Intangible resources as a key factor in the internationalisation of Spanish firms

In this paper we analyse the effect of the availability of intangible resources (measured by way of Tobin’s q) on the probability of Spanish firms increasing their international diversification. We find that this impact is positive and statistically significant. We also discover that firms with a higher endowment of intangible resources increase their presence in their current markets (Concentration) and that those with a multinational status also expand to new markets (Scope).