Intangible Value Creation Through Teamwork
基于1993至2023年美国企业数据，研究发现协作文化正向促进无形价值创造，创新和人力资本是主要机制，且该效应在无并购活动及竞争激烈的企业中更显著。
ABSTRACT Using a sample of US firms from 1993 to 2023, comprising 38,502 firm‐year observations, we find that collaboration culture positively correlates with intangible value creation. We identify corporate innovation and human capital as the mechanisms via which collaboration correlates with intangible value creation. Our results remain robust to endogeneity concerns using firm fixed effects, propensity score matching, and a difference‐in‐differences approach. Our results remain valid when using alternative measures of collaboration culture. The positive relation between collaboration culture and intangible capital is more prominent among firms that do not undertake M&A activities and face more intense product market competition.