NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Nathan Chappell

Motu Economic and Public Policy Research
Level 1, 97 Cuba St.
Wellington 6011
New Zealand

E-Mail: Nathan.Chappell@motu.org.nz
Institutional Affiliation: Motu Economic and Public Policy Research

NBER Working Papers and Publications

March 2018Intangible Investment and Firm Performance
with Adam B. Jaffe: w24363
We combine survey and administrative data for about 13,000 New Zealand firms from 2005 to 2013 to study intangible investment and firm performance. We find that firm size and moderate competition is associated with higher intangible investment, while firm age is associated with lower intangible investment. Examining firm performance, we find that higher investment is associated with higher labour and capital input, higher revenue, and higher firm-reported employee and customer satisfaction, but not with higher productivity or profitability. The evidence suggests that intangible investment is associated with growth and 'soft' performance objectives, but not with productivity or profitability.

Published: Nathan Chappell & Adam Jaffe, 2018. "Intangible Investment and Firm Performance," Review of Industrial Organization, vol 52(4), pages 509-559. citation courtesy of

Worker Flows, Entry and Productivity in the New Zealand Construction Industry
with Adam B. Jaffe, Trinh Le: w24376
The 21st century global decline in productivity growth is not well understood. One possible contributor is a decline in economic dynamism. We explore the contribution of firm formation and employee movement to productivity using administrative data on the population of New Zealand construction firms from 2001-2012, along with linked data on their employees and working proprietors, to study the relationships among entry, worker flows and firm productivity. Entrants are more productive than pre-existing firms. Firms that enter and stay exhibit a persistent productivity advantage that averages about seven percent, but which grows as experience accumulates. We find that job churn is prevalent in construction, with around 60 percent of firm-worker pairs not existing previously or not existing s...
 
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