Intangible investment and human resources |
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Authors: | Michael Peneder |
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Institution: | (1) Austrian Institute of Economic Research, WIFO P.O. Box 91, 1030 Vienna, Austria (e-mail: peneder@wifo.ac.at) , AT |
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Abstract: | To make intangibles more ‘tangible’ for empirical analysis, statistical cluster techniques are applied in the development
of two new taxonomies of manufacturing industries. The first focuses on the distinction between exogenous, location dependent
comparative cost advantages, such as the relative abundance of capital or labour, and endogenously created firm specific advantages
resulting from intangible investments in marketing or innovation. The second taxonomy discriminates between industries according
to their employment of skilled labour. Finally, econometric tests are used to investigate the presumed complementarity between
intangible investments and human resources. |
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Keywords: | :Intangible investments – Human resources – Endogenous sunk costs – Market process – Industry structure |
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