HOW DO FIRM-SPECIFIC ORGANIZATIONAL CAPITAL AND OTHER INTANGIBLES AFFECT SALES, VALUE AND PRODUCTIVITY? EVIDENCE FROM JAPANESE FIRM-LEVEL DATA

Over the past decades, the diffusion of new technological innovations has transformed the economies. In particular, the strategic emphasis shifted from efficient management of tangibles assets to innovation and effective usage of intangible assets. In this study we explore how the various combinations of sort of intangibles assets, like firm-specific organizational capital (FSOC), technology, brand, human and social capital affect the firm's corporate performance. The results suggest that regardless of the firms' type, those with higher stocks of FSOC, human and social capital outperform firms with higher stocks in only one dimension, suggesting a high degree of complementarity between them. The results also indicate that intangibles like FSOC and human and social capital are more likely to impact on productivity, whereas R&D and advertising are more likely to impact on the firm's value.