The Evolving Relation between Tangible and Intangible Investments with Us-Listed Firms’ Growth in Sales. A Quantile Regression Analysis

This article presents new insights on the evolving relation among different types of investments and the growth in sales of US nonfinancial listed firms during the 1979-2018 period. By means of quantile regressions it is observed an increasing relevance over time of intangible investments vis-à-vis a decline in capital expenditure both for high-growth and slow-growth firms. However, the impact of different types of intangible investment differs depending on the kind of firm. Whereas research and development (R&D) has a positive and rising contribution for high-growth firms, only advertising has that effect for their slow-growth peers