EIB Working Paper 2024/06 - Intangible Differences

• Pubblicazione: Luxembourg : , : European Investment Bank, Commission des Communautes europeennes, , 2024; ©2024
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (38 pages)
• Disciplina: 658
• Soggetto topico: Business enterprises; Technological innovations
• Nota di contenuto: Intangible differences: Investment during the pandemic and the role of financial constraints -- Contents -- Abstract -- Authors -- Acknowledgements -- 1 Introduction -- 2 Literature Review -- 3 Data and main variables -- 3.1 European Investment Bank Investment Survey -- 3.2 Descriptive statistics -- 4 Empirical model and results -- 4.1 Impact of COVID-19 on tangible and intangible investment dynamics -- 4.2 Intangible investment and financing constraints during the COVID-19 crisis -- 4.3 Extension: What is the role of income shocks to firms on (in)tangible investment during COVID-19? -- 5 Conclusion -- References -- Appendix -- A.0 Overview of sample -- A.1 Using alternative indicators for investment -- A.2 Robustness checks for the effect of financial constraints -- A.3 COVID-19 impact on investment, controlling for linear trend in pre-pandemic investment.
• Sommario/riassunto: The COVID-19 crisis triggered a reduction in investment by European firms, affecting both tangible assets like buildings and machinery, and investments in intangible assets like research and development (R&D) and training. This paper uses European Investment Bank Investment Survey (EIBIS) data to compare and explain how these different types of investment were affected by the shock.The analysis reveals considerable heterogeneity, with R&D investment declining the least, and investment in training and in machinery and equipment declining the most. Financial constraints deterred investment activity both before and after the outbreak of the COVID-19 shock, and affected both kinds of investment, although R&D was more sensitive to financial constraints during the pandemic. Strong policy support implemented during the pandemic contributed to alleviating part of the negative impact of COVID-19 by mitigating the increase in the number of financially constrained firms.
• Titolo autorizzato: EIB Working Paper 2024
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910989393103321
• Lo trovi qui: Univ. Federico II