An analysis of 716 Thai-listed nonfinancial firms, covering 7,702 firm-years from 2005-2022, found reported intangible assets positively associated with leverage, especially among high-tangibility and manufacturing firms. This challenges the assumption that intangibles always constrain debt capacity, but remains observational.
Key findings
- Reported intangibles were positively associated with leverage, with stronger links for firms with higher tangible assets and in manufacturing. The abstract omits coefficient magnitudes, preventing assessment of economic significance.
Why this matters globally
The study adds emerging-market evidence to debates on financing the knowledge economy, with implications for accounting, credit assessment and innovation policy.
Thai researcher contribution
Chulalongkorn University researchers used long-run Thai capital-market data to examine when intangibles are associated with financing structure.
Limitations to consider
Balance-sheet intangibles omit many internally generated assets. Reverse causality, omitted variables, accounting differences and industry selection remain possible. Listed firms do not represent SMEs.