INVESTING IN INTANGIBLES: ECONOMIC ASSETS AND INNOVATION DRIVERS FOR GROWTH

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1 Flash Eurobarometer INVESTING IN INTANGIBLES: ECONOMIC ASSETS AND INNOVATION DRIVERS FOR GROWTH REPORT Fieldwork: January February 213 Publication: May 213 This survey has been requested by the European Commission, Directorate-General for Enterprise and Industry and co-ordinated by Directorate-General for Communication. This document does not represent the point of view of the European Commission. The interpretations and opinions contained in it are solely those of the authors. Flash Eurobarometer - TNS Political & Social

2 FLASH EUROBAROMETER Flash Eurobarometer Investing in Intangibles: Economic Assets and Innovation Drivers for Growth Conducted by TNS Political & Social at the request of the European Commission, Directorate-General for Enterprise and Industry Survey co-ordinated by the European Commission, Directorate-General for Communication (DG COMM Research and Speechwriting Unit) 1

3 FLASH EUROBAROMETER TABLE OF CONTENTS INTRODUCTION... 3 KEY FINDINGS COMPANIES PRIORITIES AND THEIR INVESTMENTS IN INTANGIBLE ASSETS Most important priorities Percentages of turnover invested THE NATURE OF THE COMPANIES INVESTMENTS IN INTANGIBLE ASSETS How long do companies expect to benefit from their different investments? Reporting intangible assets DRIVERS AND BARRIERS FOR INVESTING IN INTANGIBLE ASSETS Why invest in intangible assets? Why not invest in intangible assets? IMPACT OF INVESTMENTS IN INTANGIBLE ASSETS Benefits from investing in intangible assets Links between investments in intangible assets and innovation projects ANNEXES Technical Specifications Questionnaire Tables 2

4 FLASH EUROBAROMETER INTRODUCTION This Flash Eurobarometer, Investing in Intangibles: Economic Assets and Innovation Drivers for Growth (No ), was conducted at the request of the Directorate-General for Enterprise and Industry. The survey was designed to explore companies' investment in a range of intangible assets. Intangible assets are non-financial, non-physical assets. They are created over time and through investment, and are identifiable as separate assets. They may add value to the company. Examples of intangible assets include training, software development, reputation and branding, research and development, the design of products and services or business process improvements. Intangible assets are increasingly recognised as playing an important role in the growth of developed economies, although their impact has been identified as difficult to quantify 1. More specifically the survey was designed to investigate: The kinds of intangible assets companies invest in Companies' use of internal or external resources when investing in intangible assets Why companies invest in intangible assets, and what barriers they perceive when making such investments The perceived length of benefit from investing in intangible assets The links between innovation projects and investment in intangible assets We would like to thank the Joint Research Centre of the European Commission for their contribution to the questionnaire 2. This survey was carried out by TNS Opinion & Social network between 22 nd January and 19 th February 213 in the 27 Member States of the European Union and in Croatia, Iceland, Japan, Norway, Republic of Serbia, Switzerland, Turkey, the Former Yugoslav Republic of Macedonia and the United States, where the same target group was interviewed. It is a business to business survey co-ordinated by the Directorate-General for Communication ( Research and Speechwriting Unit). This survey covers businesses employing 1 or more persons in the Manufacturing (NACE category C), Services (NACE categories G/H/I/J/K/L/M/N/R) and Industry (NACE categories D/E/F). The sample was selected from an international database, with some additional sample from local sources where necessary The questionnaire was prepared under the scientific guidance of Sandro Montresor from the Institute for Prospective Technological Studies (IPTS) of the JRC. The contribution of Giulio Perani, from the Italian National Institute for Statistics (Istat), is acknowledged. 3

5 FLASH EUROBAROMETER The methodology used is that of Eurobarometer surveys as carried out by the Directorate-General for Communication ( Research and Speechwriting Unit) 3.. A technical note on the manner in which interviews were conducted by the Institutes within the TNS Political & Social network is appended as an annex to this report. Also included are the interview methods and confidence intervals 4. Note: In this report, countries are referred to by their official abbreviation. The abbreviations used in this report correspond to: ABBREVIATIONS BE Belgium LV Latvia CZ Czech Republic LU Luxembourg BG Bulgaria HU Hungary DK Denmark MT Malta DE Germany NL The Netherlands EE Estonia AT Austria EL Greece PL Poland ES Spain PT Portugal FR France RO Romania IE Ireland SI Slovenia IT Italy SK Slovakia CY Republic of Cyprus* FI Finland LT Lithuania SE Sweden UK The United Kingdom HR Croatia EU27 European Union 27 Member States TR Turkey IS Iceland EU15 BE, IT, FR, DE, LU, NL, DK, UK, IE, PT, ES, EL, AT, SE, FI** MK The former Yugoslav Republic of NMS12 Macedonia BG, CZ, EE, CY, LT, LV, MT, HU, PL, RO, SL, SK*** RS Republic of Serbia EURO AREA BE, FR, IT, LU, DE, AT, ES, PT, IE, NL, FI, EL, EE, SI, CY, MT, SK NO Norway CH Switzerland NO Norway JP Japan CH Switzerland US The United States * Cyprus as a whole is one of the 27 European Union Member States. However, the acquis communautaire has been suspended in the part of the country which is not controlled by the government of the Republic of Cyprus. For practical reasons, only the interviews carried out in the part of the country controlled by the government of the Republic of Cyprus are included in the CY category and in the EU27 average. ** EU15 refers to the 15 countries forming the European Union before the enlargements of 24 and 27 *** The NMS12 are the 12 new Member States which joined the European Union during the 24 and 27 enlargements * * * * * The Eurobarometer web site can be consulted at the following address: We would like to take the opportunity to thank all the respondents across the continent who gave their time to take part in this survey. Without their active participation, this study would not have been possible The results tables are included in the annex. It should be noted that the total of the percentages in the tables of this report may exceed 1 when the respondent has the possibility of giving several answers to the question. 4

6 FLASH EUROBAROMETER KEY FINDINGS Companies' priorities and their investment in intangible assets Tailored, customised solutions are the most common priority for companies in EU27 (4), followed by decreasing productions costs (33). Around one quarter mention ensuring lower prices (26), rapid development of new products or services and increasing labour productivity (both 25). Tailored, customised solutions are the most mentioned company priority in 19 of the countries surveyed Overall, companies are more likely to have invested using internal rather than external resources for a range of intangible assets in 211 The three activities that are most likely to have had investment using internal resources are business process improvement (6), training (58), and company reputation and branding (52). The four activities that are most likely to have attracted investment using external resources are training (38), company reputation and branding (3), software development and organisation or business process improvements (both 26). The nature of companies investments in intangible assets Company reputation and branding is the only area where at least half of all companies expect their investment to benefit for at least two years. In fact 11 expect the benefit of their investment to last more than ten years. 49 of companies expect the benefit of their investment in R&D to last 2 or more years, while 44 expect this length of benefit from their investment in product or service design Training is considered to have the shortest benefit period - 51 expect the benefit to be felt for less than 2 years. One in five (2) of companies reported their R&D investment on their 211 balance sheet, 17 did this for software development investment, while 29 reported investment in other intangible assets. Drivers and barriers for investing in intangible assets Better relationships with customers and business partners is the main motivation for investing in intangible assets (55), followed by greater efficiency of internal business processes (43) and better economic returns or larger market shares (42). In all but three countries (Estonia, Iceland and Serbia) better relationships with customers and business partners is the most mentioned motivation. 5

7 FLASH EUROBAROMETER High costs are the main discouragement to investing in intangible assets (45), followed by limited public financial support (35) and unfavourable tax treatment of intangible assets (33). High costs are the most mentioned discouragement in 3 of the 36 countries studied. Impact of investment in intangible assets The skills and qualifications of employees are seen as the biggest beneficiary from an investment in intangible assets - one in five say there has been a lot of benefit (21), compared to 11 that say this about the overall value of the company and 1 that say this about sales. 42 of companies introduced new or significantly improved products, services, or processes between 29 and 211, while 28 introduced new or significantly improved organisational structures and management methods, and 27 introduced new or significantly improved marketing strategies or distribution methods. The amount of intangible asset investments directed to innovation projects between 29 and 211 does not vary greatly across different areas: 26 of companies say that more than 5 of their investment in research and development was related to innovation projects, (highest) compared to 19 of companies that directed this proportion of investment in training to innovation projects (lowest) 6

8 FLASH EUROBAROMETER 1. COMPANIES PRIORITIES AND THEIR INVESTMENTS IN INTANGIBLE ASSETS This section of the report considers what companies' think are their two main priorities. Secondly, the investments made in 211 in intangible assets such as training, product design, and software development are discussed. 1.1 Most important priorities - Tailored, customised solutions are the most important priority for companies - Companies were asked to nominate the two most important priorities for their company from a set list. Within EU27, tailored, customised solutions are the most common priority (4), followed by decreasing productions costs (33). Around one quarter mention ensuring lower prices (26), rapid development of new products or services and increasing labour productivity (both 25). Base: All respondents = 8715 (EU27) There are notable differences between European companies in the euro zone and those outside it. Companies in the euro zone are more likely to mention decreasing production costs (37 vs. 25). On the other hand, non-euro zone companies are more likely to mention tailored, customised solutions (46 vs. 37) and ensuring lower prices (32 vs. 24) compared to their euro zone counterparts. 7

9 FLASH EUROBAROMETER A similar pattern can be seen when comparing companies in EU15 with their NMS12 counterparts. EU15 companies are more likely to mention decreasing production costs 35 vs. 29) but are less likely to mention ensuring lower prices (24 vs 33) or tailored, customised solutions (39 vs. 45). In 19 of the countries surveyed, tailored, customised solutions are the most mentioned company priority. This is particularly the case for companies in Germany, Austria (both 7), Sweden (67) and Switzerland (64). At the other end of the spectrum, 1 of companies in FYROM, 12 of Croatian and Cypriot companies say the same. Decreasing production costs is the most mentioned priority by companies in 7 countries, particularly those in Spain, France (both 47) and Portugal (44). In contrast, this is less likely to be a priority for German (15), Austrian (16) and Japanese (17) companies. Malta is the only country where at least half of all companies mention ensuring lower prices as an important priority. In addition to Malta, this priority is also the most mentioned in Slovenia (37), Romania (35), the UK and the US (both 35, in both cases tied with tailored customised solutions). Ensuring lower prices is also frequently mentioned by companies in Ireland (44) and in Poland (42). On the other hand 12 of Japanese, 13 of Norwegian, Swedish and Finnish companies mention ensuring lower prices as a most important company priority. In only three countries is the rapid development of new products or services the most mentioned important priority for companies: Turkey (38), Latvia (35), Bulgaria (34), although it is also frequently mentioned by Portuguese companies (36). In contrast, the rapid development of new products or services is least likely to be a priority for companies in Norway (1), the Czech Republic (14) and Japan (17). Increasing labour productivity is the most mentioned important priority for companies in Cyprus (), Iceland (42), Turkey (38), Croatia, Serbia (both 35), and Lithuania (34). In contrast, it is least mentioned by companies in Malta, Poland (both 14) and Austria (16). 8

10 FLASH EUROBAROMETER Base: All respondents = 8175 (EU27) 9

11 FLASH EUROBAROMETER An analysis of company demographics reveals a number of differences: Companies in the industry sector are less likely to mention rapid development of new products and services (19), compared to those in manufacturing (24) or services (27). Companies in the services sector are the most likely to mention tailored, customised solutions (41), but the least likely to mention decreasing production costs (31) or increasing labour productivity (24). Manufacturing sector companies are the most likely to mention decreasing production costs (45). The smaller the company, the more likely they are to mention tailored customised solutions: 41 of those with 1-9 employees say this, compared to 32 of those with 25+. Companies with 5 or more employees are more likely than smaller companies to mention decreasing production costs (41-43 vs ). The same pattern applies for rapid development of new products or services (33-34 vs ). Increasing labour productivity is most important to companies with 25+ employees (46), and least important to those with 1-9 employees (23). Companies whose turnover fell in 211 compared to 21 are less likely to say that tailored, customised solutions are an important priority compared to those whose turnover stayed the same or increased (33 vs ). Companies that introduced new or significantly improved products, services or processes between 29 and 211 are more likely to say that rapid development of new products or services is a priority compared to those who did not introduce new or significant improvements in these areas (34 vs. 19). The same pattern applies for companies that introduced new or significantly improved marketing strategies or distribution methods, and for those that introduced new or significantly improved organisation structure or management methods. 1

12 FLASH EUROBAROMETER Q1 Thinking about the priorities for your company, please tell me which two of the following are the most important? (MAX. 2 ANSWERS) Tailored, customised solutions Decreasing the production costs Ensuring lower prices Rapid development of new products or services Increasing labour productivity Other (SPONTANEOUS) Don't Know EU Sectors (NACE) Manufacturing Services Industry Company size Company's turnover in 211 (compared to 21) Rise Remained approx. the same Fall Introduced new products, services, process Yes No Introduced marketing strategies, distribution methods Yes No Introduced organisational structure, management methods Yes No Base: All respondents = 8715 (EU27) 11

13 FLASH EUROBAROMETER 1.2 Percentages of turnover invested - Companies were more likely to invest using internal rather than external resources for a range of activities in Companies were asked what percentage of their turnover was invested using internal resources for in a range of activities in 211. At least half of all companies invested using internal resources for organisation or business process improvements (6), training (58), and company reputation and branding (52). Just over one in four (41) invested in product or service design, 39 in software development and 32 in research and development. In terms of the percentage of turnover spent, relatively few companies spent more than 15 of their turnover on any of these activities in 211. Spending up to 5 was more common. At least four out of ten companies invested up to 5 of turnover in 211 on training (44) and organisation or business process improvements (4) using internal resources. one third (37) invested up to 5 on company reputation and branding (37), 29 invested this amount on software development. One quarter of companies (25) invested up to 5 using internal resources for product or service design, while 2 invested this amount in R&D. Organisation or business process improvements were most likely to attract the largest investment, with 2 of companies investing more than 5 using internal resources in this area in 211. In fact 8 spent 15 or more. Base: All respondents = 8715 (EU27) European companies outside the euro zone are more likely to have invested up to 5 of turnover using internal resources for company reputation and branding compared to those in the euro zone (42 vs. 35). Euro zone companies are more likely to have invested nothing in this area (48 vs. 37). The same pattern applies when comparing NMS12 and EU15 companies, with the former more likely to have invested up to 5 (45 vs. 35 of NMS12). EU15 companies are more likely to have invested nothing (47 vs. 36). 12

14 FLASH EUROBAROMETER Organisation or business process improvements Companies in Estonia (62), Norway (6), Malta (55) and Macedonia (54) are the most likely to say that they did not invest any turnover using internal resources for organisation or business process improvement in 211. This compared to one in five Swiss, and Portuguese companies (both 2) and one quarter of German companies that say the same. In fact, Swiss and Portuguese companies are amongst the biggest investors using internal resources for business process improvement. Three in ten (31) Portuguese companies invested more than 5 using internal resources for this activity in 211, as did 29 of US companies, 28 of Slovakian, and 27 of Swiss companies. Only 8 of Estonian and 9 of Czech companies invested at this level. Icelandic (48), Swiss and Czech companies (both 47) are most likely to have invested up to 5 of turnover using internal resources for organisation or business process improvement, compared to 23 of Maltese and 24 of Estonian companies. Training Companies in Switzerland (74), Slovenia (73) Slovakia and the US (both 67) are the most likely to have invested something using internal resources for training in 211. In comparison 69 of companies in Greece, 68 in Malta, 64 in FYROM and 63 of Serbian companies did not invest anything in this activity in 211. At least one in five US (3), Swiss (25), Portuguese (22) and UK (2) companies invested more than 5 of turnover using internal resources for training in 211. Croatian (4), Lithuanian and Estonian (both 5) companies are the least likely to have invested this amount. half of all Slovenian (61), Czech (57), Norwegian (53), Slovakian and Polish (both 51) companies invested up to 5 using internal resources for training in 211, with Maltese companies the least likely to have invested this amount (15). Company reputation and branding Companies in the US (34) and Slovakia (33) are the most likely to have invested more than 5 on company reputation and branding using internal resources in 211, followed by Swiss (24) Polish and French companies (both 22). In contrast 5 of Lithuanian and 6 of Cypriot, Romanian and Croatian companies invested this amount. 55 of Czech and of Polish companies invested up to 5 on company reputation and branding using internal resources in 211, as did 49 of those in Hungary and 48 of Slovenia. One in five Maltese companies (2) and 21 of Romanian companies did the same. Romanian (72), Lithuanian (63), Spanish, Greek and Italian (all 61) companies are the least likely to have invested anything in company reputation and branding using internal resources. 13

15 FLASH EUROBAROMETER Base: All respondents= 8715 (EU27) 14

16 FLASH EUROBAROMETER Design of products and services Slovakian and Swiss companies made the biggest investment using internal resources for the design of products or services in 211, with 27 in each country investing more than 5 of turnover. 26 of Swedish and 25 of US companies also invested this amount, compared to just 5 of Estonian companies. In fact 76 of Estonian companies did not invest anything using internal resources for product and service design, as did 74 of Maltese and 72 of Bulgarian companies. Finnish (35), Austrian (34) and Portuguese (33) companies are the most likely to have invested up to 5 using internal resources for the design of products or services in 211. Far fewer Maltese (8) companies did the same. Software development Maltese (19), Swiss (18) and Turkish (16) companies are the most likely to have invested more than 5 on internal resources in this area in 211, with Cypriot companies the least likely to have invested at this level (). Polish (42) and Slovenian (4) companies are the most likely to be more moderate investors in this area, investing up to 5. Latvian (83), Bulgarian and Norwegian (both 79) companies are the most likely to say that they did not invest anything using internal resources for software development in 211. This compares with 43 of Polish and 46 of Slovenian companies that say the same. Research and development Across the EU 12 of companies say they invested more than 5 of turnover using internal resources for R&D in 211, but amongst US companies the figure is considerably higher (25). Almost one in five Turkish and Dutch (both 19) companies also invested more than 5 in this area. One third of Finnish companies (33) and 3 of Dutch companies invested up to 5 using internal resources for R&D in 211. In 32 countries at least half of all companies say they did not invest anything using internal resources for R&D in 211, most notably those in Lithuania (9), Estonia (85), Bulgaria and Malta (both 84). 15

17 FLASH EUROBAROMETER Base: All respondents = 8715 (EU27) 16

18 FLASH EUROBAROMETER It is worth noting that respondents from Japanese companies had a high level of "don't know" responding for each of these options (19-23) - this is much higher than for other countries (on average 5 or less). Analysis of company demographics illustrates: Companies in the industry and services sector are more likely to have made no investment in product or service design compared to those in the manufacturing sector (55-58 vs. 47), and those in the industry sector are also the most likely to say they made no investment in software development (65) or in R&D (68). Service sector companies are, however, the most likely to have invested at least some turnover in company reputation and branding (53 vs ). The smaller the company, the more likely they are to have invested nothing using internal resources for organisation or business process improvement in of companies with 1-9 employees say this, compared to 8 of those with 25 or more. This pattern is repeated for training, company reputation and branding, product or service design, software development, and R&D. Companies that introduced new or significantly improved products, services or processes between 29 and 211 are more likely to have invested organisation or business process improvement compared to those who did not introduce new or significant improvements in these areas (71 vs. 52). The same pattern applies for companies that introduced new or significantly improved marketing strategies or distribution methods (74 vs. 55), and for those that introduced new or significantly improved organisation structure or management methods (77 vs. 53). Furthermore this pattern applies for each area of intangible asset investment asked about in the survey. Q2 In 211, what percentage of its total turnover did your company invest in the following activities using internal resources (i.e. relying solely on internal resources and capacities)? Organization or business process improvements Training Software development, excluding research and development (R&D) and web design Company reputation and branding Research and development (R&D) Design of products and services (excluding research and development (R&D)) No investments Some investments No investments Some investments No investments Some investments No investments Some investments No investments Some investments No investments Some investments EU Sectors (NACE) Manufacturing Services Industry Company size Introduced new products, services, process Yes No Introduced marketing strategies, distribution methods Yes No Introduced organisational structure, management methods Yes No Base: All respondents = 8715 (EU27) 17

19 FLASH EUROBAROMETER Companies were also asked the percentage of their total turnover that was invested in the same a range of activities in 211, but using only external providers. Companies in the EU are most likely to have invested using external resources for training (38), followed by company reputation and branding (3), software development and organisation or business process improvements (both 26). Just over one in five companies (21) invested using external resources for product or service design, while 15 invested at least some turnover in R&D from external resources. Fewer than one in ten companies invested more than 5 of turnover on any of these activities using an internal provider - training is the most likely to have attracted this level of investment (8). Base: All respondents = 8715 (EU27) Within the EU companies outside the euro zone are slightly more likely to have invested at least some turnover in company reputation and branding from an external resource compared to those in the euro zone (34 vs. 28). 18

20 FLASH EUROBAROMETER Training At least four out of ten companies in the Czech Republic, Finland (both 42), Slovenia and Denmark (both 4) say they invested up to 5 of turnover using external resources for training in 211. US (16), Portuguese (14) and Slovakian (13) companies are the most likely to have invested more than 5 in training from external resources - compared to 1 of Lithuanian and 2 of Icelandic and Croatian companies. Across the EU, six out of ten companies did not make any investment in training from external providers in 211. Across all countries studied, however, there is a large variation in the proportion of companies that did not invest using external resources for training. Serbian (88), Romanian (85). Lithuanian and Maltese (both 83) companies are the most likely to say that they did not invest any turnover in this activity. Japan (47) and Slovakia and Luxembourg (both 49) are the only countries where less than of companies did not invest from external resources for training. Company reputation and branding Companies in Romania (92), Serbia (88) and Estonia (87) are the most likely to say that they invested nothing in company reputation and branding activities from external providers in 211. Denmark is the only country where fewer than half of all companies say this (48). In fact at least one third of Danish (37) and Icelandic (35) companies say that they spent up to 5 of turnover in this area, whist those in Luxembourg are the most likely to say they spent more than 5 (17). Companies in Turkey, Slovakia, the US (all 15), Denmark and Poland (both 13) are also likely to say they spent more than 5 of turnover on company reputation and branding activities from external providers in 211, compared to companies in other countries. Organisation or business process improvements At least of companies in each country surveyed say they did not invest anything on organisation or business process improvement activities from external providers in 211. Romanian (88), Croatian and Serbian companies (both 87) are the most likely to say this, with Japanese companies the least likely (). At the other end of the scale, almost one in five (18) Portuguese companies and 15 of those in Turkey and the US say that they spent more than 5 of turnover on externally provided organisation or business process improvement activities. Only 2 of Maltese, Latvian and Croatian companies say the same. Companies in Luxembourg (28), Portugal and Switzerland (both 27) are the most likely to have made more moderate investment in this area of up to 5 of turnover. 19

21 FLASH EUROBAROMETER Base: All respondents = 8715 (EU27) 2

22 FLASH EUROBAROMETER Software development The majority of companies in each country say that they did not invest anything in software development from external providers in 211, with those in Romania (92), Serbia (89) and Lithuania (87) the most likely to say this. In contrast 36 of Slovenian companies invested at least some turnover in this area, with 29 investing up to 5. Polish and Czech companies (both 27) are also likely to have invested at this level. Portuguese (13), Swiss and Turkish companies (both 11) are the most likely to say that they invested more than 5 of turnover in software development from external providers in 211. Design of products or services At least one in ten Portuguese, Slovakian (both 12), Turkish (11) and Danish (1) companies invested more than 5 in product or service design from external providers in 211. No Estonian companies invested at this level. In fact 91 of Estonian companies made no investment at all in this area, something they have in common with 9 of companies in Romania and 89 of companies in Croatia and FYROM. Finnish, Danish (both 26) and Icelandic (25) companies are the most likely to have invested up to 5 of turnover in product or service design from external providers in 211. Research and development In all but one country, at least seven out of ten companies say they did not invest anything in R&D from external providers in 211. In fact 94 of Bulgarian and Lithuanian and 93 of Austrian companies say this. The exception is Japan, where 58 say their company invested nothing in this area. However, in Japan there is a high level of "don't know" responding (17) so this figure does not reflect significantly higher levels of investment. It is actually Finnish companies that are the most likely to have invested something in R&D from external providers (28), with 21 investing up to 5 and 7 investing more than 5 of turnover. Swiss (23), Finnish and Japanese companies (both 21) are the most likely to have invested up to 5, while Turkish companies (13) are the most likely to have invested more than 5 on R&D from external providers. It is worth noting that as for internal providers again Japanese companies have a much higher level of "don't know" responding for each area compared to other countries. 21

23 FLASH EUROBAROMETER Base: All respondents = 8715 (EU27) 22

24 FLASH EUROBAROMETER A review of company characteristics illustrates that: Manufacturing companies are the most likely to say they invested nothing in company and reputation branding from external providers (73 vs ), but are least likely to say that they invested nothing in R&D (77 vs. 82). The smaller the company, the more likely they are to have made no investment in each of these activities. For example 73 of companies with 1-9 employees invested nothing on external providers for software development, compared to 32 of those with 25 or more. This pattern is repeated for training, company reputation and branding, organisation and business process improvement, product or service design and R&D. Companies that say one of their main priorities is to develop new products and services are the most likely to have made at least some investment in external resources for R&D (22 vs for other priorities). Companies that introduced new or significantly improved products, services, or processes, marketing strategies or distribution methods, or organisation structure or management methods between 29 and 211 are more likely to have invested in each area of intangible investment asked about compared to companies that did not make these changes. For example 31 of companies that introduced new or significantly improved marketing strategies or distribution methods invested from external resources for product or service design, compared to 17 of those who did not make these changes. Base: All respondents = 8715 (EU27) 23

25 FLASH EUROBAROMETER Investment in internal vs. external resources As the previous section illustrates, companies are more likely to have invested using internal rather than external resources for each of these activities in 211. For example 6 invested at least some turnover from internal resources for organisation or business process improvement, while 26 invested using external resources for these activities. The pattern is repeated for each activity. The two activities that are most likely to have had investments using internal resources are business process improvement (6) and training (58). The two activities that are most likely to have attracted investment in external resources are training (38) and company reputation and branding (3). 24

26 FLASH EUROBAROMETER 2. THE NATURE OF THE COMPANIES INVESTMENTS IN INTANGIBLE ASSETS This section of the report considers how long companies expect to benefit from their investment in intangible assets such as training, and whether intangible asset investments were reported on the company balance sheet. 2.1 How long do companies expect to benefit from their different investments? - One in ten companies that have invested in company reputation and branding expect the benefit to last more than 1 years - Companies that had invested in each of the activities (using either internal or external resources) were asked how long the company expected to benefit from its investment. Investment in company reputation and branding is seen to have the longest benefit, with 53 of companies saying they expect the benefit to last at least two years. In fact 11 expect the benefit of their investment to last more than ten years. Almost half (49) of companies expect the benefit of their investment in R&D to last 2 or more years, while 44 expect this length of benefit from their investment in product or service design, or in organisation or business process improvement. Almost the same number, 43, expect at least two years benefit from their investment in software development, while 41 expect this level of benefit from investment in training. In fact training is the only area where a majority of companies expect the benefit of their investment to last less than two years (51). Base: companies that invested in each of the activities using either internal or external resources in 211 (training=5514; software development=3986; company reputation and branding=4896; R&D=367; design of products and services=45; organization or business process improvements=5487) (EU27) 25

27 FLASH EUROBAROMETER European companies outside the euro zone are more likely than their euro zone counterparts to expect the benefits of investment in training to last at least 2 years (48 vs. 37), and the same applies for investment in company reputation and branding (62 vs. 48), and in organisation or business process improvements (51 vs. 41). Companies in NMS12 countries are more likely than their EU15 counterparts to say that the benefits from their investment in company reputation and branding (61 vs. ), and in organisation or business process improvements ( vs. 43) will last at least 2 years. Training Cypriot companies expect the shortest return on their investment in training, with 74 saying they expect the benefit to be felt for less than two years. Almost seven out of ten companies in Bulgaria and FYROM say the same (both 69). At the other end of the scale, just over one in five Norwegian (21) and Icelandic companies (22) say the same. Companies in the US are the most likely to think the benefits from their investment in training will last at least 6 years (28), followed by those in Iceland and Norway (both 26). No Cypriot companies expect to reap this length of benefit. Half of Norwegian companies that invested in training expect the benefits to last 2-5 years, as do 48 of Luxembourgish and Irish respondents. Software development Companies in FYROM (79) and Cyprus 5 (77) expect the shortest return on their investment in software development, with more than seven out of ten saying they expect the benefit to be felt for less than two years. In a sharp contrast, just 12 of Norwegian companies say the same. In fact, at least half of Norwegian companies that invested in this area expect to reap the benefits for two to five years (54), as do 52 of Irish companies. Just over one third of Lithuanian companies (34) expect to feel the benefit of their investment in software development for six years or more, as do 26 of Luxembourgish 6 and 24 of Serbian companies. No Cypriot companies expect the benefit of their investment to last this long. Company reputation and branding Companies in the US are the most optimistic about their investment in company reputation and branding - 42 expect to feel the benefits for six years or more. Companies in Iceland (36), Poland (35) and Belgium (34) are also the more likely to see a long period of return on their investment. Only 1 of Cypriot companies and 2 of companies in FYROM have the same view. 5 Results for Cyprus should be interpreted with caution due to small sample size (N=4) 6 Results for Luxembourg should be interpreted with caution due to small sample size (N=44) 26

28 FLASH EUROBAROMETER Companies in FYROM (68) and Cyprus (66) are the most likely to consider the benefits of their investment in company reputation and branding will be felt for less than two years, while companies in Lithuania and Iceland (both 15) are much less likely to hold this view. Switzerland is the only country where at least half of companies that invested in intangible assets expect to benefit for two to five years (52), compared to 23 of those in Slovenia. 27

29 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 (training=5514; software development=3986; company reputation and branding=4896) (EU27) 28

30 FLASH EUROBAROMETER Research and development Around three in ten Norwegian 7 (31), Serbian (3) and US companies (28) expect that the benefit from their investment in R&D to be felt for at least six years. Companies in Macedonia that invested in R&D are much more likely than those in other countries to expect that the benefit from their investment will be felt for less than 2 years (71). At least half of companies in Greece, Spain (both 56) and Romania () think the same way. Design of products or services At least one third of Serbian (37) and Lithuanian companies (35) that invested in product or service design expect the benefit of their investment will be felt for six years or more. In contrast no companies in Cyprus 8 or FYROM are of this opinion. Companies in FYROM and Cyprus are the most likely to expect the befit of their investment to be felt for less than two years (73 and 67 respectively. Turkish companies are the most likely to expect their investment to benefit the company for two to five years (58), compared to 19 of Bulgarian companies. Organisation or business process improvements one quarter of Norwegian (29), Serbian and US companies (both 27) that invested in organisation or business process improvement expect the benefits to be felt for at least 6 years. In contrast no Cypriot companies have this expectation. In fact 73 of Cypriot and 72 of Spanish companies expect the benefit of their investment in this area to be felt for less than 2 years. At least half of Austrian, Luxembourgish (both 52) and Lithuanian () companies expect the benefits of their in organisation or business process improvement to be felt for 2-5 years. In contrast one in five Spanish companies have the same expectation (2). 7 Results for Norway should be interpreted with caution due to small sample size (N=49) 8 Results for Cyprus should be interpreted with caution due to small sample size (N=42) 29

31 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 (R&D=367; design of products and services=45; organization or business process improvements=5487) (EU27) 3

32 FLASH EUROBAROMETER Analysis of company characteristics shows that: Service sector companies (49) are the most likely to expect the benefits from their investment in organisation or business process improvements to last less than two years, particularly compared to industry sector companies (4). Service sector companies are also the most likely to say this about investment in company reputation and branding (4 vs. 35 for the other sectors). Across all the areas of investment, companies with employees are the most likely to expect the benefit to be felt for at least two years, and this is particularly the case for R&D (72 vs ) and software development (57 vs. 41-). Companies whose turnover fell in 211 compared to 21 are more likely to expect the shortest period of benefit from their investment in intangible assets, compared to those whose turnover was stable, or increased. For example, 55 of companies whose turnover fell in 211 expect the benefit of their investment in organisation or business process improvement to be felt for less than two years, compared to 45 of companies where the turnover increased, and 44 of those where the turnover remained approximately the same. A similar pattern applies for all other intangible assets asked about. Base: companies that invested in each of the activities using either internal or external resources in 211 (training=5514; software development=3986; company reputation and branding=4896; R&D=367; design of products and services=45; organization or business process improvements=5487) (EU27) 31

33 FLASH EUROBAROMETER 2.2 Reporting intangible assets - Less than three in ten companies reported any of the intangible assets discussed on their company balance sheet in Respondents whose company had made investments in intangible assets in 211 were asked whether R&D, software development or other intangible assets were reported in their company's 211 balance sheet. One in five (2) say that R&D had been reported on the balance sheet, while 17 say software development was listed. Just under three in ten (29) say their company had reported another intangible asset investment such as training on the balance sheet. Base: companies that invested in each of the activities using either internal or external resources in 211 (R&D=774; software development=739; others=7256) (EU27) European companies in the euro zone are more likely to have reported R&D (21 vs. 14) and software development (2 vs. 12) in their 211 balance sheet when compared to their non-euro zone counterparts. Portuguese (45) and Maltese 9 (42) companies are the most likely to have reported R&D investment as intangible assets on their 211 balance sheet, as have 34 of Cypriot companies. In contrast 4 of Icelandic and 5 of Latvian and Estonian companies did the same. It is worth noting that 28 of Hungarian, 24 of Serbian and 22 of Greek companies were unable to answer. 9 Results for Malta should be interpreted with caution due to small sample size (N=43) 32

34 FLASH EUROBAROMETER Base: companies that invested in research and development (R&D) using either internal or external resources in 211=774 (EU27) Cypriot companies are the most likely to have reported software development as an intangible asset on their 211 balance sheet (45), followed by those in Turkey (39), Portugal (37) and Malta (29). In contrast 3 of Icelandic and 6 of Estonian companies say they did this. "Don't know" responding is high amongst companies in Serbia (32), Hungary (24), Greece (21), Croatia and Italy (both 2). Base: companies that invested in software development using either internal or external resources in 211=739 (EU27) 33

35 FLASH EUROBAROMETER half of the companies in Cyprus reported other intangible assets on their balance sheet in 211 (54), as did of Turkish and 45 of Portuguese companies. One again Icelandic companies are the least likely to have done this (8), as are those in Serbia (8), Japan and Denmark (both 1). At least one in five companies in Serbia (28), Croatia (22) and Hungary (2) are unable to respond. Base: companies that invested in other activities using either internal or external resources in 211=7256 (EU27) Analysis of company characteristics shows that: Companies in the industry sector (34) are more likely than those in services (29) and manufacturing (25) to have shown other intangible assets on their 211 balance sheet. The larger the company, the more likely they are to have shown R&D and software development as intangible assets. For example 18 of companies with 1-9 employees showed R&D on their balance sheet as an intangible asset, compared to 31 of those with 25+ employees. Companies with a turnover of more than 1 million are the most likely to have shown R&D on their company balance sheet in 211 (27-26). Companies that introduced new/improved products, services or processes between 29 and 211, are more likely to have listed R&D (26), software development (23) and other intangible assets (35) on their balance sheet compared to those who did not introduce these things. The same pattern applies comparing companies that introduced new/improved marketing strategies or distribution systems, and for those that introduced new/improved organisational structure or management methods. 34

36 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 (R&D=774; software development=739; others=7256) (EU27) 35

37 FLASH EUROBAROMETER 3. DRIVERS AND BARRIERS FOR INVESTING IN INTANGIBLE ASSETS This section of the report considers the reasons why companies invest in intangible assets, as well as factors that discourage such investments. 3.1 Why invest in intangible assets? - Better relationships with customers and business partners is the main motivation for investing in intangible assets - Companies that invested in any intangible assets were asked whether a range of reasons had motivated them to make these investments. half (55) were motivated by better relationships with customers or business partners, while 43 mention greater efficiency of internal business processes and 42 say better economic returns or larger market shares. One third mention more rapid development of new products or services and improving internal skills on the intangible assets (both 33). one in five (23) were motivated by their industry's regulatory framework, while 13 were motivated by public financial support. Almost one quarter (24) were unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) European companies in the euro zone are more likely to have been motivated by improving internal skills on intangible assets (34 vs. 29) and greater efficiency of their internal business process (44 vs. 39) compared to their non-euro zone counterparts. Non-euro zone companies, on the other hand, are more likely to mention public financial support (16 vs. 11). 36

38 FLASH EUROBAROMETER Companies in EU15 countries are more likely to mention improving internal skills on the intangible assets (35 vs. 25), better economic returns or larger market shares (44 vs 38), greater efficiency of their internal business process (45 vs. 34) and their industry's regulatory framework (24 vs. 17) compared to those in NMS12 countries. In all but three countries better relationships with customers and business partners is the most mentioned motivator for investing in intangible assets. The exceptions are Estonia, where more rapid development of new company services or products is most mentioned (22), and Iceland and Serbia, where better economic returns or larger market share is most mentioned (64 and 45 respectively). In 25 countries at least half of all companies were motivated to invest in an intangible asset by better relationships with customers and business partners. This is particularly the case for companies in Portugal (79), Finland (77) and Norway (76), but is least likely to be the case for Estonian (19) and Japanese companies (22). Portuguese (65) and Finnish (59) companies are also the most likely to have been motivated by greater efficiency in internal business processes, as are Turkish (59) and Norwegian and Cypriot companies (both 55). Once again Estonian and Japanese companies (both 14) are the least likely to mention this as a motivation for their investment in intangible assets. Better economic returns or larger market shares are most mentioned as motivators by companies in Norway (72), Finland (69) and Iceland (64), and least mentioned by those in Japan (7) and Malta (12) 1. Finnish (6), Portuguese (59) and Norwegian (55) companies are the most likely to have been motivated to invest in intangible assets by improving internal skills on intangible assets. In contrast, Japanese and Estonian companies are the least likely to mention this motivator (both 11). Finland (64), Portugal (62) and Turkey (55) are the only countries where at least half of all companies say their investment in intangible assets was motivated by more rapid development of new company products or services. By comparison 15 of Japanese and 19 of Slovenian and Maltese companies say the same. Fewer than half of all companies in any country mention their industry's regulatory framework as a motivator for their investment in intangible assets. Norwegian (47), Portuguese (44) and Turkish (37) companies are the most likely to mention this motivator, compared to 6 of Japanese and 7 of companies in Estonia, FYROM and Lithuania. Turkish (35), Serbian (25) and Maltese (24) companies are the most likely to mention public financial support as a motivator for their investment in intangible assets. Just 2 of Japanese and 3 of Italian companies say the same. 1 Results for Malta should be interpreted with caution due to small sample size (N=45) 37

39 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 38

40 FLASH EUROBAROMETER An analysis of company characteristics illustrates that: Companies in the industry sector are more likely than those in manufacturing or services to have been motivated to invest in intangible assets by the regulatory framework of their industry (27 vs. 2 and 22 respectively). Industry sector companies are also the most likely to mention improving internal skills on intangible assets (35). Service sector companies, on the other hand, are the most likely to mention better relationships with customers and business partners - particularly compared to manufacturing companies (56 vs. 48). The larger the company, the more likely it is that their investment in intangible assets was motivated by improving internal skills on intangible assets, more rapid development of new company products or services, better economic returns or larger market shares, greater efficiency in internal business processes, better relationships with customers and business partners or their industry's regulatory framework. For example 4 of companies with 1-9 employees were motivated by better economic returns or larger market shares, compared to 73 of companies with 25+ employees. Companies with a turnover of more than 1 million are more likely than those with a smaller turnover to have been motivated by improving internal skills on intangible assets, more rapid development of new company products or services, better economic returns or larger market shares, better relationships with customers and business partners or greater efficiency in internal business processes. For example 61 of companies with more than 1 million but less than 5 million turnover and 56 of those with more than 5 million turnover in 211 were motivated to invest in intangible assets by better economic returns or larger market shares. This compares to of those with a smaller turnover. Companies that introduced new or significantly improved products, services, or processes, marketing strategies or distribution methods, or organisation structure or management methods between 29 and 211 are more likely to have been motivated by: improving internal skills on intangible assets; more rapid development of new company products or services; better economic returns or larger market shares; better relationships with customers and business partners; greater efficiency in internal business processes; or by the regulatory framework of their industry, compared to companies that did not make these changes. For example 52 of companies that introduced new or significantly improved products, services, or processes were motivated to invest in intangible assets by better economic returns or larger market shares, compared to 35 of companies that did not make these introductions. 39

41 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 4

42 FLASH EUROBAROMETER 3.2 Why not invest in intangible assets? - High costs are the main discouragement to investing in intangible assets - Companies that invested in any intangible assets were asked whether a range of factors had discouraged them from making these investments. four in ten (45) say that the high cost of the investment had discouraged them, while 35 mention limited public financial support and 33 mention the unfavourable tax treatment of intangible assets. Just under one quarter mention the regulatory framework of their industry being difficult to understand (24), while 23 mention accounting rules for reporting capital expenditure as difficult to understand. Just under one in twenty (19) mention limited external sources of information or expertise as a discouragement to investing in intangible assets. Almost one third (32) are unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) In 3 countries the high costs of the investment is the most mentioned factor that discouraged investment in intangible assets (amongst those companies that had invested). Companies in Portugal (66), Turkey (64) and Greece (55) are the most likely to mention this factor, compared to 11 of Estonian and 18 of Japanese companies. Greece is the only country where at least half of all companies mention limited public financial support as a discouragement to investing in intangible assets (58), although this factor is also mentioned by 47 of Cypriot and Polish companies. This factor is the most mentioned discouragement by companies in Greece and Cyprus, as well as those in Spain, Italy (both 43) and Macedonia (38). Companies in Japan (6) and Estonia (8) are the least likely to mention this factor as a discouragement. 41

43 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) Companies in Greece (58), Italy (43) and Romania (42) are most likely to mention unfavourable tax treatment as a discouragement to their investment in intangible assets. This reason is also mentioned by 51 of Portuguese companies. In contrast just 5 of Estonian and 8 of Japanese, Luxembourgish and Austrian companies mention this factor. 42

44 FLASH EUROBAROMETER The fact that the regulatory framework of their industry is difficult to understand is most mentioned by companies in Portugal (38), Turkey, Poland and France (all 37), and least mentioned by those in Estonia (4) and Japan (7). Portuguese (43) and Turkish (4) companies are also the most likely to say the fact that accounting rules for reporting capital expenditure are difficult to understand was a discouragement. No companies in Estonia mentioned this factor. Turkish (43), Portuguese and Polish (both 32) companies are the most likely to say that limited external sources of information or expertise was a discouragement to their investment in intangible assets. In contrast 7 of Estonian and Austrian companies mentioned this factor. A review of company characteristics illustrates that: Industry sector companies are most likely to mention limited public financial support (38), unfavourable tax treatment (37), that the regulatory framework of their industry is difficult to understand (29), and accounting rules for reporting capital expenditure are difficult to understand (26). Companies with 25+ employees are the least likely to mention accounting rules for reporting capital expenditure are difficult to understand (8), high costs of the investment (24) and limited public financial support (25). Companies whose turnover fell between 21 and 211 are the most likely to have been discouraged by the high cost of investment (49), limited external sources of information or expertise (23) and by limited financial support (41) - particularly when compared to companies whose turnover increased in the same period. Companies that introduced new or significantly improved products, services, or processes, marketing strategies or distribution methods, or organisation structure or management methods between 29 and 211 are more likely to have been discouraged by unfavourable tax treatment of intangible assets compared to those who did not introduce these things. For example 4 of companies that introduced new organisation structure or management methods were discouraged by unfavourable tax treatment, compared to 3 of those who did not introduce new or significantly improved processes in this area. A similar pattern applies for accounting rules for reporting capital expenditure. 43

45 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 44

46 FLASH EUROBAROMETER 4. IMPACT OF INVESTMENTS IN INTANGIBLE ASSETS This section of the report discusses the benefits companies have derived from their investment in intangible assets, and the link between investment in intangible assets and innovation projects. 4.1 Benefits from investing in intangible assets - The skills and qualifications of employees are seen as the biggest beneficiary from an investment in intangible assets - Companies that invested in any of the intangible assets discussed were asked if their investment had benefited their company in a range of areas. Companies are most likely to say that there has been 'a lot' or 'some' benefit in terms of the skills and qualifications of their employees (53). In fact just over one in five (21) say there has been 'a lot' of benefit. The overall company value is seen to have had 'some' or 'a lot' of benefit for 43, while 45 saw this level of benefit in terms of sales. one third (37) say there was some or a lot of benefit in terms or market share, while 36 say this about the company's profit margin. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 45

47 FLASH EUROBAROMETER European companies in the euro zone are more likely than those outside the euro zone to say that the company received 'some' or 'a lot' of benefit in each of these areas. For example 48 of euro zone companies say their company received 'some' or 'a lot' of benefit in terms of sales, compared to 38 of companies outside the euro zone. The same pattern applies for profit margin (39 vs. 28), skills and qualification of employees (57 vs. 44), market share (39 vs. 3) and the overall value of the company (48 vs. 33). Companies in EU15 countries are more likely than those in NMS12 to say that the company received 'some' or 'a lot' of benefit in each of these areas. For example 47 of EU15 companies say they received 'some' or 'a lot' of benefit in terms of the overall value of the company compared to 32 of NMS12 companies. The same pattern applies for sales (46 vs. 39), profit margin (38 vs. 3), skills and qualification of employees (56 vs. 45) and market share (38 vs. 33). The following section reviews the country level results for each of these areas. Sales In 14 countries, at least of companies that invested in intangible assets say sales received 'some' or 'a lot' of benefit from this investment. This is particularly the case for Cypriot (77), Luxembourgish (69) and Slovenian (67) companies. In fact, in the case of Cyprus 29 of companies say sales have had 'a lot' of benefit from the investment, as do 22 of Swizz and 21 of Lithuanian companies. Companies in Portugal (54), Macedonia (43) and Romania (4) are the most likely to say there has been little benefit, while 33 of Maltese 11, 31 of Czech and 3 of Hungarian companies say that sales received no benefit from their investment in intangible assets. It is worth noting that 42 of Estonian and 27 of Japanese companies are unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 46

48 FLASH EUROBAROMETER Profit margin Companies in Cyprus are the most likely to say that investment in intangible assets has had 'some' or 'a lot' of benefit for the company's profit margin (69), followed by companies in Slovenia, Luxembourg (both 56) and Lithuania (). Lithuanian and Cypriot companies are also the most likely to say that their profit margin received 'a lot' of benefit from this investment (both 16). In contrast 38 of Czech and Serbian and 37 of Spanish companies say the company's profit margin has had no benefit from the investment in intangible assets, while 49 of companies in FYROM, and Romania and 47 of Portuguese companies say there has been little benefit. It is worth noting that 39 of Estonian and 32 of Japanese companies are unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 11 Results for Malta should be interpreted with caution due to small sample size (N=45) 47

49 FLASH EUROBAROMETER Skills and qualifications of employees Seven out of ten companies in Cyprus (74), Finland (72), Luxembourg and Austria (both 7) say that the skills and qualifications of employees have benefited from the investment in intangible assets. Cypriot (46), Austrian (38) and Swiss (36) companies are the most likely to say that there has been 'a lot' of benefit. Companies in FYROM (42), Czech Republic (36), Portugal and Romania (both 33) are the most likely to say there has been little benefit, while companies in the US (37) and the UK (31) are the most likely to say there has been no benefit in terms of skills and qualifications of employees. 42 of Estonian and 24 of Japanese companies are unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 48

50 FLASH EUROBAROMETER Market share Austrian companies are the most likely to say that their market share received 'a lot' of benefit from their investment in intangible assets (23), followed by those in Cyprus (19) and in Switzerland (17). Overall companies in Greece (61), Slovenia (59) and Cyprus (57) are the most likely to say that their market share received 'a lot' or 'some' benefit. Companies in Portugal (48), FYROM and Romania (both 45) are the most likely to say there was little benefit to their market share from their investment in intangible assets, while companies in the US, Latvia (both 44) and the UK (42) are the most likely to say there was no benefit in this area. A notable proportion of Estonian (44) and Japanese (35) companies are unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 49

51 FLASH EUROBAROMETER Overall company value At least one quarter of companies in Malta 12 (28), Austria and Cyprus (both 25) say that the overall value of their company received 'a lot' of benefit from their investment in intangible assets. Overall 77 of Cypriot and 72 of Luxembourgish companies say their overall company value received 'some' or 'a lot' of benefit from their investment in intangible assets. Just over half of Polish companies (52) say there was little benefit to their company value from their investment, as did 49 of companies in Portugal and 48 in FYROM. At least three in ten Latvian (34) Czech (32) and UK (3) companies say there was no benefit to the overall value of the company from their investment in intangible assets. Once again a large proportion of Estonia (43), Japanese and Norwegian companies (both 32) are unable to answer. Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 12 Results for Malta should be interpreted with caution due to small sample size (N=45) 5

52 FLASH EUROBAROMETER A comparison of company characteristics highlights that: Service sector companies are the most likely to say that there was 'some' or 'a lot' of benefit to sales from their investment in intangible assets (47). Service (54) and industry (53) sector companies are the most likely to have seen this level of benefit in terms of the skills and qualifications of employees, while it is service and manufacturing companies (both 37) that are most likely to have seen 'some' or 'a lot' of benefit in terms of market share. The more employees a company has, the more likely they are to say that there was 'some' or 'a lot' of benefit from intangible asset investment in terms of sales, skills and qualifications of employees, and the overall value of the company. For example 41 of companies with 1-9 employees saw 'some' or 'a lot' of benefit in terms of the overall value of the company, compared to 63 of those with 25+ employees. Companies with 1-9 employees are also the least likely to have seen 'some' or 'a lot' of benefit in terms of profit margin (34) or market share (35). Companies whose turnover increased between 29 and 211 are the most likely to say that there was 'some' or 'a lot' of benefit in terms of each of the areas asked about. For instance, 45 of companies whose turnover increased saw benefit in terms of market share, compared to 36 of companies where the turnover was stable, and 29 of companies where turnover fell during this period. Companies that introduced new or significantly improved products, services, or processes, marketing strategies or distribution methods, or organisation structure or management methods between 29 and 211 are more likely to have seen 'some' or 'a lot' of benefit in each of these areas form their investment in intangible assets. For example 47 of companies that introduced new marketing strategies or distribution methods saw 'some' or 'a lot' of benefit in terms of profit margin, compared to 31 of those who did not introduce new or significantly improved processes in this area. 51

53 FLASH EUROBAROMETER Base: companies that invested in each of the activities using either internal or external resources in 211 = 7588 (EU27) 52

54 FLASH EUROBAROMETER 4.2 Links between investments in intangible assets and innovation projects - Companies are most likely to have introduced new or significantly improved products, services, or processes between 29 and All companies were asked if they had introduced a range of new or significantly improved aspects of their business between 29 and 211. four out of ten (42) introduced new or significantly improved products, services or processes, 28 introduced new or significantly improved organisational structures and management methods, while 27 introduced new or significantly improved marketing strategies or distribution methods. Base: All respondents = 8715 (EU27) 53

55 FLASH EUROBAROMETER Companies in Portugal (59), Luxembourg (53), Switzerland and Denmark (both 52) are the most likely to have introduced new or significantly improved products, services or processes between 29 and 211. In contrast, 9 of Japanese companies say they did this. In fact Japan is the only country where less than three in ten companies had introduced new or significantly improved products, services or processes. It is worth noting that 2 of Maltese and 16 of Japanese companies are unable to answer. Base: All respondents = 8715 (EU27) Companies are generally less likely to have introduced new or significantly improved marketing strategies and distribution methods between 29 and 211. Turkish companies are the most likely to have done this (43), followed by those in Portugal (41), Ireland (38), Denmark and Italy (both 37). At the other end of the scale 7 of Japanese and 13 of Lithuanian companies introduced new or significantly improved marketing strategies and distribution methods. One in five (2) Maltese and 16 of Japanese companies are unable to answer. Base: All respondents = 8715 (EU27) 54

56 FLASH EUROBAROMETER Portuguese (43), Irish and Luxembourgish (both 41) companies are the most likely to have introduced new or significantly improved organisational structures and management methods between 29 and 211. In contrast 7 of Japanese and 12 of Finnish, Icelandic and Norwegian companies did the same. Once again almost one in five Maltese (19) and Japanese (17) companies are unable to answer. Base: All respondents = 8715 (EU27) Analysis of company characteristics reveals the following: Manufacturing companies are the most likely to have introduced new or significantly improved products, services or processes (46), while services companies are the most likely to have introduced new or significantly improved marketing strategies and distribution methods (29). The more employees a company has, the more likely they are to have introduced new or significantly improved products, services or processes or organisational structures and management methods. For example 39 of companies with 1-9 employees introduced new or significantly improved products, services or processes, compared to 66 of companies with 25+ employees. Companies with 1-9 employees are also the least likely to have introduced new or significantly improved marketing strategies and distribution methods (26). Companies whose turnover increased in 211 compared to 21 are the more likely to have introduced new or significantly improved marketing strategies and distribution methods (35) or organisational structures and management methods (33), compared to those whose turnover remained the same or decreased 55

57 FLASH EUROBAROMETER Companies that introduced innovations in one of these three areas are more likely to have also introduced innovations in the other two. For example 71 of companies that introduced new or significantly improved marketing strategies and distribution methods also introduced new or significantly improved products, services or processes. This compares to 31 of companies that did not introduced new or significantly improved marketing strategies and distribution methods. Base: All respondents = 8715 (EU27) Finally, companies that introduced new or significantly improvements in one of the areas discussed above, and that also invested in intangible assets, were asked what proportion of these investments in the period were related to specific innovation projects (not to innovation in general). one quarter of companies say that more than 5 of their investment in research and development was related to innovation projects (26), while 25 say this about their investment in product or service design. Just under one quarter (23) say that more than 5 of their investment in company reputation and branding, and in organisation or business process improvement was related to innovation projects, while 2 say this about investments in software development, and 19 say this about their investment in training. 56

58 FLASH EUROBAROMETER On the other hand, one in five companies (2) say that none of their investments in software development, R&D and product and service design were related to innovation projects. Base: companies that introduced new or significantly improvements in one of the areas and those that invested in each of the activities using either internal or external resources in 211 (training=3349; software development=265; company reputation and branding=3187; R&D=2218; design of products and services=2718; organisation or business process improvements=3473) (EU27) European companies outside the euro zone are more likely to say that none of their investment in software development was related to innovation projects when compared to those in the euro zone (26 vs. 18). The same pattern applied to R&D investment (26 vs. 17) and investment in organisation or business process improvement (2 vs. 14). Country level analysis could not be performed as sample sizes were too small to provide a statistically valid result. 57

59 FLASH EUROBAROMETER Analysis of company characteristics reveals the following: Industry sector companies are the most likely to have directed more than 5 of their investment in training (25) and company reputation and branding (28) in innovation projects. Service sector companies are the most likely to have directed more than 5 of their investment in R&D (28) to innovation projects. Companies with employees are the most likely to have put more than 5 of their investment in training (23), company reputation and branding (28), organisation or business process improvements (33) or product or service design (31) towards innovation projects. Companies whose main priorities are developing new products or services (32) or tailored customised solutions (29) are more likely to have directed more than 5 of their R&D investment towards innovation projects than companies with other main priorities (15-21). Companies that introduced new or significantly improved products, services or processes between 29 and 211 are more likely to have spent more than 5 of their investment in training (21), organisation or business process improvement (24), software development (21), R&D (27) or product and service design (3) on innovation projects when compared to those who did not introduce these changes. Companies that introduced new or significantly improved organisation structures or management methods between 29 and 211 are more likely to have spent more than 5 of their investment in training (24), company reputation and branding (28) organisation or business process improvement (3), software development (24), R&D (29) or product and service design (31) on innovation projects when compared to those who did not introduce these changes. Companies that introduced new or significantly improved marketing strategies or distribution methods between 29 and 211 are more likely to have spent more than 5 of their investment in company reputation and branding (26) organisation or business process improvement (27) or software development (22) on innovation projects when compared to those who did not introduce these changes. 58

60 FLASH EUROBAROMETER Base: companies that introduced new or significant improvements in one of the areas and those that invested in each of the activities using either internal or external resources in 211 (training=3349; software development=265; company reputation and branding=3187; R&D=2218; design of products and services=2718; organisation or business process improvements=3473) (EU27) 59

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