International Conference on Economics, Finance & Business, Lisbon

THE PRODUCTIVITY J-CURVE FROM AN INTERNATIONAL PERSPECTIVE

KAZUMA EDAMURA, KONOMI TONOGI, TAKAYUKI ISHIKAWA

Abstract:

We estimate productivity J-curve using firm-level panel data from Japan, France, Germany, and the U.S. Using panel data from 2006 to 2020, we consider not only tangible assets but also intangible assets such as ICT-related assets and R&D to estimate firm value function, and then used the results to estimate TFP, which takes into account the adjusted cost of investment. The estimation results showed that J-curve was measured in the 2010s in Japan, France, and Germany. On the other hand, in the U.S., J-curve was measured in the 2010s in ICT-intensive industries.

Keywords: productivity J-curve, panel data, intangible assets