Figure 1: Investment in intangible assets versus fixed assets financial development and asset substitution effects Intangible Assets (A) lA 1, High lA L Low Asset substitution E B Allow Fixed Assets(FA)8 Figure 1: Investment in intangible assets versus fixed assets: financial development and asset substitution effects Fixed Assets (FA) FA0 FA1,Low FA1,High IA1,High IA 1, Low IA0 Intangible Assets (IA) Asset substitution Finance A D B C E