An Assessment of How Well We Account for Intangibles

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1 An Assessment of How Well We Account for Intangibles Ninth IRIMA workshop on Intangible Investments for Competitiveness: Micro-Macro Evidences Brussels, October 25 th 2017 Gaétan de Rassenfosse Holder of the Chair of Innovation and IP Policy Ecole polytechnique fédérale de Lausanne (EPFL),

2 Agenda Leading methodology for measuring intangibles and cause for concern A cause for concern, really? Concluding remarks 2

3 Agenda Leading methodology for measuring intangibles and cause for concern A cause for concern, really? Concluding remarks 3

4 The Corrado-Hulten-Sichel (CHS) framework is the leading methodology CHS have broadened the set of expenses to be treated as investment in national account systems. Three main categories: (i) Computerised information Computer software and databases (ii) Innovative property Knowledge acquired through scientific R&D and non-scientific inventive and creative activities (iii)economic competencies Value of brand names and other knowledge embedded in firm-specific human and structural resources Framework applied to virtually all developed economies (Coinvest and Innodrive collaborative projects, and countryspecific contributions). 4

5 The model has not been subject to the academic scrutiny that it merits We have produced and used investment series but did not take the time to assess them. The methodology for measuring some intangible investment series has not been validated and sometimes amounts to a rudimentary guess (Corrado et al. 2005:28) [CHS] conception of [intellectual capital] seems to be rather heuristic and intuitively grounded. This is a clear weakness of the CHS model that undermines its validity and general applicability (terms in brackets added). Ståhle and Ståhle (2012:172) 5

6 Agenda Leading methodology for measuring intangibles and cause for concern A cause for concern, really? Concluding remarks de Rassenfosse, G., An assessment of how well we account for intangibles Industrial and Corporate Change, 26(3): I acknowledge funding from the Australian Government Department of Industry, Innovation and Science (DIISRTE). Independent work and all it implies.

7 I propose a validity test of two series of the CHS framework Idea of the test: If the investments series are meaningful, they should correlate with some objective indicators of what they are supposed to measure. That is, I assess the strength of the correlation between the investment series and objective measures of intangible assets. Just as R&D investments are correlated with patent counts, I test the extent to which (i) investment in architectural and engineering design is correlated with the count of registered design rights; (ii) investment in brand equity is correlated with trademark counts. A significant correlation is taken as evidence that the estimated investment series achieve the purpose of capturing intangible assets. 7

8 Investment series as input Brand equity Cost of brand development: launching new products, developing customer lists, and maintaining brand equity. Expenditures on advertising and market research. Data on advertising expenditures come either from industry surveys or from Input-Output (I- O) tables. Data on market research come from I-O tables, although not all statistical agencies collect sufficiently detailed data. Architectural and engineering designs Design activities related to the production process or performed for aesthetic and ergonomic purposes. Equal to half of the revenues from the architectural and engineering design industries.

9 Investment series as input and IPRs as output Brand equity Trademarks Any sign (word, logo or picture) that distinguishes the goods and services of one trader from those of another. Protect the brand names used by firms in the course of trading. They signal to consumers that the product is of a certain, consistent quality. Architectural and engineering designs Design rights The appearance of the whole or a part of a product resulting from the features of, in particular, the lines, contours, colours, shape, texture and/or materials of the product itself and/or its ornamentation. Protects the way a product looks, as opposed to the way a product works as in the case of patent protection. Design registration is intended to protect designs that have an industrial or commercial use.

10 Example of a trademark and design 10

11 Panel data for 32 countries collected from a variety of sources 1. Investment series: Data for most EU-27 countries, Norway and the United States from 1995 to 2009 come from Corrado et al. (2012). Data for the United Kingdom, Germany, France, Portugal, Sweden and Bulgaria come from Coinvest Barnes and McClure (2009) for Australia, Baldwin et al. (2012) for Canada, Jalava et al. (2007) for Finland, and Miyagawa and Hisa (2013) for Japan. 2. IPR series from WIPO IP statistics datacentre: Trademark series is the count of total trademark applications by resident (direct and via the Madrid system) at the national IP office. Design right series is the count of total design applications by resident (direct and via the Hague system) at the national IP office. 3. Economic environment data from the IMF. 11

12 The trademark production function 12

13 The design production function 13

14 A strong correlation in the case of trademarks, none in the case of designs Elasticity estimates for the trademark production function Econometric model Elasticity estimates for the design production function Econometric model 14

15 The findings are robust to alternative specifications 15

16 Agenda Leading methodology for measuring intangibles and cause for concern A cause for concern, really? Concluding remarks 16

17 Specific lessons learned First estimates of the elasticity of trademarks with respect to brand investment. A 10% increase in brand equity investment is associated with a % increase in trademark applications. Brand equity investment has passed the validity test. It is a powerful predictor of trademark applications (~patents). Investment in architectural and engineering design activities has failed the validity test: weak correlation with demand for designs (2 interpretations). More generally, more such exercises needed in order to strengthen the academic credibility of the CHS framework. (We also need more data.) One obvious extension: replicate the exercise at the industry-level. 17

18 Thank you

Intangible Capital and Economic Growth Carol Corrado Senior Advisor and Research Director The Conference Board

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