Abstract
The relationship between intangible technological assets and firm performance has been widely studied. Nevertheless, few works have tried to identify whether the way in which these intangible resources are acquired substantially modifies the foreseeable effect that the investment in technological intangible assets has on firm results. In this sense, the theoretical arguments employed suggest that the development method used (i.e., internal, external or mixed) affect the stock of technological assets of the company and, therefore, the results obtained. The hypotheses derived from the theoretical approach are contrasted using a panel of Spanish manufacturing companies. The results obtained prove that the accumulation of technological intangible assets is a relevant factor to analyze firm results. Also, it is verified that the development method used to acquire these assets influences the impact of R&D expenditure on firm results.
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