Productivity Growth Enhancers Across Industries and Countries

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The productivity effects of intangible assets and economies of scale are large in high-tech and knowledge-intensive industries. The effects of intangible assets became more prominent after the global financial crisis. The greater the productivity effect of intangible assets is, the higher a country’s per-capita income and/or governance quality becomes. There is an inverted U-shaped nonlinear relationship with productivity advancement and debt. Corporate cash holdings are negatively (positively) associated with productivity development in five (three) countries.

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