Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis

Detalhes bibliográficos
Autor(a) principal: Sardo, Filipe
Data de Publicação: 2020
Outros Autores: Serrasqueiro, Zélia
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/11328/3450
Resumo: This paper seeks to analyse the relationships between listed high-tech firms' financing choices and intellectual capital (IC). It also analyses the impact of ownership concentration on IC investments in high-tech firms. The data set was gathered from the Datastream database for a sample of listed high-tech firms in 14 Western European countries for the period between 2004 and 2015. The data set has an unbalanced panel structure, with the number of years of observations on each firm varying between 3 and 12. We use dynamic panel data models, the GMM system (1998) estimator. Results suggest that internal finance and equity issues are positively while debt is negatively related to IC in high-tech firms. High-tech firms seem to rely on equity issues and internal finance, avoiding debt to fund IC assets. Ownership concentration is negatively related to IC investments in high-tech firms. To the authors' knowledge, this is the first study exploring the relationships between financing choices and IC in high-tech firms. The findings also contribute to the literature by analysing the impact of ownership concentration on IC investments of high-tech firms.
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spelling Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysisDynamic panel dataFinancing choicesHigh-tech firmsIntellectual capitalThis paper seeks to analyse the relationships between listed high-tech firms' financing choices and intellectual capital (IC). It also analyses the impact of ownership concentration on IC investments in high-tech firms. The data set was gathered from the Datastream database for a sample of listed high-tech firms in 14 Western European countries for the period between 2004 and 2015. The data set has an unbalanced panel structure, with the number of years of observations on each firm varying between 3 and 12. We use dynamic panel data models, the GMM system (1998) estimator. Results suggest that internal finance and equity issues are positively while debt is negatively related to IC in high-tech firms. High-tech firms seem to rely on equity issues and internal finance, avoiding debt to fund IC assets. Ownership concentration is negatively related to IC investments in high-tech firms. To the authors' knowledge, this is the first study exploring the relationships between financing choices and IC in high-tech firms. The findings also contribute to the literature by analysing the impact of ownership concentration on IC investments of high-tech firms.AIMS Press2021-04-21T16:04:26Z2020-12-01T00:00:00Z2020-12info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/11328/3450eng2573-013410.3934/QFE.2021001Sardo, FilipeSerrasqueiro, Zéliainfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-06-15T02:11:55ZPortal AgregadorONG
dc.title.none.fl_str_mv Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
title Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
spellingShingle Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
Sardo, Filipe
Dynamic panel data
Financing choices
High-tech firms
Intellectual capital
title_short Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
title_full Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
title_fullStr Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
title_full_unstemmed Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
title_sort Intellectual capital and high-tech firms' financing choices in the European context: a panel data analiysis
author Sardo, Filipe
author_facet Sardo, Filipe
Serrasqueiro, Zélia
author_role author
author2 Serrasqueiro, Zélia
author2_role author
dc.contributor.author.fl_str_mv Sardo, Filipe
Serrasqueiro, Zélia
dc.subject.por.fl_str_mv Dynamic panel data
Financing choices
High-tech firms
Intellectual capital
topic Dynamic panel data
Financing choices
High-tech firms
Intellectual capital
description This paper seeks to analyse the relationships between listed high-tech firms' financing choices and intellectual capital (IC). It also analyses the impact of ownership concentration on IC investments in high-tech firms. The data set was gathered from the Datastream database for a sample of listed high-tech firms in 14 Western European countries for the period between 2004 and 2015. The data set has an unbalanced panel structure, with the number of years of observations on each firm varying between 3 and 12. We use dynamic panel data models, the GMM system (1998) estimator. Results suggest that internal finance and equity issues are positively while debt is negatively related to IC in high-tech firms. High-tech firms seem to rely on equity issues and internal finance, avoiding debt to fund IC assets. Ownership concentration is negatively related to IC investments in high-tech firms. To the authors' knowledge, this is the first study exploring the relationships between financing choices and IC in high-tech firms. The findings also contribute to the literature by analysing the impact of ownership concentration on IC investments of high-tech firms.
publishDate 2020
dc.date.none.fl_str_mv 2020-12-01T00:00:00Z
2020-12
2021-04-21T16:04:26Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/11328/3450
url http://hdl.handle.net/11328/3450
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 2573-0134
10.3934/QFE.2021001
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv AIMS Press
publisher.none.fl_str_mv AIMS Press
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv
repository.mail.fl_str_mv
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