Иновације наспрам аквизиције: панел-докази о тржишној вредности нематеријалног капитала у Европи
Sažetak
Ова студија испитује утицај нематеријалних инвестиција на вредновање предузећа, с посебним освртом на компаративни значај интерно генерисаних улагања у истраживање и развој и екстерно стечених нематеријалних сталних средстава. Користећи панел-податке за 247 листираних европских компанија у временском периоду од десет година, рад примењује моделе са фиксним ефектима и метод генерализованих момената ради корекције за неуочену хетерогеност и проблеме ендогености.Добијени резултати указују на снажну, стабилну, позитивну и статистички значајну повезаност између интензитета улагања у истраживање и развој и Тобиновог Q коефицијента, наглашавајући да тржиште препознаје ендогено генерисане иновације као кључни покретач вредности предузећа. Насупрот томе, ефекат стечених нематеријалних средстава је слабији и статистички мање изражен, што указује на то да тржишта капитала придају већи значај интерним иновационим активностима него аквизицији нематеријалних ресурса. Резултати истраживања доприносе литератури о нематеријалном капиталу пружајући емпиријске увиде у утицај различитих инвестиционих приступа на вредност предузећа, уз значајне импликације за креирање јавних политика, управљање иновацијама и корпоративне финансије.
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