellectual assets. This instrument allows us to take into account both the lag effect and the mutual influence of intellectual capital components.