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Understanding firm-level intangible investment: a resource-based view on Korean firms

ABSTRACT The impacts of intangible assets on economic performance have increased at various levels, and the positive impacts have been well documented. However, not all firms invest in intangible assets despite the assets’ positive contribution to performance, and it is relatively less clear what determines quantity and intensity of intangible investment at firm level. Therefore, this study investigates firm-level intangible investment to find that intangible investment is determined by firm-specific internal and external resources, consistent with the resource-based view of the firm. Quantity and intensity of intangible investment are positively associated with firm-specific internal resources as innovative capability (internal R&D), cumulative capability (intellectual property as patents and trademarks), organizational resources (employee incentives to reward good performance, affiliation), but also outside resources from external R&D and outsourcing. Additionally, firm-level factors such as listing status and exporting can significantly facilitate intangible investment. Therefore, this study contributes to the literature of intangible assets and the resource-based view by highlighting the effects of heterogeneous internal and external resources on intangible assets accumulation.