445
Views
0
CrossRef citations to date
0
Altmetric
Development Economics

Intellectual capital and total factor productivity

ORCID Icon, &
Article: 2328484 | Received 25 Apr 2023, Accepted 05 Mar 2024, Published online: 23 Mar 2024

References

  • Abdullah, M., & Chowdhury, M. (2020). FDI and TFP: Any nexus? Margin: The Journal of Applied Economic Research, 14(2), 164–190. https://doi.org/10.1177/0973801020904473
  • Abramovitz, M. (1956). Resource and output trends in the United States since 1870. The American Economic Review, 46(2), 5–23.
  • Alfaro, J. L., Lopez, V. R., & Nevado, D. (2014). Economic growth and intangible capitals: Europe versus Asia. Panoeconomicus, 61, 261–274.
  • Bellocchi, A., Sanchez, C. E., & Travaglini, G. (2021). What drives TFP long-run dynamics in five large European economies? Economia Politica, 38(2), 569–595. https://doi.org/10.1007/s40888-021-00215-x
  • Benhabib, J., & Spiegel, M. M. (1994). The Role of human capital in economic development evidence from aggregate cross-country data. Journal of Monetary Economics, 34(2), 143–173. https://doi.org/10.1016/0304-3932(94)90047-7
  • Benhabib, J., & Spiegel, M. M. (2005). Human capital and technology diffusion. In P. Aghion, and S. Durlauf (Eds.), Handbook of economic growth (vol. 1, pp. 936–965). North Holland. https://doi.org/10.1016/S1574-0684(05)01013-0
  • Bersvendsen, T., & Ditzen, J. (2021). Testing for slope heterogeneity in Stata. The Stata Journal, 21(1), 51–80. https://doi.org/10.1177/1536867X211000004
  • Blackburn, K., Hung, V. T. Y., & Pozzolo, A. F. (2000). Research, development and human capital accumulation. Journal of Macroeconomics, 22(2), 189–206. https://doi.org/10.1016/S0164-0704(00)00128-2
  • Blomquist, J., & Westerlund, J. (2013). Testing slope homogeneity in large panels with serial correlation. Economics Letters, 121(3), 374–378. https://doi.org/10.1016/j.econlet.2013.09.012
  • Bloom, N., & Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. The Quarterly Journal of Economics, 122(4), 1351–1408. https://doi.org/10.1162/qjec.2007.122.4.1351
  • BLS. (2023). Historical total factor productivity measures. https://www.bls.gov/productivity/tables/home.htm.
  • Böhm-Bawerk, E. (1891). The positive theory of capital. Macmillan.
  • Bontis, N. (2004). National intellectual capital index: A UN initiative for the Arab region. Journal of Intellectual Capital, 5(1), 13–39. https://doi.org/10.1108/14691930410512905
  • Brynjolfsson, E., Rock, D., & Syverson, C. (2018). The productivity J-curve: How intangibles complement general purpose technologies. NBER WP 25148.
  • Calderón, C. (2021). Boosting productivity in Sub-Saharan Africa: Policies and institutions to promote efficiency. World Bank. https://doi.org/10.1596/978-1-4648-1550-8
  • Chen, P., Karavias, Y., & Tzavalis, E. (2022). Panel unit-root tests with structural breaks. The Stata Journal, 22(3), 664–678. https://doi.org/10.1177/1536867X221124541
  • Cheng, C. S., Razak, A. A., & Abdullah, H. (2013). Human capital and technological catch-up in the Asian Developing Countries. Proceedings of Malaysia Handbook on the Economic, Finance, and Management Outlooks.
  • Chudik, A., Mohaddes, K., Pesaran, M. H. and Raissi, M. (2016). Long-Run Effects in Large Heterogeneous Panel Data Models with Cross-Sectionally Correlated Errors. In Essays in Honor of Aman Ullah (Advances in Econometrics, Volumn 36), ed. R. C. Hill, G. Gonzalez-Rivera, and T.-H. Lee, 85(135). Emerald Group Publishing Limited.
  • Chudik, A., & Pesaran, M. H. (2015). Common Correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393–420. https://doi.org/10.1016/j.jeconom.2015.03.007
  • Clark, J. (1886). The philosophy of wealth: Economic principles newly formulated. GINN & Company.
  • Coe, D. T., & Helpman, E. (1995). International R&D spillovers. European Economic Review, 39(5), 859–887. https://doi.org/10.1016/0014-2921(94)00100-E
  • Coe, D. T., Helpman, E., & Hoffmaister, A. (2009). International R&D spillovers and institutions. European Economic Review, 53(7), 723–741. https://doi.org/10.1016/j.euroecorev.2009.02.005
  • Comin, D., & Mestieri, M. (2018). If technology has arrived everywhere, why has income diverged? American Economic Journal, 10(3), 137–178. https://doi.org/10.1257/mac.20150175
  • Corrado, C., Haskel, J., & Lasinio, C. J. (2017). Knowledge spillovers, ICT and productivity. Oxford Bulletin of Economics and Statistics, 79(4), 592–618. https://doi.org/10.1111/obes.12171
  • Corrado, C., Hulten, C., & Sichel, D. (2005). Measuring capital and technology: an expanded framework. In C. Corrado, J. Haltiwanger, and D. Sichel, (Eds.), Measuring capital in the new economy (pp. 11–45). The University of Chicago Press.
  • Corrado, C., Hulten, C., & Sichel, D. (2010). Measuring intangible capital: how do you measure a “technological revolution”? American Economic Review, 100(2), 99–104. https://doi.org/10.1257/aer.100.2.99
  • Costa, R. (2012). assessing intellectual capital efficiency and productivity: An application to the Italian yacht manufacturing sector. Expert Systems with Applications, 39(8), 7255–7261. https://doi.org/10.1016/j.eswa.2012.01.099
  • Coyle, D. (2019). Measuring productivity in the context of technological change. In Work in the Age of Data. By Turner, BBVA.: Madrid.
  • Ditzen, J. (2018). Estimating dynamic common-correlated effects in stata. The Stata Journal, 18(3), 585–617. https://doi.org/10.1177/1536867X1801800306
  • Ditzen, J. (2021). Estimating long-run effects and the exponent of cross-sectional dependence: An update to xtdcce2. The Stata Journal, 21(3), 687–707. https://doi.org/10.1177/1536867X211045560
  • Ditzen, J., Karavias, Y., & Westerlund, J. (2021). Testing and Estimating Structural Breaks in Time Series and Panel Data in Stata. arXiv:2110.14550v2.
  • Do, M., Tam, H., & Kim-Duc, N. (2022). Investigating intellectual capital: The role of intellectual property rights reform. Cogent Economics & Finance, 10(1), 2106630.
  • Domar, E. D. (1961). On the measurement of technological change. The Economic Journal, 71(284), 709–729. https://doi.org/10.2307/2228246
  • Edvinsson, L., & Malone, M. S. (1997). Intellectual capital: Realizing your company’s true value by finding its hidden brainpower. Harper Business.
  • Fabricant, S. (1954). Economic progress and economic change. 34th Annual Report of NBER.
  • Fadiran, D., & Akanbi, O. (2017). Institutions and other determinants of total factor productivity in Sub-Saharan Africa. Research Papers in Economics.
  • Feenstra, R. C., Inklaar, R., & Timmer, M. P. (2015). The next generation of the Penn World Table. American Economic Review, 105(10), 3150–3182. https://doi.org/10.1257/aer.20130954
  • Frantzen, D. (2000). R&D, human capital, and international technology spillovers: A cross-country analysis. The Scandinavian Journal of Economics, 102(1), 57–75. https://doi.org/10.1111/1467-9442.00184
  • Gordon, R. J. (2018). Why has economic growth slowed when innovation appears to be accelerating? NBER WP 24554.
  • Griffith, R., Redding, S., & Van Reenen, J. (2004). Mapping the two faces of R&D: Productivity growth in a panel of OECD industries. Review of Economics and Statistics, 86(4), 883–895. https://doi.org/10.1162/0034653043125194
  • Griliches, Z. (1957). Hybrid corn: An exploration in the economics of technological change. Econometrica, 25(4), 501–522. https://doi.org/10.2307/1905380
  • Griliches, Z. (1973). Research expenditures and growth accounting. In B. R. Williams (Ed.), Science and Technology in Economic Growth. IEA.
  • Griliches, Z. (1998). Productivity, R&D, and the data constraint. In Z. Griliches (Ed.), R&D and Productivity: The Econometric Evidence. (pp. 347–374). University of Chicago Press.
  • Haavelom, T. (1964). A study in the theory of economic evolution. North-Holland Publishing Company.
  • Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others? The Quarterly Journal of Economics, 114(1), 83–116. https://doi.org/10.1162/003355399555954
  • Hayek, F. A. (1935). The maintenance of capital. Economica, 2(7), 241–276.
  • Hayek, F. A. (1937). Economics and knowledge. Economica, 4(13), 33–54.
  • Herzer, D., & Donaubauer, J. (2017). The long-run effect of foreign direct investment on total factor productivity in developing countries: a panel cointegration analysis. Empirical Economics, 54(2), 309–342. https://doi.org/10.1007/s00181-016-1206-1
  • Hulten, C. R. (2001). Total factor productivity: a short biography. In Charles R. Hulten, Edwin R. Dean, and Michael Harper (Eds.), New developments in productivity analysis. University of Chicago Press. https://doi.org/10.7208/chicago/9780226360645.003.0001.
  • James, K., Kotak, A., & Tsomocos, D. (2022). Ideas, idea processing, and TFP growth in the US: 1899 to 2019. The LSE Discussion Paper. https://doi.org/10.2139/ssrn.4161964
  • Jednak, S., Dmitrovic, V., & Damnjanovic, V. (2017). Intellectual capital as a driver of economic development. Journal of Economics and Business, 15(2), 71–84.
  • Jola‐Sanchez, A. F. (2022). How does warfare affect firms’ productivity? Production and Operations Management, 31(5), 1940–1962. https://doi.org/10.1111/poms.13658
  • Kaldor, N. (1954). “The Relation of Economic Growth and Cyclical Fluctuations.” The Economic Journal 64(253), 53–71.
  • Kao, C., Chiang, M., & Chen, B. (1999). International R&D spillovers: An application of estimation and inference in panel cointegration. SSRN Electronic Journal, https://doi.org/10.2139/ssrn.1807962
  • Karavias, Y., & Tzavalis, E. (2014). Testing for unit roots in short panels allowing for a structural break. Computational Statistics & Data Analysis, 76(c), 391–407. https://doi.org/10.1016/j.csda.2012.10.014
  • Kendrick, W. (1956). Productivity trends: Capital & labor. Review of Economics & Statistics, 38(3), 248–257.
  • Kuzkin, Y., Cherkashyna, T., Nebaba, N., & Kuchmacz, B. (2019). Economic growth of the country and NIC. Problems and Perspectives in Management, 17(1), 348–359. https://doi.org/10.21511/ppm.17(1).2019.30
  • Laudardale, E. (1819). An Inquiry into the nature and origin of public wealth and the means and cause of its increase.
  • Lichtenberg, F. R., & van Pottelsberghe de la Potterie, B. (1998). International R&D Spillovers: A Comment. European Economic Review, 42(8), 1483–1491. https://doi.org/10.1016/S0014-2921(97)00089-5
  • Ma, X., Jia, F., Jiang, H., & Xu, X. (2022). The impact of Non-R&D intangible capital on TFP growth. Journal of the Knowledge Economy, 13(4), 2890–2910. https://doi.org/10.1007/s13132-021-00848-0
  • Madsen, J. B. (2008). Economic growth, TFP convergence and the world export of ideas: A century of evidence. Scandinavian Journal of Economics, 110(1), 145–167.
  • Marcin, K. (2013). Intellectual capital as a key factor of socio-economic development of regions and countries. Procedia Economics and Finance, 6, 288–295. https://doi.org/10.1016/S2212-5671(13)00142-1
  • Michalczuk, G., & Fiedorczuk, J. (2017). Macroeconomic Perspective of Intellectual Capital. Optimum. Studia Ekonomiczne, 5(89), 117–133. https://doi.org/10.15290/ose.2017.05.89.08
  • Mill, J. S. (1848). Principles of political economy with some of their application to social philosophy (7th ed.). Longmans.
  • Miller, S. M., & Upadhyay, M. P. (2002). Total factor productivity and the convergence hypothesis. Journal of Macroeconomics, 24(2), 267–286. https://doi.org/10.1016/S0164-0704(02)00022-8
  • Mohnen, P. (2019). R&D, innovation, and productivity. In T. ten Raa, & W. Greene (Eds.), The Palgrave Handbook of Economic Performance Analysis. Cham: Palgrave Macmillan. https://doi.org/10.1007/978-3-030-23727-1_4
  • Mohnen, P., Polder, M., & van Leeuwen, G. (2018). ICT, R&D, and organizational innovation: exploring complementarities in investment and production. WP 25044.
  • Nelson, R. R. (1956). A theory of the low-level equilibrium trap in underdeveloped economies. The American Economic Review, 46(5), 894–908.
  • Nelson, R. R., & Phelps, E. (1966). Investment in humans, technological diffusion, and economic growth. The American Economic Review, 56, 69–75.
  • Pedro, E., Leitão, J., & Alves, H. (2018). Back to the future of intellectual capital research: a systematic literature review. Management Decision, 56(11), 2502–2583. https://doi.org/10.1108/MD-08-2017-0807
  • Persyn, D., & Westerlund, J. (2008). Error-correction–based cointegration tests for panel data. The Stata Journal, 8(2), 232–241. https://doi.org/10.1177/1536867X0800800205
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967–1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
  • Pesaran, M. H. (2015). Time series and panel data econometrics. OUP.
  • Pietrucha, J., Żelazny, R., Kozłowska, M., & Sojka, O. (2018). Import and FDI as channels of international TFP spillovers. Equilibrium, 13(1), 55–72. https://doi.org/10.24136/eq.2018.003
  • Playfair, W. (1805). An inquiry into the permanent causes of the decline and fall of powerful and wealthy nations. Greville-Street.
  • Prescott, E. C. (1998). Needed: A theory of total factor productivity. International Economic Review, 39(3), 525–551. https://doi.org/10.2307/2527389
  • Pritchett, L. (2001). Where has all the education gone? The World Bank Economic Review, 15(3), 367–391. https://doi.org/10.1093/wber/15.3.367
  • Schultz, T. W. (1956). Reflections on agricultural production, output and supply. Journal of Farm Economics, 38(3), 748. https://doi.org/10.2307/1234459
  • Schumpeter, J. A. (1911). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. HU Press.
  • Smith, A. (1776). An Inquiry Into the Nature and Causes of the Wealth of Nations E. Cannan (Ed.). Elec Book Classics.
  • Sokół, A. (2017). Diagnosis of IC in macroeconomic terms on the example of Szczecin and opportunities for development of creative sector. HRM & Ergonomics, 11(2), 59–75.
  • Solow, R. M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320. https://doi.org/10.2307/1926047
  • Solow, R. M. (1963). Capital Theory and the Rate of Return. Amsterdam: North-Holland.
  • Spiegel, H. W. (1955). Theories of economic development: History and classification. Journal of the History of Ideas, 16(4), 518–539. https://doi.org/10.2307/2707508
  • Ståhle, P., Ståhle, S., & Lin, C. (2015). Intangibles and national economic wealth – a new perspective on how they are linked. Journal of Intellectual Capital, 16(1), 20–57. https://doi.org/10.1108/JIC-02-2014-0017
  • Stathakis, G., & Vaggi, G. (2006). Economic development & social change: Historical roots & modern perspectives. Taylor & Francis e-Library.
  • Su, T. D., & Nguyen, C. P. (2022). Productive contribution of public spending and human capital in developing countries revisited: The role of trade openness. Foreign Trade Review, 57(1), 66–84. https://doi.org/10.1177/00157325211045471
  • Thakkar, J. J. (2021). Multi-criteria decision making: Studies in systems, decision and control. Springer.
  • Tian, F., & Liu, L. (2019). The impact of intellectual capital spillover on total factor productivity: an empirical study in coastal regions of China. Journal of Coastal Research, 94(1), 920–925. https://doi.org/10.2112/SI94-181.1
  • Tiwari, R., Vidyarthi, H., & Kumar, A. (2023). Nexus between intellectual capital and bank productivity in India. Journal of Risk and Financial Management, 16(1), 54. https://doi.org/10.3390/jrfm16010054
  • Uttama, N. P., & Peridy, N. J. (2010). Foreign direct investment and productivity spillovers: the experience of ASEAN countries. Journal of Economic Integration, 25(2), 298–323. https://doi.org/10.11130/jei.2010.25.2.298
  • Uziene, L. (2014). National intellectual capital as an indicator of the wealth of nations: the case of the Baltic States. Social and Behavioral Sciences, 156, 376–381.
  • Veblen, T. (1908). On the nature of capital. The Quarterly Journal of Economics, 22(4), 517–542. https://doi.org/10.2307/1884915
  • Woo, J. (2009). Productivity growth and technological diffusion through FDI. Economic Inquiry, 47(2), 226–248. https://doi.org/10.1111/j.1465-7295.2008.00166.x
  • WTSR. (2019). World trade statistical review.
  • Young, A. A. (1928). Increasing returns and economic progress. Economic Journal, 38(152), 527–542.