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This end-of-course thesis aims to demonstrate that the intangible capital of a firm is a long-term survival challenge for enterprises in the post-industrial era. Taking care of the intangible capital and developing it should be the Trojan horse of tomorrow's firms. In order to test the validity of our assumption, we reviewed the doctrine of the last twenty years on this topic. The authors who wrote on the concept of “intangible capital” allowed us to contextualize our subject with regard to the recent upheavals in our ways of living, working, consuming and thinking about time, space and the economy itself. It is more necessary than ever for all firms to adapt their business and way of working to the acceleration of all these changes. The firm’s resources that would enable an accurate and timely response to our changing world are precisely the intangible assets. In the last century, the intangible capital was like an iceberg, most scholars and valuation experts only perceived a small fraction of it. In the last decades, authors started to publish studies on the intangible capital, trying to define this concept, approach its key features and provide detailed overview of its main elements. Thanks to this theoretical progress, the intangible capital significantly gained in visibility. At the same time, new non-financial reporting obligations emerged and investments in intangible assets had the wind in their sails. The empirical research we carried out aimed at collecting the view of professionals active in the accounting, consulting or finance departments of their respective firms (company managers, auditors, consultants and financial controllers). We wanted to find out if they were aware of the immaterial capital issue, the difficulties to value this capital and the (potential) benefits a firm may trigger from investments in intangible assets. Our research revealed the growing importance of the development of the intangible capital of the firms. For 75% of the professionals interviewed, human capital is currently the most relevant criterion to ensure the sustainability of a company. 90% of the interviewees stressed that a company’s responsiveness to change is key for its long-term survival. Having a qualitative communication system and a well-qualified personnel are crucial for a company to improve its responsiveness to change. Both from our theoretical and empirical researches, it appears that the development of a company’s intangible capital is essential to ensure its sustainability in the post-industrial era.

"intangible capital" --- "sustainability" --- "capital immatériel" --- "survie à long terme" --- Sciences économiques & de gestion > Comptabilité & audit

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This technical assistance report on Vietnam discusses evaluation of revised estimates of gross domestic product, to ensure that the compilation process is aligned with the System of National Accounts 2008 (2008 SNA) and that the methodology employed for estimation is consistent and coherent. This mission noted that the revisions follow recommendations of previous missions to implement the 2008 SNA to cover research and development and software will be treated as part of gross fixed capital formation. It is particularly important to conduct outreach to public and private data users to help them to understand the reasons for the revisions. Revisions to statistics are needed to consider changes in data sources and the economic structure. Revisions are a normal and expected part of national accounts compilation, reflecting additional information and new economic developments.

Capacity --- Capital --- General Aggregative Models: General --- Gross fixed investment --- Intangible Capital --- Investment --- Investments: General --- Macroeconomics --- National accounts --- National income --- Saving and investment --- Vietnam

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Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan’s modest productivity growth. Results show a substantial dispersion in firm-level productivity growth across sectors and even across firms within the same sector. SMEs, on average, exhibit lower productivity growth than non-SMEs in Japan, with smaller and older SMEs showing particularly low productivity growth. Estimates suggest that boosting productivity growth in all of the worst-performing SMEs could improve overall productivity growth by up to 1.8 percentage points. The SME credit guarantee system, SME financing constraints, demographic factors, and lack of intangible capital investment are discussed as contributors to the slow productivity growth of Japan’s small and old SMEs.

Industrial productivity --- Corporate Finance --- Investments: General --- Production and Operations Management --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Corporate Finance and Governance: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Macroeconomics --- Ownership & organization of enterprises --- Productivity --- Labor productivity --- Small and medium enterprises --- Intangible capital --- Production --- Economic sectors --- National accounts --- Small business --- Saving and investment --- Japan

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We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices of firms with more intangible assets react less to monetary policy shocks, as identified from Fed Funds futures movements around FOMC announcements. Consistent with the stock price results, instrumental variable local projections confirm that the total investment in firms with more intangible assets responds less to monetary policy, and that intangible investment responds less to monetary policy compared to tangible investment. We identify two mechanisms behind these results. First, firms with intangible assets use less collateral, and therefore respond less to the credit channel of monetary policy. Second, intangible assets have higher depreciation rates, so interest rate changes affect their user cost of capital relatively less.

United States --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Investment --- Capital --- Intangible Capital --- Capacity --- Monetary Policy --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Price Level --- Inflation --- Deflation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Depreciation --- Intangible capital --- Asset prices --- Currencies --- Investment policy --- National accounts --- Prices --- Money --- Saving and investment

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This note examines interest rate linkages within the EMS. Cointegration tests suggest the existence of a long-run equilibrium relationship between German and other EMS interest rates. Bivariate VAR analysis finds that Granger-causality either stems from German to other European interest rates (Belgium, France, Spain, and the U.K.) or is bidirectional (Denmark and the Netherlands). When allowance is made for the influence of U.S. interest rates, the pattern of Granger causality is predominantly bidirectional.

Capacity --- Capital --- Currency --- Exchange rates --- Foreign Exchange --- Foreign exchange --- Intangible Capital --- International Policy Coordination and Transmission --- Investment --- Investments: General --- Macroeconomics --- National accounts --- Return on investment --- Saving and investment --- Germany