Quantifying the short- and long-run impact of inflation-related price volatility on knowledge asset investment

IF 10.5 1区管理学 Q1 BUSINESS Journal of Business Research Pub Date : 2023-10-01 DOI:10.1016/j.jbusres.2023.114048

Xuecheng Fan , Zeshui Xu , Yong Qin , Marinko Škare

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引用次数: 2

Abstract

The study of the link between price volatility, measured in the inflation index, and knowledge asset investment is a topic under intense research. Knowledge asset investment is moving with inflation shocks (high synchronicity), particularly at the troughs and peaks of a business cycle. This research investigates the influence of inflation shocks on knowledge asset investment. Previous studies do not provide a piece of direct empirical evidence on the impact of inflation shocks on knowledge asset investment that is available. We employ panel structural vector autoregression to explore the short and long-run effects of inflation shocks on knowledge asset investment in 29 advanced economies from 1995 to 2019. Our empirical results prove a strong and statistically significant connection between knowledge asset investment and price volatility. In addition, we identify a robust empirical link between knowledge asset investment and the inflation index. The findings further indicate that the inflation index determines knowledge asset investment. Our work contributes to technology innovation, asset allocation, and price-level research to inspire novel research on knowledge asset investment.

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量化与通胀相关的价格波动对知识资产投资的短期和长期影响

研究以通货膨胀指数衡量的价格波动与知识资产投资之间的联系是一个正在深入研究的课题。知识资产投资随着通货膨胀冲击（高度同步性）而变化，尤其是在商业周期的低谷和高峰。本研究考察了通货膨胀冲击对知识资产投资的影响。先前的研究并没有提供关于通货膨胀冲击对知识资产投资影响的直接经验证据。我们使用面板结构向量自回归来探索1995-2019年29个发达经济体的通货膨胀冲击对知识资产投资的短期和长期影响。我们的实证结果证明，知识资产投资与价格波动之间存在着强有力的统计显著联系。此外，我们还发现知识资产投资与通货膨胀指数之间存在着强有力的实证联系。研究结果进一步表明，通货膨胀指数决定了知识资产投资。我们的工作有助于技术创新、资产配置和价格水平研究，以启发对知识资产投资的新研究。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.

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