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Decomposing firm value
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DOI：10.1016/j.jfineco.2021.08.007.png)
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Abstract
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What are the economic determinants of a firm's market value? We answer this question through the lens of a generalized neoclassical model of investment with quasi-fixed labor and three heterogeneous capital inputs. We estimate the structural model using firm-level data on US firms and find that, on average and depending on the industry, installed labor force accounts for 14-21% of firms' market value, physical capital accounts for 30-40%, knowledge capital accounts for 20-43%, and brand capital accounts for 6-25%. Our analysis provides direct empirical evidence for the importance of labor and intangible capital inputs for understanding firm value.
Keywords:
Valuation
Neoclassical investment
Structural estimation
Intangibles
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3.8K
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