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Crouzet, Nicolas, Janice C. Eberly, Andrea L. Eisfeldt, and Dimitris Papanikolaou. "The Economics of Intangible Capital." Journal of Economic Perspectives 36, no. 3 (August 1, 2022): 29–52. http://dx.doi.org/10.1257/jep.36.3.29.
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Intangible assets are a large and growing part of firms’ capital stocks. Intangibles are accumulated via investment—foregoing consumption today for output in the future—but they lack a physical presence. Rather than stopping with this “lack,” we instead focus on the positive properties of intangibles. Specifically, intangibles must be stored, so characteristics of the storage medium have important implications for their value and use. These properties include non-rivalry, allowing the intangible to be used simultaneously in different production streams, and limited excludability, which prevents the firm from capturing all the benefits or rents from the intangible. We develop these ideas in a simple way to illustrate how outcomes such as scalability and distribution of ownership follow. We discuss how intangibles can help to understand important trends in macroeconomics and finance, including productivity, factor shares, inequality, investment and valuation, rents and market power, and firm financing.
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Jardón, Carlos Fernández, Mariia Molodchik, and Sofiia Paklina. "Strategic behaviour of Russian companies with regard to intangibles." Management Decision 56, no. 11 (November 12, 2018): 2373–90. http://dx.doi.org/10.1108/md-04-2017-0399.
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Purpose The purpose of this paper is to explore strategy-specific competencies with regard to intangibles and provides empirical evidence of intangible-based strategy groups for Russian companies. Additionally, the study examines the link between intangible-based strategy and company performance. Design/methodology/approach The paper uses strategic group theory and the resource-based view framework to identify similar strategic behaviour of companies by employment of intangibles. In line with the intellectual capital concept, the study provides a cluster analysis that considers four types of intangibles: human, relational, innovation and process capital. These are measured through publicly available data using principal component analysis. The empirical part of the study uses a database of 1,096 Russian public companies, which covers the period 2004–2014. Findings As a result, the study reveals three profiles of strategic behaviour with regard to intangibles. The majority of Russian public companies (63.5 per cent) are Generics and pursue a non-intensive intangible strategy. Only 13.3 per cent of companies constitute the intangible-intensive profile by having endowment of all intellectual resources higher than the sample average. The remaining companies (23.2 per cent) also pursue an intangible-intensive strategy with a focus on innovation capital. Intangible-intensive strategic groups outperform Generics. Originality/value The study proposes a novel intangible-based strategy continuum, which straddles two polar strategies: generic and smart. The study introduces insights to better understand the differences in performance across intangible-intensive strategies and presents a new empirical inquiry into strategic behaviour with regard to intangibles in Russia.
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Bolek, Monika, and Katerina Lyroudi. "Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies." e-Finanse 11, no. 4 (December 1, 2015): 23–33. http://dx.doi.org/10.1515/fiqf-2016-0126.
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Abstract This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.
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Simó, Pep, and José María Sallán. "Capital intangible y capital intelectual: Revisión, definiciones y líneas de investigación." Studies of Applied Economics 26, no. 2 (May 30, 2021): 65–78. http://dx.doi.org/10.25115/eea.v26i2.5425.
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Dos de los problemas más importantes de la investigación en intangibles y capital intelectual son la falta de una terminología común, y el poco desarrollo de escalas de medición de los constructos asociados a los intangibles. El objetivo de este artículo es doble: en primer lugar, establecer unas definiciones integradas y coherentes de los conceptos más empleados en intangibles, como activos y pasivos intangibles, y capital intelectual; y segun do lugar definir un conjunto de dimensiones para el capital intelectual coherente desde el punto de vista teórico, y que afecte a propiedades relevantes para la gestión del capital intelectual. Después de un análisis longitudinal de la literatura sobre intangibles de las últimas tres décadas, se establece una definición de capital intelectual como conocimiento que crea valor, siendo por tanto un caso particular de activo intangible. Se proponen también dos dimensiones de capital intelectual, asociadas a los conceptos de conocimiento tácito y conocimiento explícito.
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Roth, Felix. "Revisiting intangible capital and labour productivity growth, 2000–2015." Journal of Intellectual Capital 21, no. 5 (April 2, 2020): 671–90. http://dx.doi.org/10.1108/jic-05-2019-0119.
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PurposeThis paper aims to revisit the relationship between intangible capital and labour productivity growth using the largest, up-to-date macro database (2000–2015) available to corroborate the econometric findings of earlier work and to generate novel econometric evidence by accounting for times of crisis (2008–2013) and economic recovery (2014–2015).Design/methodology/approachTo achieve these aims, this paper employs a cross-country growth accounting econometric estimation approach using the largest, up-to-date database available encompassing 16 EU countries over the period 2000–2015. The paper accounts for times of crisis (2008–2013) and of economic recovery (2014–2015). It separately estimates the contribution of three distinct dimensions of intangible capital: (1) computerized information, (2) innovative property and (3) economic competencies.FindingsFirst, when accounting for intangibles, the paper finds that these intangibles have become the dominant source of labour productivity growth in the EU, explaining up to 66 percent of growth. Second, when accounting for times of crisis (2008–2013), in contrast to tangible capital, the paper detects a solid positive relationship between intangibles and labour productivity growth. Third, when accounting for the economic recovery (2014–2015), the paper finds a highly significant and remarkably strong relationship between intangible capital and labour productivity growth.Originality/valueThis paper corroborates the importance of intangibles for labour productivity growth and thereby underlines the necessity to incorporate intangibles into today's national accounting frameworks in order to correctly depict the levels of capital investment being made in European economies. These levels are significantly higher than those currently reflected in the official statistics.
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Hashmi, Aamir Rafique. "INTANGIBLE CAPITAL AND INTERNATIONAL INCOME DIFFERENCES." Macroeconomic Dynamics 17, no. 3 (November 23, 2011): 621–45. http://dx.doi.org/10.1017/s136510051100040x.
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I add intangible capital to a variant of the neoclassical growth model that already features physical and human capital, and study the implications for international income differences. I calibrate the parameters associated with intangible capital by using new estimates of investment in intangibles by Corrado et al. [Review of Income and Wealth 55, 661–685 (2009)] and depreciation rates by Corrado and Hulten [American Economic Review 100, 99–104 (2010)]. I find that for a given efficiency difference between rich and poor countries, the model with intangible capital can explain more than double the income differences of the model without. Put another way, in the benchmark case, differences in intangible capital account for 14.3% of the observed income differences. I also examine the role played by intangible capital in versions of the model with barriers to accumulation. In all the variants that I consider, differences in intangible capital account for 10% to 22% of the observed income differences.
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Corrado, Carol, Jonathan Haskel, Cecilia Jona-Lasinio, and Massimiliano Iommi. "Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth." Journal of Infrastructure, Policy and Development 2, no. 1 (February 27, 2018): 11. http://dx.doi.org/10.24294/jipd.v2i1.205.
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This paper uses a new cross-country cross-industry dataset on investment in tangible and intangible assets for 18 European countries and the US. We set out a framework for measuring intangible investment and capital stocks and their effect on output, inputs and total factor productivity. The analysis provides evidence on the diffusion of intangible investment across Europe and the US over the years 2000-2013 and offers growth accounting evidence before and after the Great Recession in 2008-2009. Our major findings are the following. First, tangible investment fell massively during the Great Recession and has hardly recovered, whereas intangible investment has been relatively resilient and recovered fast in the US but lagged behind in the EU. Second, the sources of growth analysis including only national account intangibles (software, R&D, mineral exploration and artistic originals), suggest that capital deepening is the main driver of growth, with tangibles and intangibles accounting for 80% and 20% in the EU while both account for 50% in the US, over 2000-2013. Extending the asset boundary to the intangible assets not included in the national accounts (Corrado, Hulten and Sichel (2005)) makes capital deepening increase. The contribution of tangibles is reduced both in the EU and the US (60% and 40% respectively) while intangibles account for a larger share (40% in EU and 60% in the US). Then, our analysis shows that since the Great Recession, the slowdown in labour productivity growth has been driven by a decline in TFP growth with relatively a minor role for tangible and intangible capital. Finally, we document a significant correlation between stricter employment protection rules and less government investment in R&D, and a lower ratio of intangible to tangible investment.
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Pastor, Damián, Jozef Glova, František Lipták, and Viliam Kováč. "Intangibles and methods for their valuation in financial terms: Literature review." Intangible Capital 13, no. 2 (February 10, 2017): 387. http://dx.doi.org/10.3926/ic.752.
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Purpose: The purpose of this paper is to review literature devoted to intangibles and their valuation and give examples of the methods that can be used for valuation of individual intangibles in financial terms.Design/methodology/approach: Paper presents a systematic review of articles dedicated to intangibles and their valuation.Findings: This review shows that there is a need for consensus in definitions of intangibles, intangible assets, knowledge assets and other related terms. These terms are used interchangeably in spite of their different meanings. Many methods for valuation of intangibles can be found in the literature, but widely accepted list of basic intangibles with suggested methods for their valuation in financial terms is still missing.Research limitations/implications: Not all the papers related to this topic could be covered in this paper. Presented list of important intangible components may be enhanced and examples of some other methods for their valuation may be added in the future.Practical implications: Paper calls for development of framework comprising list of the most important intangibles, proposals of methods used for their valuation and examples of their use. This framework can be helpful for organization, which are confronted with a difficult task of intangibles valuation.Originality/value: Basic definitions and differences between intangibles, intangible assets, identifiable intangible assets, knowledge assets and intellectual capital have not been mentioned in one paper yet. List of intangibles and methods for their valuation gives a direction for future work that can be fruitful for valuation of intangibles.
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Lošťák, M. "The influence of intangible forms of capital on farms ." Agricultural Economics (Zemědělská ekonomika) 52, No. 6 (February 17, 2012): 251–62. http://dx.doi.org/10.17221/5022-agricecon.
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Intangible issues, which are often very difficult to be quantified become more and more the field of interest of social sciences. There are many research works demonstrating that various types of knowledge, institutions, social networks, and social relations have a great influence on human activities as for efficient achievement of the actors’ goals. This paper relates expert knowledge (shaping professional qualification) to human capital and tacit knowledge (understood as a broader, general, and contextual knowledge) to cultural capital. Both forms of capital exist in their primary form only in concrete individual persons. Concerning collective persons (firm, community), cultural and human capitals are transformed into intellectual capital. Work with specific knowledge, tacit knowledge and capitals corresponding to them shows the role of social networks and social capital in their organization. Using the analysis of two farms based on natural experiment, the paper demonstrates the role of tacit knowledge and cultural capital (opposing to the overestimated role of expert knowledge and human capital). The conclusions outline social determination of both types of knowledge through social networks and social capital needed for an efficient work of a farm.
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Nhon, Hoang Thanh. "The Intellectual Capital, Firm Performance and the Moderating Role of Manager Skills." Business Management and Strategy 11, no. 2 (August 14, 2020): 1. http://dx.doi.org/10.5296/bms.v11i2.17524.
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The purpose of this article was to explore the moderating role of the manager skills on the relationship between the intangible capitals and firm performance. Specific aims included (a) to synthesize the prior literatures and definitions related to human, organizational and social capital, firm performance and manager skills, (b) to refine conceptual definitions of the human and social capital with associated conceptual antecedent, organizational capital, and consequences, firm performances, (c) to propose a synthesized conceptual framework guiding the mediated moderation of the manager skills on the relationship between intangible capitals and firm performance. The analysis include data collected from a survey with the total of 370 information communication technology (ICT) firm’s managers. The mediating and moderating techniques are used to analyze the indirect effects of organizational capital on firm performance via human and social capital and the moderating role of manager skills on the relationship between intangible capitals and firm performance. The results show that all intangible capital dimensions have direct impacts on firm performance. In addition, there is the existences of the mediating role of the human and social capital on the relationship between firm performance and organizational capital and moderating role of the manager skills on the relationship between intellectual capital dimensions and firm performance. This is the first paper to examine comprehensively the conceptual framework of the moderating role of manager skills on relationships between intangible capitals and firm performance in ICT sector in a developing country like Vietnam.
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Marques, Maria da Conceiçâo da Costa. "Os activos intangíveis nas contas das empresas do PSI 20 : uma evidência empírica." Pecvnia : Revista de la Facultad de Ciencias Económicas y Empresariales, Universidad de León, no. 8 (June 1, 2009): 183. http://dx.doi.org/10.18002/pec.v0i8.679.
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En la actualidad podemos enumerar como activos intangibles contables las patentes, marcas, derechos de autor, etc. Sin embargo, hay otros cuya existencia se reconoce ampliamente y que, a pesar de no estar identificados o medidos, también contribuyen a los resultados de una entidad, como el goodwi II o el capital intelectual, entre otros.La Contabilidad de activos intangibles ha cobrado impulso en las últimas décadas debido a los cambios que se han producido en el mundo de los negocios. Los avances en la industria y, en concreto la sociedad de la información, disponen de activos intangibles que son de aplicación en el mundo de los negocios.El reconocimiento de los activos intangibles en los libros de las entidades puede ser el siguiente paso, en concreto en lo que se refiere a ciertos tipos de negocios, como el de la industria del conocimiento.En el presente estudio se analizan los factores que influyen en la divulgación e información de activos intangibles voluntarios y obligatorios de un número de empresas portuguesas que cotizan en bolsa. Asimismo, exploramos la línea de pensamiento actual sobre activos intangibles y cómo se evalúan, reconocen y presentan estos recursos en los estados financieros de las empresas portuguesas.<br /><br />Today, as intangible assets recognized by the accounting, we can list the patents, trademarks, copyrights, etc. But there are other intangible assets whose existence is widely acknowledged that although they have not yet been identified or measured, also contribute to the results of an entity such as Goodwill or the Intellectual Capital, among others.Accounting for intangible assets gained prominence in the past decades due to changes that are occurring in the business world. The industrial revolution and, in particular, the information society, have the resources in front of the intangible world of business.The recognition of intangible assets on the books of the entities can be the next step forward especially for certain types of business such as the industry of knowledge. In this study we analyze the factors influencing the disclosure and information, mandatory and voluntary (intangible assets), of a number of Portuguese companies whose securities are traded on stock exchange. We also explore the current state of thinking on intangible assets and how those resources are being evaluated, recognized and presented in financial statements of Portuguese companies.
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Russell, Mark. "The valuation of pharmaceutical intangibles." Journal of Intellectual Capital 17, no. 3 (July 11, 2016): 484–506. http://dx.doi.org/10.1108/jic-10-2015-0090.
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Purpose – The purpose of this paper is to value the patents of pharmaceutical companies using discounted cash flows, and compare the value-relevance of these assets against alternative intangible asset measures such as reported intangible assets and R & D capital. Design/methodology/approach – The study values pharmaceutical intangibles using three methods: an income method; the sum of unamortised R & D expenditures; the firm’s reported intangible assets. Value-relevance tests use ordinary least squares regression and Vuong and Clarke tests. Findings – First, the study finds that the discounted cash-flow valuation of pharmaceutical patents is value-relevant. Second, the value of pharmaceutical patents explains market value better than reported intangible assets but not R & D capital. However, the valuation of pharmaceutical patents is more consistent with the risks of R & D than the valuation of R & D capital which assumes recovery of R & D expenditure. Originality/value – This is the first known study that values patents using an income method and compares those valuations with reported intangible assets and R & D capital valuation models.
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Esposito, Gaetano Fausto, and Marco Pini. "The Intangible Assets in the Green Transition of Firms: Empirical Insights from Italy." Symphonya. Emerging Issues in Management, no. 2 (December 20, 2022): 80–95. http://dx.doi.org/10.4468/2022.2.07.esposito.pini.
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We empirically investigate the simultaneous relationship between the various types of intangible assets and their effects on eco-innovation adoption through a sample of Italian manufacturing firms. The results highlight a positive influence of the intangibles on the likelihood to invest in eco-innovation. We observe, when focusing on the human capital, that while investments in only employee training only directly affect eco-innovation, the investments in management training for new business models indirectly influence eco-innovations by triggering the other intangible assets (R&D and intellectual property, Organizational capital, Open innovation).
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Mishra, Sagarika, and Mike T. Ewing. "Financial constraints and marketing investment: evidence from text analysis." European Journal of Marketing 54, no. 3 (February 27, 2020): 525–45. http://dx.doi.org/10.1108/ejm-01-2019-0090.
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Purpose The purpose of this study to examine the effect of financial constraint on intangible investment because intangible investment provides an overall picture of marketing investment and activity. Intangible investment also plays a significant role in facilitating future sales. Using a new measure of intangible investment (Peters and Taylor, 2017), the authors first establish that intangible investment is positively related with future sales. Then, using a new text-based measure of financial constraint, the authors show that financial constraint has a significant negative effect on future intangible investments after controlling for other factors. Intangible investment has three components. The first is R&D, the second is 30 per cent of selling and general administrative expense (SGA) and the third is other intangibles. The authors find that the negative and significant effect of financial constraint on 30 per cent SGA is stronger. This indicates that financially constrained firms reduce marketing related investments. The authors then considered firm size and found that smaller firms facing financial constraint continue to increase their intangible investments, whereas larger firms reduce their intangible investment. As a robustness test, the authors use advertising expenditure as a measure of promotion related investment and find that financial constraint has a negative effect on advertising spending. The authors then use two traditional measures of financial constraint in their analysis to compare with the new text-based measure. Design/methodology/approach The authors use ordinary least squares with cluster robust standard error to conduct their empirical analysis. Findings First the authors establish that intangible investment positively affects future sales. Further the authors find that financial constraint negatively affects intangible investment. Moreover, financial constraint negatively affects the brand capital of intangible investment. Research limitations/implications The authors did not conduct any industry specific analysis to see how financial constraints affect intangible investment across different industries. Industry specific analysis is important because in some industries/sectors intangibles are clearly more important than in others, so this is an important avenue for future research. It will also be interesting to explore if and how financial constraint has a mediating effect on sales growth via intangible investment and different components of intangibles. Practical implications This study identifies another important factor that can negatively affect brand capital investment. Originality/value The authors have used a measure of financial constraint and text mined all the annual reports of US firms for the period of 1994-2016 to compute this measure.
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Corrado, Carol, Jonathan Haskel, Cecilia Jona-Lasinio, and Massimiliano Iommi. "Intangible Capital and Modern Economies." Journal of Economic Perspectives 36, no. 3 (August 1, 2022): 3–28. http://dx.doi.org/10.1257/jep.36.3.3.
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The production of goods and services is central to understanding economies. The textbook description of a firm, typically in agriculture or manufacturing, focuses on its physical “tangible” capital (machines), labor (workers), and the state of “know-how. ” Yet real-world firms, such as Apple, Microsoft, and Google, have almost no physical capital. Instead, their main capital assets are “intangible”: software, data, design, reputation, supply-chain expertise, and R&D. We discuss investment in these knowledge-based types of capital: How to measure it; how it affects macroeconomic data on investment, rates of return, and GDP; and how it relates to growth theory and practical growth accounting. We present estimates of productivity in the US and European economies in recent decades including intangibles and discuss why, despite relatively rapid growth in intangible capital and what seems to be a modern technological revolution, productivity growth has slowed since the global financial crisis.
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HOSONO, KAORU, DAISUKE MIYAKAWA, MIHO TAKIZAWA, and KENTA YAMANOUCHI. "COMPLEMENTARITY BETWEEN TANGIBLE AND INTANGIBLE CAPITAL: EVIDENCE FROM JAPANESE FIRM-LEVEL DATA." Singapore Economic Review 65, no. 05 (July 9, 2020): 1293–321. http://dx.doi.org/10.1142/s0217590819500735.
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Using Japanese firm-level panel data spanning from 2000 to 2013, we estimate industry-level production functions that explicitly take into account the complementarity and substitutability between tangible and intangible capital. The estimation results show that tangible and intangible capitals are complementary in most industries although the degree of complementarity substantially varies across industries. We further find that the relation between tangible and intangible capital in the production function accounts for the relation between firm-level tangible capital and intangible capital investments. Namely, firms’ tangible investments are more strongly positively associated with intangible investments as the degree of the complementarity between the tangible and intangible assets becomes larger. These findings show the necessity to take into account the relation between the dynamics of tangible and intangible capital in terms of their complementarity for precisely understanding the mechanisms governing a firm’s growth.
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Shakina, Elena, and Mariya Molodchik. "Intangible-driven value creation: supporting and obstructing factors." Measuring Business Excellence 18, no. 3 (August 12, 2014): 87–100. http://dx.doi.org/10.1108/mbe-12-2013-0063.
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Purpose – This study aims to investigate the factors that support or obstruct market value creation through intangible capital. Design/methodology/approach – The paper explores the impact of intangibles and exogenous shocks on corporate attractiveness for investors measured by market value added. Specifically, the relationship between intangible-driven outperformance of companies, measured by economic value added (EVA) and a number of intangible drivers on macro-, meso- and micro-levels is analyzed. It is supposed that the process of value creation is not only confined to companies’ performances. The empirical research was conducted on > 900 public companies from Europe and the USA during the period of 2005-2009. Findings – The study establishes that investment attractiveness is affected by intangibles. It is found that a company’s experience, size and innovative focus facilitate value creation. An unexpected result was revealed concerning countries’ education level, which appears to be an obstructive condition for intangible-driven value creation. Research limitations/implications – The study reveals the significance of industry belonging for intangible-driven value creation. Nevertheless, it does not discover the particular characteristics of industry that influence corporate attractiveness for investors. These issues could be addressed in future research. Practical implications – The findings established in this study extend the understanding of the phenomenon of intangible capital and enable the improvement of investment decision-making. Originality/value – The study emphasizes the holistic framework of market value creation by analyzing a number of strategic crucial factors in line with EVA.
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Castilla Polo, Francisca, and Consuelo Ruíz Rodríguez. "The intangible index in bank management." Intangible Capital 15, no. 3 (December 30, 2019): 171. http://dx.doi.org/10.3926/ic.1366.
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Purpose: Our research objective is to perform a descriptive analysis of the information on intangible assets disclosed by Spanish banks indexed on the IBEX 35 as a step prior to the creation of which allows us to eventually create a specific disclosure index for this type of content during 2010-2012, the most critical years of the crisis in Spain.Design/methodology/approach: In a first section of the methodology, it has been carried out a content analysis using five categories that cover all the terms that were considered the most relevant in the literature on intangible assets: concepts of intellectual capital, human capital, structural capital, relational capital and usefulness of information. This information has been the basis for the design of an index by categories and global as a second part of the methodological design.Findings: Our results found that the disclosure level of Spanish financial entities in terms of intangibles is reduced with an aggregate index of intangible assets of 0.2698 (between 0 and 1). Although, within the categories proposed it can be highlighted the priority role of the usefulness information index followed by the relational and human capital indexes.Research limitations/implications: The study focuses on 2010 to 2012, which conditions and justifies the results obtained for a period of crisis such as the one analyzed.Practical implications: Our results confirm that the financial entities have not bet for the use of the disclosure of information on intangibles during the crisis despite their potential value in order to guarantee a competitive business performance.Social implications: Managers of financial institutions may have a comparative vision of the disclosure of intangibles and adopt future disclosure policies that consider the value of this information.Originality/value: As the main contribution, this paper incorporates the results of a specific index on intangibles (both globally and specifically for 5 categories) for financial institutions. Our results open future lines of research that analyze why not use this information for competitive purposes and, specifically, to gain confidence in a context as difficult as that experienced in the years of crisis studied.
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Ramirez, Pablo Gonzalo, and Toyohiko Hachiya. "Measuring the Contribution of Intangibles to Productivity Growth: A Disaggregate Analysis of Japanese Firms." Review of Pacific Basin Financial Markets and Policies 11, no. 02 (June 2008): 151–86. http://dx.doi.org/10.1142/s0219091508001301.
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In this study we examined Japanese firm-level data to test whether increments in intangible assets will leads to differences in productivity growth. Our results show that the marginal contribution of inputs varies a greatly among sectors, industries and depending on firm's size. Therefore, marginal increments in intangibles investments are not always associated with productivity growth suggesting that when intangibles exceed a threshold, additional investments could be inefficient. We conclude that among intangibles, firm-specific organizational capital and advertising are two of the critical factors in determining the productivity growth.
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Ramos, Célia Maria Quitério, Ana Maria Casado-Molina, and José Ignácio-Peláez. "An Innovative Management Perspective for Organizations through a Reputation Intelligence Management Model." International Journal of Information Systems in the Service Sector 11, no. 4 (October 2019): 1–20. http://dx.doi.org/10.4018/ijisss.2019100101.
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Banking companies aiming to maintain their sustainability in financial markets need to develop an integrated management based on the most important intangibles assets of relational capital. Decision- makers need to analyze and understand a huge volume of opinions continuously generated in digital ecosystems about emotions and feelings that their stakeholders associate with the performance and communication of the brand. Current tools of management fail to consider transversal and holistic models, which study the frequency and value of existing relationships between the relational capital and intangible assets. In this research, an innovative management model based on reputation intelligence is proposed. This model incorporates methodology from business intelligence models, through OLAP and data mining techniques, to analyses the complex relationships among intangible assets experience, emotion and attitude. The proposed model was applied to companies in the banking sector and the results obtained permit a conclusion about the kinds of relationships for these intangibles in each bank.
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Serpeninova, Yuliia, Serhii Lehenchuk, Martina Mateášová, Tetiana Ostapchuk, and Iryna Polishchuk. "Impact of intellectual capital on profitability: Evidence from software development companies in the Slovak Republic." Problems and Perspectives in Management 20, no. 2 (June 14, 2022): 411–25. http://dx.doi.org/10.21511/ppm.20(2).2022.34.
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Intellectual capital is the total value of all entity’s intangible resources (organizational, human, and customer). Effective management of intellectual capital in high-tech industries needs determination of its role in ensuring profitability and clarifying the direction of managerial and investment policy in intangible resources. The aim of this study is to investigate the impact of intellectual capital on the profitability of Slovak software development companies. Panel data regression analysis was used as the main research method to analyze the data of 16 Slovak software development companies for 2015–2019. The study designed and analyzed four panel data regression models with different dependent variables (Return on Assets, Net Profit Margin, Gross Profit Margin, Earnings Before Interest and Taxes Margin) and similar independent variables (Capitalized Development Costs, Software, Acquired Intangible Fixed Assets, Personnel Costs, Social Security Costs, Social Costs, and Total Costs of Economic Activity). The analysis of these models was carried out based on the fixed effects method. It was found that intellectual capital reflected in the financial statements of software development companies does not meet the information needs of stakeholders and does not have a significant direct impact on profitability. Only Acquired Intangible Fixed Assets had a direct positive impact on the profitability of software development companies in all four analyzed models, and some independent variables had a negative impact. It is proposed to expand the structure of financial reporting items that characterize the intellectual capital and improve the method of recognizing costs of various types as intangibles.
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Seo, Hyeon Sik, and YoungJun Kim. "INTANGIBLE ASSETS INVESTMENT AND FIRMS’ PERFORMANCE: EVIDENCE FROM SMALL AND MEDIUM-SIZED ENTERPRISES IN KOREA." Journal of Business Economics and Management 21, no. 2 (March 3, 2020): 421–45. http://dx.doi.org/10.3846/jbem.2020.12022.
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While many studies have examined the relationship between investment in intangibles assets and performance in large corporations, current research is lacking in regard to intangible investments in small and medium enterprises (SMEs). This study looks at SMEs in which intangible investments would usually be minor because they tend to consider intangible investment as an inefficient cost and concentrate on investments in tangible assets. This paper aims to contribute to the current literature and suggests that investment in the intangible assets of (human capital, advertising, R&D) is essential for SMEs pursuing superior firm performance. Actual data collected from 173 SMEs in Korea were analyzed employing hierarchical regression methodology. Results indicate that all three intangible resources have a positive effect on a firm’s profitability and value. Interestingly, this research finds that investment in advertising has the most influential impact on a firm’s profitability and value. This study has implications for SMEs in achieving their profitability and value. The results in this study highlight that intangible investment is not a waste of money for SMEs, and that business managers could strategically utilize these three key contributors (human capital, advertising, R&D) and adopt investment in intangible assets to accomplish their managerial goals.
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Romano, Marco, Pierluigi Catalfo, and Melita Nicotra. "Science parks and intellectual capital." Journal of Intellectual Capital 15, no. 4 (October 7, 2014): 537–53. http://dx.doi.org/10.1108/jic-06-2014-0070.
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Purpose – Dealing with intellectual capital (IC), the purpose of this paper is to provide a strategic tool for management activities in knowledge-based organizations. In particular, in the contribution, an integrated framework for intangibles’ representation, evaluation and control in Science Parks is developed. Design/methodology/approach – Starting from a review of the main instruments for measuring intangible resources in an organization, an integrated model of IC for Science Parks is formulated. Findings – The paper demonstrates that Science Parks are big repositories of knowledge but they are neither familiar with the IC management nor with the use of methodologies functional for the resources representations and for the variations dynamics of their value. Thereby it answers to questions related to the IC process representation, responding to managerial exigencies and to measurability and repeatability as strategic activities for business running. Originality/value – Unlike the great number of studies on IC that formulate objective metrics of the value of firms’ intangible assets, the paper presents a model not to describe but to shape processes in a knowledge-based organization and to achieve and communicate results both for management and for increasing transparency of communication with external stakeholders.
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RAMIREZ, PABLO GONZALO, and TOYOHIKO HACHIYA. "HOW DO FIRM-SPECIFIC ORGANIZATIONAL CAPITAL AND OTHER INTANGIBLES AFFECT SALES, VALUE AND PRODUCTIVITY? EVIDENCE FROM JAPANESE FIRM-LEVEL DATA." International Journal of Innovation and Technology Management 03, no. 03 (September 2006): 265–82. http://dx.doi.org/10.1142/s021987700600079x.
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Over the past decades, the diffusion of new technological innovations has transformed the economies. In particular, the strategic emphasis shifted from efficient management of tangibles assets to innovation and effective usage of intangible assets. In this study we explore how the various combinations of sort of intangibles assets, like firm-specific organizational capital (FSOC), technology, brand, human and social capital affect the firm's corporate performance. The results suggest that regardless of the firms' type, those with higher stocks of FSOC, human and social capital outperform firms with higher stocks in only one dimension, suggesting a high degree of complementarity between them. The results also indicate that intangibles like FSOC and human and social capital are more likely to impact on productivity, whereas R&D and advertising are more likely to impact on the firm's value.
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Sun, Qi, and Mindy Z. Xiaolan. "Financing intangible capital." Journal of Financial Economics 133, no. 3 (September 2019): 564–88. http://dx.doi.org/10.1016/j.jfineco.2019.04.003.
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Wójcik, Mirosław. "Structural capital and its importance for the intellectual capital of an organization." e-mentor 92, no. 5 (December 2021): 61–68. http://dx.doi.org/10.15219/em92.1543.
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This article aims to confirm the thesis that structural capital (SC) is a framework for intellectual capital (IC) in an organization, which allows proper configuration of intangibles. Therefore, in the resource-based view, it determines its strategic character. Realizing such a goal, the author pays attention to the nature of relations and connections of individual components of IC, indicating that the SC is the key factor creating intangible assets of the organization as a source of gaining competitive advantage. The reason for taking up this issue is that, despite years of discussion in the field of IC, there are still unanswered questions concerning the management of an organization’s IC, especially its planning and development. The defined knowledge gap concerns the source of strategic characteristics of IC, which, according to the resources-based view, are its rarity, originality, and the inability to be substituted or copied. The ability to shape the strategic value of intangibles makes this source itself a strategic resource and identifying it can change the way we understand IC. To achieve the paper’s aim and fill the knowledge gap, the author asks whether SC can provide the characteristics of IC mentioned above and whether the strategic character of IC can be achieved independently of SC. The review and theoretical considerations are based on the analysis of the literature on IC and selected issues that are not directly related to IC, but of which the subject touches on the intangible assets commonly considered to be components of IC, such as the issue of functional stupidity, knowledge management, or resource theory. As a result of the analysis of features and characteristics of SC, the author concludes that SC is responsible for the efficient use of relational capital and human capital potential and thus is a strategic factor shaping IC as a source of achieved competitive advantage. The topic has important practical implications because by confirming the strategic role of SC, indicates the sources of effective creation of IC and its potential. The discussion also identifies directions for further research on this issue, especially the operationalization of IC and its analysis in organizations’ internal structures.
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García Zapata, Teonila, Jorge Vergiu Canto, Rosario Párraga Velásquez, and Néstor Santos Jimenéz. "Desarrollo de un modelo Multifactorial y dinámico para la medición de los intangibles de empresas de manufactura." Industrial Data 10, no. 1 (March 20, 2014): 059. http://dx.doi.org/10.15381/idata.v10i1.6351.
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La presente investigación trata sobre el desarrollo de un modelo multifactorial y dinámico(MFD) para la medición de los intangibles aplicados a empresas de manufactura localizadas en el Perú. El modelo desarrollo permitirá probar que el conocimiento es un diferencial de competitividad tradicional no está habilitada para medir estos aspectos hoy en día. En este trabajo se analiza una de las empresas de manufactura peruana para saber hasta que punto la información sobre sus indicadores que manejan sirven para identificar el intangible(capital intelectual) con la finalidad que en algún momento se pueda estandarizar un modelo propio para la medición de los intangibles de las empresas de manufactura del Perú.
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Herrera Rodríguez, Edila Eudimia, and Iván Andrés Ordóñez-Castaño. "Recursos intangibles revelados a través del mercado de valores de Panamá." Contaduría y Administración 64, no. 4 (November 27, 2018): 126. http://dx.doi.org/10.22201/fca.24488410e.2018.1694.
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<p>Este artículo analiza los recursos intangibles revelados por parte de las empresas que cotizan en el mercado de valores de Panamá. Se estudian los factores que pudieran explicar la revelación de estos recursos. La necesidad de mayor transparencia por parte de las empresas cotizadas en este mercado bursátil es creciente, sobre todo por las propias presiones del mercado en el sentido del valor que pudiera ser percibido con la divulgación de estos recursos. El estudio se realiza desde las perspectivas de la teoría de agencia, la señalización y coste del propietario. Se analizó una muestra de 61 empresas, donde se utilizó un índice con 145 indicadores para medir la revelación de los recursos intangibles. Estos están distribuidos en cinco categorías de capital: humano, estructural tecnológico, estructural organizativo, relacional del negocio y relacional social. Cada indicador representa un recurso intangible de la organización y con ellos se desarrollaron modelos para medir la probabilidad de revelación de información de capital humano y capital relacional, componentes del capital intelectual. Los resultados indican que, para las empresas con mayores volúmenes de activos, rentabilidad operacional, nivel de endeudamiento y tiempo en el mercado, la probabilidad de revelación de sus recursos intangibles aumenta.</p>
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Gogan, Luminita Maria, and Anca Draghici. "Intangible Assets Identification and Valuation in a Company." Applied Mechanics and Materials 371 (August 2013): 842–46. http://dx.doi.org/10.4028/www.scientific.net/amm.371.842.
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Intangibles have emerged in the last decade as an important issue among companies accounting theories. Accounting, as it is currently practiced, has lost much of its ability to inform as businesses have become more and more knowledge intensive. Intangible assets are now variously estimated to currently constitute 60-75 percent of corporate value, on average. In this context, the purpose of this paper is to present an analysis of the most known intellectual capital evaluation model, according the following criteria: concepts, functional characteristics, operational performances, limitations. Then intellectual capital was analyzed in the case of X Company. As a conclusion we can say that intelactual capital assessment capital makes a company more efficient, more profitable and competitive.
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Sicoli, Graziella. "The Role of Intangibles in the Creation of Company Value." International Journal of Business and Management 13, no. 9 (August 1, 2018): 161. http://dx.doi.org/10.5539/ijbm.v13n9p161.
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The interest of the business economists in intangibles is growing and to this day the topic remains discussed both with reference to the nature of these resources, and to their role, their contribution in terms of value creation. Intangibles are one of the main sources of companies’ competitive advantage (Tanfous, 2013). The definition and classification of intangibles is still an open question. Among intangibles, knowledge assumes a fundamental role. As stated by Sveiby (Sveiby, 1997) intellectual capital is ‘knowledge that can be converted into value. In fact, only the value of intangibles offers a comapny the possibility of differentiating itself from its competitors, and as stated by Stewart the differences among firms is played out by the correect management of intangible resources, which allow them to overcome competitors (Stewart, 1997). The aim of this work of the work is to carry out an analysis of the literature with reference to the definitions and classifications offered both nationally and internationally, their role in the company and their contribution in terms of value creation. To understand the sources of competitive advantage that intangibles generate it is necessary to build a model based on the statement that the resources of the company are immobile and heterogeneous. (Barney, 1991). Every enterprise must create the structures that help them to accumulate knowledge capital and create intangible assets systematically and to convert it to value for their customers in order to gain a competitive edge and create long-term shareholder value (Lev, 2003). This paper confirms the theory that adequate investments in intangibles exercises a positive influence on company performance; for the future, with the purpose of creating company value, we believe it opportune to consider the good association between intangibles and the various components of immaterial resources; this association will be able to guarantee not only the creation of value for the shareholders but for all the subjects directly and indirectly involved in the life of the company as well as the survival and reputation of the company itself. The paper offers adequate points for reflection for future examination regarding the relationship between investments achieved in intangibles and the creation of company value. Moreover, it confirms what the was previously stated, that up to now, studies on intangibles have not arrived at a universally accepted definition. Therefore, we hope for this in the near future.
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Tong, Yehui, and Zelia Serrasqueiro. "The Influential Factors on Capital Structure: A Study on Portuguese High Technology and Medium-High Technology Small and Medium-Sized Enterprises." International Journal of Financial Research 11, no. 4 (June 28, 2020): 23. http://dx.doi.org/10.5430/ijfr.v11n4p23.
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Using the panel data model, this paper studies the influential factors on the capital structure of small and medium-sized enterprises (SMEs) in high and medium-high technology manufacturing sectors in Portugal. In particular, the total sample is further classified into young SME group and mature SME group for observing the similarities and differences. The research results show that firm size, profitability, firm age, and industry sector impact much on the capital structure and debt ratios; on the other hand, the impacts of tangible assets, intangible assets, and growth are not as strong as the previous factors. The differences of the impacts on young and mature SMEs are mainly shown by growth, intangible assets and industry sector. In particular, intangible assets show more statistical significance in young SMEs compared to mature SMEs, and intangible assets tend to be positively related to long-term debt especially in young SME group; this may reflect the positive attitude of financial institutions on the value of intangibles in generating future benefits for high and medium-high technology young firms. Besides, the findings tend to support the pecking order theory more than the trade-off theory regarding the high and medium-high technology manufacturing SMEs here.
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García‐Ayuso, Manuel. "Factors explaining the inefficient valuation of intangibles." Accounting, Auditing & Accountability Journal 16, no. 1 (March 1, 2003): 57–69. http://dx.doi.org/10.1108/09513570310464282.
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The inefficient valuation of the intangible determinants of the financial position of business companies may result in significant damages for both firms and their stakeholders. Based on the empirical literature in accounting and finance, this paper suggests possible reasons for the inefficient valuation of intangibles, provides explanations for the existence of biases in analysts’ earnings forecasts and proposes alternative ways for the improvement of the resource allocation mechanisms in the capital markets.
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Peng, Yi-Ting, Jia-Ying Zhang, and Justine S. Chang. "Exploring the Relevance of Intangible Assets and Capital Structure." International Journal of Trade, Economics and Finance 12, no. 6 (December 2021): 144–48. http://dx.doi.org/10.18178/ijtef.2021.12.6.709.
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With the rapid development of technology, intangible assets play an increasingly important role in company nowadays. In the past, the reason why intangible assets were less used by companies as financing tools is largely because intangible assets have higher risks than tangible assets. This study focuses on publicly listed companies in Taiwan from 2013 to 2019 as the research object, and primarily explores whether intangible assets can be used as a company's guarantee, financing, and mortgage tool, and whether intangible assets will affect the composition of companies' capital structure. The empirical results showed that intangible assets have significant positive correlation with the company’s capital structure, indicating that intangible assets can be an additional choice to companies as a financing tool when companies face financial difficulties. Therefore, in the era of knowledge economy, intangible assets are like tangible assets that can be used as collateral for loans.
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Dodd, Melissa Dawn. "Intangible resource management: social capital theory development for public relations." Journal of Communication Management 20, no. 4 (November 7, 2016): 289–311. http://dx.doi.org/10.1108/jcom-12-2015-0095.
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Purpose The purpose of this paper is to conceptualize a meso-level (organizational) social capital theoretical approach to public relations. A theory and conceptualization of social capital as a resource- and exchange-based function of public relations is proposed. Here it is argued that public relations professionals serve as the managers of intangible resources on behalf of organizations. These intangibles serve as social capital for organizations and are managed through strategic, goal-directed communication behaviors. Social capital is conceptualized alongside other forms of capital that contribute to organizational advantage. The author proposes a conceptual social capital model of public relations and argues that the strategic management of intangible resources as social capital offers an ontology for public relations. Design/methodology/approach The author employed a process of open-system theory building. Extensive research from multi-disciplinary areas of scholarship – namely, sociology, business, and public relations – formed the basis for the conceptualized model and propositions. Findings Public relations theory is narrowly defined and does not offer an adequate ontology. This paper extends and refines existing public relations scholarship surrounding social capital to focus on competitive advantages for the organization. This paper uses input from the larger fields of sociology and business, while contextualizing social capital within the public relations scholarship. The result is a resource- and exchange-based social capital model of public relations and propositions for further theory building and empirical analyses. Practical implications The public relations discipline often struggles to demonstrate return-on-investment for organizations. The social capital model of public relations offers support for the capital generation and maintenance role of public relations for organizational advantage. Originality/value This paper represents one of the first comprehensive attempts at developing a meso-level social capital theory of public relations focused on intangible resource management for the organization.
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Orhangazi, Özgür. "The role of intangible assets in explaining the investment–profit puzzle." Cambridge Journal of Economics 43, no. 5 (November 25, 2018): 1251–86. http://dx.doi.org/10.1093/cje/bey046.
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Abstract Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financialisation and globalisation as the reasons behind this slowdown, I suggest adding another layer to these explanations and argue that, in conjunction with financialisation and globalisation, we need to pay attention to the increased use of intangible assets by nonfinancial corporations in the last two decades. Intangibles such as brand names, trademarks, patents and copyrights play a role in the widening of the profit–investment gap as the use of these assets enables firms to increase market power and profitability without necessarily generating a corresponding increase in fixed capital investment. After discussing the ways nonfinancial corporations use intangible assets, I look at large corporations in the USA and find the following: (i) The ratio of intangible assets to the capital stock increased in general. This increase is highest for firms in high-technology, healthcare, nondurables and telecommunications. (ii) Industries with higher intangible asset ratios have lower investment to profit ratios. (iii) Industries with higher intangible asset ratios have higher markups and profitability. (iv) The composition of the nonfinancial corporate sector has changed and the weight of high-technology and healthcare firms has increased; but this increase did not correspond to an equal increase in their investment share. The decline in the investment share of durables, nondurables and machinery is matched by an increase in the investment share of location-specific industries with low intangible asset use, most notably firms in energy extraction. In general, these firms have steadier markups and higher investment to profit ratios. (v) Yet, intangible-intensive industries’ profitability has increased faster than their share of investment or total assets. All in all, these findings are in line with the suggestion that the increased use of intangible assets enables firms to have high profitability without a corresponding increase in investment.
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SHATREVICH, Vladimir, Deniss ŠČEULOVS, and Elina GAILE-SARKANE. "DYNAMIC INTELLECTUAL CAPITAL MODEL IN A COMPANY." Business, Management and Education 13, no. 1 (June 29, 2015): 76–94. http://dx.doi.org/10.3846/bme.2015.265.
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The aim of this paper is to indicate the relations between company’s value added (VA) and intangible assets. Authors declare that Intellectual capital (IC) is one of the most relevant intangibles for a company, and the concept with measurement, and the relation with value creation is necessary for modern markets. Since relationship between IC elements and VA are complicated, this paper is aimed to create a usable dynamic model for building company’s value added through intellectual capital. The model is incorporating that outputs from IC elements are not homogeneously received and made some contributions to dynamic nature of IC relation and VA. Variables that will help companies to evaluate contribution of each element of IC are added to the model. This paper emphasizes the importance of a company’s IC and the positive interaction between them in generating profits for company.
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Sporleder, Thomas, and H. Christopher Peterson. "Intellectual capital, learning, and knowledge management in agrifood supply chains." Journal on Chain and Network Science 3, no. 2 (December 1, 2003): 75–80. http://dx.doi.org/10.3920/jcns2003.x031.
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The dynamics of the food system are rapidly evolving so that intangible assets are relatively more important than tangible assets. This evolving shift in the basis of rivalry among firms puts increasing demands on corporate strategy. A future challenge for agrifood firms is to embrace strategy that includes, at least conceptually, knowledge as a strategic asset of a firm. Knowledge and its management are emerging in contemporary thought as a potential source of sustainable competitive advantage. This analysis begins by examining the next evolutionary phase in supply chain integration as a learning supply chain. Conceptually a learning supply chain offers the significant benefits of a truly agile, dynamic response capability for end-users and a fair distribution of returns to all chain participants. The focus then turns to the relationships between network embeddedness and the strategic mix between exploitation and exploration, using knowledge management logic. Managing knowledge for agrifood firms implies the creation and commercialization of intangible assets. The analysis indicates that significant intangibles in the form of brand equity may influence supply chain characteristics to strong ties and close networks. Some specific characteristics would be relatively high embeddedness, high social capital, more easily exchanged tacit knowledge, and higher levels of trust.
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Vasconcelos, Tiago De, and Rogerio Marino. "Relation between intangible assets, macroeconomic environment, and market value of German public companies - period from 1999 to 2016." Revista Brasileira de Administração Científica 11, no. 3 (June 3, 2020): 1–14. http://dx.doi.org/10.6008/cbpc2179-684x.2020.003.0001.
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The present paper is aimed to investigate the relation of intangible assets, macroeconomic data and market value of German public companies from 1999 to 2016. This paper innovates in relation to those who used the theoretical reference of the neoclassical production function by introducing ranges of variations for the main variables of the model (growth rate of sales, rate of return to fixed capital, rate of return for German bonds, internal product growth rates, discount rates) to verify if the contribution of intangibles is supported by significant changes in the variables essential for estimating the model. Entrepreneurs and executives believed that the key to success in business was associated with its tangible assets and what they were able to produce. Recently it was realized that the value of a company is not restricted to tangible assets, but also to the assets with no physical form, such as trademarks, intellectual capital, patents, and other intangible assets. The verification of the impact of the intangibles on the company's market value is made through proxies according to the methodology proposed by Gu & Lev (2011), the Euribor rate and the Credit Default Swap as a country risk proxy and sensitivity analysis for the weighting weighing of Ebitda and for economic growth assumptions. The methodological approach is a test-based quantitative research by using analysis of correlation and regression with panel data using STATA-15 software in order to determine the impact of intangible assets on the market value of the company. The sample was extracted from the Capital IQ database of all public companies listed in Germany from 1999 to 2016 on annual basis. As a result, it was verified that Ebitda is a consistency element of intangibility, and it impacts the IDE and IC calculation over time, with positive relation with Market Value of German companies, but partial evidences that generate added value to shareholders.
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Tayles, Mike, Margaret Webster, David Sugden, and Andrew Bramley. "Accounting “gets real” in dealing with virtual manufacturing." Journal of Intellectual Capital 6, no. 3 (September 1, 2005): 322–38. http://dx.doi.org/10.1108/14691930510611085.
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PurposeOf relatively recent origin is the virtual organisation where companies are able to marshal the necessary competencies from a range of independent external agents through the strategic use of outsourcing mechanisms. The paper discusses the challenge of accounting for intellectual capital (IC) and intangible assets and presents a financial analysis and background of companies exhibiting different levels of virtuality, from traditional manufacturing to virtual manufacturing.Design/methodology/approachThis paper is based on the interaction of the researchers with three companies examining their positions on the continuum from traditional to virtual manufacturing. Case studies of the companies and some key financial results for a period of years are presented in order to explore implications and inform strategic decisions.FindingsIt concludes that conventional financial reporting for IC and intangibles has limited scope. This is elaborated through contrasts in a number of conventional accounting measures and some others, less conventional, to highlight the implications of the intellectual capital employed. The results are reported and implications of these discussed in the context of the companies whose background and activities are briefly outlined.Practical implicationsThe measurement and management of the intangible assets and intellectual capital of organisations has been the focus of recent research in accounting and finance. This has applied to the corporate reporting of financial results involving its impact on the balance sheet, managerial accounting concerned with decisions and the internal use of various financial and non‐financial performance measures and finance where market values of companies have been shown to differ significantly from their book values as shown in published accounts.Originality/valueThe content will be of interest to academics studying issues surrounding the reporting and decision making concerning intellectual capital and intangibles. Additionally, managers and consultants whose companies are engaged in outsourcing and or virtual/semi‐virtual manufacturing should find the results informative.
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Mitic, Sanja. "External relationships and marketing practices in Serbian firms: The intangible capital perspective." Ekonomski anali 60, no. 204 (2015): 75–104. http://dx.doi.org/10.2298/eka1504075m.
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This paper presents selected results of research on intangible capital in Serbian firms. The results are part of a broader research project, based on a survey of a sample of Serbian firms. The focus of the project is the various forms of intangible capital, and in this paper we analyse whether and to what degree firms build up their brand capital and increase marketing competencies, and what kind of external relationships they experience. The results provide the first insight into the development of the marketing resources of Serbian firms and show that this element of intangibles is gradually improving but still is at a low level. We find significant differences in the use of marketing resources between firms in regard to their size, international market experience, and ownership type. A more significant development of brand capital, external relationships, and marketing innovations and competencies is found in larger firms, firms with considerable international business experience compared to firms primarily oriented to the domestic market, and in foreign-owned firms. After identifying the strengths and weaknesses of marketing practices in Serbian enterprises we suggest some measures for overcoming the analyzed constraints in order to improve firms? market positioning, especially in foreign markets.
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Curea, Mihaela, Marilena Mironiuc, and Maria Carmen Huian. "Intangibles, Firm Performance, and CEO Characteristics: Spotlight on the EU Electricity and Gas Industry." Sustainability 14, no. 15 (July 27, 2022): 9195. http://dx.doi.org/10.3390/su14159195.
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The transition from the industrial economy to the knowledge-based economy has changed the status quo, and consequently, intangibles have gained traction in the scientific discourse of recent decades. The paper aims to scrutinise, econometrically, the nexus between intangibles and firm performance and the moderating role of CEO duality and CEO gender. Capital-intensive industries are largely overlooked by previous studies, which prompted us to explore the electricity and gas industry. The analysis is based on a longitudinal dataset of EU-listed companies and employs a quantitative approach to study the causal relationships between intangibles, firm performance, and CEO characteristics. Results demonstrate that intangible assets are a stepping stone to better financial and market performance, which endorses the resource-based view. Today’s social and cultural milieu sees gender diversity in a positive light. Consonant with the upper echelons theory, the study finds that CEO gender positively impacts the intangibles–firm performance relationship. The hypothesised prejudicial effect of CEO duality, postulated by the agency theory, is only partially supported. Managers and policymakers are advised to pay particular attention to intangibles and science-driven projects to augment corporate performance. Creating a diversity-friendly culture is also of paramount importance.
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Cañibano Calvo, Leandro. "relevancia de los intangibles en la información financiera." Contaduría Universidad de Antioquia, no. 60 (February 28, 2013): 41–54. http://dx.doi.org/10.17533/udea.rc.14683.
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Los recursos y las actividades de naturaleza intangible son los nuevos activos creadores de valor de la empresa moderna, los cuales resultan difíciles de medir, gestionar y valorar. En el presente trabajo, aparte de referirnos inicialmente al concepto de los mismos, se revisa el tratamiento dado a éstos por las normas internacionales de información financiera, así como el efecto que produce la aplicación de dichas normas, consistente en la falta de reconocimiento de una importante proporción de dichos intangibles en términos de valor. Esta infravaloración hace necesario otro tipo de información complementaria o alternativa, como son los informes de capital intelectual, para cuya elaboración se han producido algunas directrices en el seno de la Unión Europea, tal es el caso de los informes específicos de valoración de intangibles realizados por expertos independientes o los informes para la dirección de la empresa sobre su proceso de creación de valor a partir de sus intangibles.
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Jarrett, Jeffrey E. "Analysts’ Forecasts, the Abandonment Option and Intellectual Capital." International Journal of Accounting and Financial Reporting 8, no. 4 (October 11, 2018): 370. http://dx.doi.org/10.5296/ijafr.v8i4.13825.
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The abandonment option under various capital budgeting models are discussed in this manuscript to bring forth the notion that present value of cash flows is often improperly estimated in the financial models utilized in the decision analytic process. In this study, Intellectual Property Rights and other intangible assets often are not considered in accounting estimation processes utilized in financial accounting. A decision maker often utilizes misestimates of the present value of cash flow resulting in less than optimum capital budgeting decisions. Decisions to abandon for salvage and other similar decisions improve when the present value of intangibles and property rights are included in the decision process. This last statement is the goal of this study and to present well founded processes to improve abandonment and similar decisions in capital budgeting decisions. The estimation problem in financial accounting is included in the analysis to accomplish this goal.
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MUNDSTOCK, GEORGE. "FRANCHISES, INTANGIBLE CAPITAL, AND ASSETS." National Tax Journal 43, no. 3 (September 1, 1990): 299–305. http://dx.doi.org/10.1086/ntj41788848.
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Mundstock, George. "Taxation of Business Intangible Capital." University of Pennsylvania Law Review 135, no. 5 (June 1987): 1179. http://dx.doi.org/10.2307/3312107.
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Corrado, Carol, Charles R. Hulten, and Daniel E. Sichel. "Intangible Capital and Economic Growth." Finance and Economics Discussion Series 2006, no. 24 (June 2006): 1–48. http://dx.doi.org/10.17016/feds.2006.24.
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Megna, Pamela, and Dennis C. Mueller. "Profit Rates and Intangible Capital." Review of Economics and Statistics 73, no. 4 (November 1991): 632. http://dx.doi.org/10.2307/2109402.
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Rico, Paz, and Bernardí Cabrer-Borrás. "Intangible capital and business productivity." Economic Research-Ekonomska Istraživanja 33, no. 1 (December 10, 2019): 3034–48. http://dx.doi.org/10.1080/1331677x.2019.1699139.
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Fullerton, Don, and Andrew B. Lyon. "Tax Neutrality and Intangible Capital." Tax Policy and the Economy 2 (January 1988): 63–88. http://dx.doi.org/10.1086/tpe.2.20061773.
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McGrattan, Ellen R. "Intangible capital and measured productivity." Review of Economic Dynamics 37 (August 2020): S147—S166. http://dx.doi.org/10.1016/j.red.2020.06.007.
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