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Karlsson, Christian. "Value System for Sustainable Manufacturing : A study of how sustainability can create value for manufacturing companies." Thesis, Linköpings universitet, Industriell miljöteknik, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-72188.
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This thesis was conducted in the field of Environmental technology for the Sustainability & Technology Assessment group, at Singapore Institute of Manufacturing Technology. Singapore Institute of Manufacturing Technology is a research institute, striving to contribute to Singapore’s industrial capital through use-inspired research. The manufacturing industry contributes to a significant portion of the world´s total energy and resource consumption. This resource consumption could be reduced significantly through sustainable initiatives and technologies already available today. The reasons why companies choose not to invest in such technologies are often not due to technical factors, but rather due to financial factors. Financial barriers exist because investments are made on the basis of cost based value systems, which seldom justify investments in sustainable technology. When investments are made, the primary reason is to reduce costs while intangible benefits are ignored. However, this study shows that sustainability creates intangible value that current value systems cannot account for. Understanding the true value of sustainability would help decision makers realize that sustainable manufacturing is a viable business opportunity. This thesis studies the effect sustainable attributes has on a company’s ability to generate value. A value system is proposed, linking 40 sustainable attributes to value domains of intangible value. The value of sustainable attributes is quantified using the Sustainable Value approach. The study shows that social indicators, deemed by others to be unsuitable, can be used when proper adjustments to the Sustainable Value approach are made. A case study was performed on the Swedish manufacturing company Finess Hygiene AB to investigate the applicability of the model. The case study showed that the value system was applicable using data that already exists within the company, but the main challenge lies in collecting good and reliable benchmark data. Benchmark data is significantly easier to obtain in Sweden than Singapore for users wishing to apply the proposed value system. A follow up study should be performed to study the potential of a large scale adoption of the value system in Singapore.
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Newman, William Henry. "The value of knowledge and intangible capital : a methodological investigation." Thesis, Massachusetts Institute of Technology, 1993. http://hdl.handle.net/1721.1/12089.
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Fass, Sebastian. "The intangible value of business intelligence in the UK public sector." Thesis, University of Brighton, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.590059.
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The aim of this thesis is to investigate the intangible value of Business Intelligence. Business Intelligence (BI) projects are not exempt from the increasing pressure to justify IT investment using quantitative methods such as Return on Investment (ROI). Whether the full potential of BI investments can be explained solely in monetary terms is the core question of this research project. Other research projects have indicated that there is more than monetary advantage in BI. These non-monetary advantages play a major role, and organisations can gain significant competitive advantages by utilising BI effectively. The research approach used in this thesis consists of two research stages, and is of an exploratory and explanatory nature. The first part consists of qualitative content analysis of BI vendors' marketing material. The second part consists of three case studies in the UK public sector. The value of this project, i.e. its original contribution to knowledge, consists of rich insights into the topic and a conceptual framework which explains the foundations of effective Business Intelligence. Moreover, the thesis explores the gap between academia and practice regarding BI and business value of BI. It shows that BI is more than an IT solution and highlights the importance of the BI users. The work delivers rich insights into the intangible value ofBI. An intangible keyword list, which has been derived out of the BI vendors' marketing material, proved to be of significant value for the project itself and for the project's environment. The list can be seen as the invention of a new vocabulary for BI decision-makers, because it makes the terms "non-monetary advantages" and "intangible value" more comprehensible. Due to the high practical relevance of this piece of research, a conceptual framework for decision-makers is presented. This recommended framework shows in a simplified way how BI investments lead to monetary and non-monetary advantages and how these advantages are related to one another. The thesis also shows that BI investments eventually lead to tangible outcomes sooner or later. The framework helps to exploit existing and new BI solutions more optimally and reduces the uncertainties when deciding on BI investments.
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Baxter, Roger, and n/a. "The dimensions of intangible value in business-to-business buyer-seller relationships: an intellectual capital model." University of Otago. Department of Marketing, 2005. http://adt.otago.ac.nz./public/adt-NZDU20060823.162004.
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A firm�s relationships with its customers contribute to its organizational capital and represent an important part of its shareholder value, so the nature of the value in these relationships needs to be understood well and managed carefully. Marketing managers therefore require techniques that will assess relationship value comprehensively in order to manage their portfolio of customer relationships effectively and in order to argue for a sufficient share of the firm�s resources to develop these market based assets for competitive advantage. At present, there is a well-established technique for assessing customer profitability analysis which assigns revenues, expenses, assets and liabilities to customers and algebraically sums their value to reach a profitability figure for each customer.
However, even in its more sophisticated forms, the primary focus of customer profitability analysis as it is currently used tends to be the management of profitability by way of the management of existing situations, and particularly of cost, rather than the management of the value that is potentially available in the future from the intangible aspects of a relationship. Without knowledge of the dimensions of intangible value in the relationship, the technique is restricted to assessing those relationship aspects that can be easily quantified in dollar terms by the modification of existing accounting information.
This leaves a gap in the available toolbox for managers in assessing relationship value, because much of the value of a relationship may be in its intangible aspects, which at present can not be readily assessed other than by a manager�s experience and intuition. In order to develop techniques specifically for intangible value assessment, it is necessary to understand the dimensions of this intangible value. Development of scales to measure the dimensions of this intangible relationship value and development of an understanding of its structure is thus a useful research goal, which is supported by calls in the literature for the quantification of market-based assets and their value Elucidation of the dimensions and structure of intangible relationship value is therefore the goal of this thesis.
Although there are recent reports in the literature of studies that include the intangible aspects of relationship value, most of those that have been conducted in a business-to-business context appear to be primarily concerned with investigating the drivers of value rather than its dimensions, and those that deal with the business-to-consumer context describe techniques to assess the aggregated value of many consumers, rather than an individual buyer as is required for business-to-business applications. The thesis therefore proposes a conceptual framework, synthesised from the intellectual capital literature, which provides a set of six dimensions and a structure of intangible business-to-business buyer-seller value. The six proposed dimensions are unique in that they cover the human aspects of the relationship extensively.
The thesis describes the testing of the proposed conceptual framework. This was achieved primarily by the use of the structural equation modelling technique on survey data that was collected from managers in the New Zealand manufacturing industry, following qualitatively analysed interviews with managers. The tests support the framework and its value dimensions. The thesis therefore concludes that this research provides a contribution to the literature on value assessment and that future research should be conducted to validate its findings.
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Dahmash, Firas Naim. "An examination of the value relevance and bias in the accounting treatment of intangible assets in Australia and the US over the period 1994-2003 using the Feltham and Ohlson (1995) framework." University of Western Australia. Financial Studies Discipline Group, 2007. http://theses.library.uwa.edu.au/adt-WU2007.0145.
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[Truncated abstract] The primary aim of this study was to examine, and compare, the value relevance and any bias associated with the reporting of intangible assets in Australia and the US over the ten-year period 1994 to 2003. The study adopts a disaggregated form of the Feltham and Ohlson (1995) valuation model and associated linear information models (LIMs) to allow goodwill and identifiable intangible assets to be separately examined using unbalanced panel regression analysis. The results for the Australian sample suggest that the adaptation of the Feltham and Ohlson (1995) valuation model used in this study is particularly useful in examining Australian equity securities. For example, the pooled sample analysis results in an adjusted R2 of 71%, which is consistent with similar US studies by Ahmed, Morton and Schaefer (2000) and Amir, Kirscenheiter and Willard (1997). Further, the results from the disaggregated Feltham and Ohlson (1995) valuation models suggest that the information presented with respect to intangible assets (both goodwill and identifiable intangible assets) under Australian GAAP is value relevant. However, the results from the valuation models also suggest that (for the average Australian company) the market believes goodwill is reported conservatively and identifiable intangible assets aggressively. ... As noted earlier, the increasing importance of intangible assets in the `new-economy’ suggests that (wherever possible having regard to the measurement difficulties) all intangible assets should be recognised in financial statements to maximise the value relevance of those statements. It should be noted, however, that there was some evidence to suggest that certain Australian companies (that is, those not consistently reporting positive abnormal operating earnings) might be reporting goodwill and/or identifiable intangible assets aggressively and this is an area that standard setters might need to carefully consider in future. I trust that the findings presented in this study will prove helpful to both researchers and those involved with formulating international accounting standards in this particularly difficult area of intangible assets. I also hope the results will help to allay any fears regulators (and others) might have that providing managers with accounting discretion will (necessarily) lead to biased reporting practices; based on the findings of this study for the majority of Australian and US companies, any such fears appear unwarranted.
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Zepf, Jackson. "Inspiring Change in Intangible Asset Valuation and Identification." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1852.
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This paper will cover the reasons as to why the current accounting standards have not been updated as necessary to account for the newly developed, intangible assets or “pho-assets” that companies are either generating or using for future economic benefit. This paper will cover a brief background on the current accounting standards for intangible asset valuation and identification and why they are not sufficient for the current accounting environment. Within this review of the accounting standards, this paper will highlight how the changing financial world has given rise to these new intangible assets, and why current regulations do not allow firms to recognize all the assets that it truly should have on its books, thereby not allowing firms to realize or gain precious valuation. Furthermore, I will provide evidence as to why the accounting standards have made it difficult for investors to properly gauge the risk of intangible investments due to the inconsistencies in valuation that the current standards produce.
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Danielsson, Andreas, and Fredrik Lindblad. "Unreliable Accoutning of Intangible Assets in a Digital Era : A study on the association between reliability and value relevance of intangible assets." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-105460.
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Background: The purpose of accounting and financial reporting is to provide useful information for its users in their decision-making. The importance of intangible assets for companies in the modern digital economy has led to debates concerning how it should be presented in accounting. As of today, the relevance and reliability of intangible assets can be questioned since large values of intangibles are left out of accounting and financial reports. Purpose: The aim of the study is to investigate the association between reliability and value relevance of intangible assets. Method: Using the Feltham and Ohlson (1995) model, we test the association between intangible assets and market valuation of firms. We divide the sample into reliable and unreliable and test whether there is any difference in value relevance of intangible assets between the groups. Conclusion: The result indicates, without statistical significance, that reliability seems to matter more for goodwill than for total intangibles and other identifiable intangibles. Moreover, we suggest that investors seem to focus more on accounting standards and uncertainty than management discretion when assessing reliability of intangible assets. However, we are not satisfied with how reliability has been operationalized earlier and this study reinforces our doubts. Thus, among other suggestions we propose further research directed towards investors to find out whether reliability is important and what they consider as reliable.
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Dobrotková, Kamila. "Recognition of Omitted Intangible Assets: Risks and Rewards." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-207049.
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The aim of this thesis is to analyse the research area of omitted intangible assets from the balance sheet and consider rewards of their potential recognition in the statement of financial position. The theoretical part provides the reader with the current regulation in force and compares it to the regulation prior the standardization and convergence process. The empirical part focuses on valuation of equity of three companies from the pharmaceutical industry based on the model pursued by American professor Stephen Penman. The values obtained are subsequently compared to market prices which are believed to reflect also the possession of omitted intangible assets. Differences identified speak in favour of potential recognition, however these are believed to be marginal comparing to probable inherent risks, which include, inter alia, stock market run-ups and earnings management.
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Lau, Jannine Poletti. "The effect of intangible capital, ultimate control and investors' protection on corporate value." Thesis, University of York, 2003. http://etheses.whiterose.ac.uk/9882/.
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Levin, Matthew H. Levin. "The Role of an Ethos of Sustainability: The Hidden Value of Intangible Resources." Case Western Reserve University School of Graduate Studies / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=case1497005512519097.
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Sanchez, Blandine, and Nathan Fanise. "Impact of managerial innovation on corporate social responsability : Ikea case study analysis." Thesis, Karlstads universitet, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-28661.
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The purpose of this master thesis is to provide a deeper understandingof managerial innovation impact on companies through Corporate SocialResponsibility (CSR). For this objective, IKEA Karlstad was chosen for theempirical part in order to apply the theoretical framework to practicalrelevance. The method used for this thesis was a case study design includingdata collection from literature in different databases: Emerald, BusinessSource Premier, Scopus as well as Google Scholar. Regarding data collection forthe case study, three qualitative questionnaires were also distributed to IKEA:two designed for the local IT and sustainability coordinator Magnus Engstrandand one targeting employees. A quantitative questionnaire was distributed toIKEA employees too. An interview was set up with Magnus Engstrand according tothe unstructured interview guidelines. The theoretical framework focuses notonly on understanding the links between managerial innovation and CSR,managerial and technological innovations but also on the companies’ motivationto implement these actions and their impact on employees, organizations andcommunity. From our analysis of the literature it can be stated that managerialinnovation is stimulated by an internal element of the company. Managerialinnovation helps partly or entirely to develop CSR actions resulting in thecreation of positive value: tangible or intangible; or negative value accordingto value resonance or value dissonance. The case study analysis broughtexamples of how managerial innovation brings value without involvement of anytechnological innovation contradicting certain theories exposed in thetheoretical framework. At IKEA, the three different types of managerialinnovations are management, administrative and organizational innovations whichare used to develop CSR actions and constitute a minor or major part of theirimplementation. The impact of managerial innovation on CSR is translated atIKEA Karlstad as an intangible value for the company and its stakeholders. Thisthesis contributes to a better comprehension of managerial innovation conceptsin general as well as its application in a CSR strategy through concreteexamples. It can also be used as a demonstration of how managerial innovationcan be used to improve the internal and external images as well as employees’welfare and perceptions. Further qualitative research is needed to measure themanner of managerial innovations as well as quantitative studies to generalizeits impact on a larger scale.
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Kohlbeck, Mark Joseph. "Evidence of franchise value in the banking industry /." Digital version accessible at:, 1999. http://wwwlib.umi.com/cr/utexas/main.
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Gregory, James Russell. "Intangible Capital: Culture of Innovation and its Impact on the Cash Flow Multiple." Scholar Commons, 2018. https://scholarcommons.usf.edu/etd/7513.
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The definition for a culture of innovation (COI) is the perception of a company that prioritizes the advancement of new ideas that create value across all operations. On the face of it that seems a precious attribute for any company to nurture and exploit, but measuring and valuing a culture of innovation has proven elusive for corporations. There is a tendency to break down innovation into R&D, patents granted, and new product development and while these are all significant components of innovation a cultural definition is more encompassing of the entirety of a company and the financial results should be reflected in the financial performance as a whole.
The research for this dissertation utilizes the CoreBrand Index® (CBI) quantitative research database and fields for the first time an inquiry about 160 large public companies among engaged but impartial observers about their perceptions of the culture of innovation. The findings are then correlated to the cash flow multiple (CFM), which is a firm-wide financial variable. Analysis evaluates whether COI is more or less predictive of the CFM than historical attributes in the CBI. This dissertation verifies past research by the author and extends the study into new and expedient pathways to measure, value and manage intangible assets.
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Andersson, Josefin, and Beatrice Johansson. "Value and proportions of intangible assets : A comparison between the private- and the public sector." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-29980.
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Organizations within the public- and the private sector have different aims with their accounting. Privately held organizations often have the intention to make profit, while authorities within the public sector aim to provide citizens with different services. The difference between these two sectors is also visible in the legislation, where International Accounting Standards Board set the standards for privately held organizations and Ekonomistyrningsverket do the same for the public sector. Because of the larger demand by the society for knowledge and technology, included in the category intangible assets, these are more emphasized in the accounting for organizations. Intangible assets are although linked with complexity which is associated with the measurement. The purpose of this study is therefore to see whether there are any existing differences in how to measure and value intangible assets and internally generated ones between listed companies in the private sector and authorities operating in the public sector. This study is conducted with both a qualitative and quantitative perspective. The data collected for this study is secondary, and is gathered through samples of annual reports from different companies in order to be representative for the whole population. The main results of this study is that there are differences in the measurement and valuation of intangible assets dependent on which sector an organization operates within and this is not due to the standards and regulations. The differences are visible in the percentage change in value of intangible assets since they fluctuate more heavily in the private sector than in the public sector. Simultaneously, the proportions of internally generated intangible assets compared to intangible assets in general differ between the two sectors.
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Miarons, Blanco Meritxell. "Historical cost versus fair value of biological assets: Relevance of accounting information." Doctoral thesis, Universitat de Barcelona, 2019. http://hdl.handle.net/10803/667858.
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This study develops a bibliometric and empirical analysis of the relevance of accounting information when biological assets are measured at fair value versus at historical cost, using an international sample of firms with biological assets.
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Brown, Christopher J. "Factors that affect the successful commercialization of intellectual capital." Curtin University of Technology, Graduate School of Business, 2002. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=13633.
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This research has investigated factors that affect the successful commercialization of intellectual capital. The concept of social constructs of meaning for the interview participants provides the fundamental perspective of this research. The research was undertaken on the basis of a constructivist ontology, the epistemology was interpretivist, and a qualitative methodology was used. A constructivist ontology was selected due to the research aim to understand the perceptions of the interview participants. The interpretivist approach provided the framework to interpret meaning of the perceptions in the appropriate business context. The data collection methods included unstructured interviews of people holding key decision making positions within their organizations. The conceptual nature of intellectual capital and commercialization enabled the research to be viewed from a phenomenological perspective and aspects of grounded theory were applied in seeking meaning from interviewee perceptions to surface a theoretical model. The data analysis included coding of the interview transcripts utilizing NVivo qualitative research software and sorting the data into nodes. The nodes represented categories of information which became the foundations of the constructs. These nodes were examined for relationship and meaning until a theoretical model emerged from the data. The findings culminated in six (6) main constructs which were subsequently aggregated to form a composite model of factors which influence the commercialization process.In addition a further discovery was made in terms of an `Intellectual Capital Approach' model which enables a classification and hierarchical relationship of intellectual capital to be mapped as a starting point for problem solving and strategy formulation. The results of this research have immediate application to business in terms of informing management about identification of intellectual capital and to consider alternative scenarios for wealth creation by way of commercialization.
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Ibrahim, Sharifah Norhafiza Syed. "IFRS, financial reporting approach, earnings attributes and value relevance of intangible assets : empirical evidence from the U.K." Thesis, University of Strathclyde, 2012. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=18956.
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This study might interest academics, researchers, accounting regulators, practitioners and investors. Its main objective is to provide empirical evidence on how IFRS has affected earnings, intangible assets, financial reporting approach and the value relevance of intangible assets. This study hypothesises that the IFRS adoption would; increase earnings and intangible assets; have further shifted financial reporting approach towards a valuation approach; increase earnings volatility (reduce earnings persistence) and consequently increase the value relevance of intangible assets. The main methods of investigation are regression analysis. In accounting, reporting intangible assets remain controversial and challenging. IFRS to some degree would benefit U.K. investors if it increases reporting of intangible assets, particularly of different classes of intangible assets. However, existing research offers very little empirical evidence as most value relevance studies focus on earnings and book value of equity. This study reveals several key findings. First, earnings are significantly greater under IFRS but not at all different profit levels, which suggests that IFRS brings offsetting effects on earnings. However, IFRS produces mixed effects on earnings volatility and earnings persistence. Earnings are slightly more volatile but no significant impact on earnings persistence. Second, intangible assets are higher under IFRS and reporting of different classes of intangible assets is increasing. Third, this study documents broadly classified intangible assets are not value relevant which signifies the importance of specific classifications of intangible assets. Fourth, IFRS has minimal impact on the value relevance of intangible assets but intangible assets have significantly greater predictive value under IFRS. This study contributes to the existing literature by providing new findings on the impact of IFRS on accounting information in general and on intangible assets in sp ecific. This study differs from prior study by several aspects. First, financial companies were not excluded but were separately analysed. Second, it further investigates the impact of IFRS on the two primary qualities for relevant information (informative and predictive values). Third, this study contributes to the literature by providing new empirical evidence on the value relevance of intangible assets and different classes of intangible assets. In the future, researchers can investigate the impact of adopting IFRS on the reliability of accounting information as reliability is the other specific quality for producing decision-useful information.
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SA, ARNOLDO FURTADO DE. "MEASUREMENT AND EVALUATION OF INTANGIBLE ASSETS AND VALUE CREATION OF DIAGNOSIS AND TESTING LABORATORIES FOR ELECTRICAL EQUIPMENTS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2018. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=37009@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTITUIÇÕES COMUNITÁRIAS DE ENSINO PARTICULARES
Dentre os objetivos do Plano Estratégico do Sistema Eletrobras, destacam-se a intensificação da atuação integrada em pesquisa, desenvolvimento e inovação (PD e I) e a mensuração dos ativos tangíveis e intangíveis para geração de valor para o Sistema Eletrobras. Nesse contexto, esta pesquisa buscou contribuir para o aprimoramento da gestão de ativos intangíveis no âmbito da Rede de Laboratórios das Empresas Eletrobras (Relase), ao tornar disponível um modelo de mensuração e avaliação de ativos intangíveis desenvolvido para laboratórios de diagnóstico e ensaios de equipamentos elétricos. A pesquisa pode ser considerada descritiva, metodológica e aplicada. A partir dos resultados da revisão bibliográfica e documental sobre os temas centrais da pesquisa, adaptou-se, para fins de aplicação em laboratórios de diagnóstico e ensaios de equipamentos elétricos, um modelo conceitual que já vem sendo adotado por instituições de Ciência e Tecnologia europeias para elaboração de seus relatórios de capital intelectual. Para a proposição e seleção dos indicadores e métricas que integram o modelo, empregaram-se métodos multicritério de apoio à decisão combinados com lógica fuzzy. A aplicabilidade do modelo pôde ser demonstrada mediante um estudo empírico no Laboratório de Diagnóstico em Equipamentos e Instalações Elétricas (Labdig) do Centro de Pesquisas de Energia Elétrica (Cepel). Considera-se que o ferramental desenvolvido por esta pesquisa possa ser replicado no âmbito da Relase, que abrange hoje um total de 98 laboratórios, sendo 16 destes acreditados para serviços de calibração.
Among the objectives of the Eletrobras System Strategic Plan, two of them are highlighted – the intensification of the integrated practice in research, development and innovation (RD and I); and the measurement of tangible and intangible assets to generate value for the Eletrobras System. In this context, this dissertation aims at contributing to the improvement of the management of intangible assets within the Eletrobras Companies Laboratories Network (Relase – Rede de Laboratórios das Empresas Eletrobras), by providing an intangible asset measurement and assessment model developed for electrical equipment diagnosis and testing laboratories. The research can be considered descriptive, methodological and applied. Based on the results of the bibliographic review and documentary analysis on the central themes of the research, a conceptual model was adapted for the context of diagnosis and testing laboratories, which has already been adopted by European Science and Technology institutions concerning elaboration of their intellectual capital reports. In this research, for the proposal and selection of indicators and metrics, multicriteria decision support methods were incorporated into the model, combined with fuzzy logic. The applicability of the model has been demonstrated through an empirical study in the Laboratório de Diagnóstico em Equipamentos e Instalações Elétricas (Labdig) do Centro de Pesquisas de Energia Elétrica (Cepel). The results of this research can be replicated within Relase, which covers today a total of 98 laboratories, of which 16 are accredited for calibration services.
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Morricone, Serena <1980>. "The value relevance of intangible assets: a comparative study of the european adoption of International Accounting Standards." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2008. http://amsdottorato.unibo.it/1155/.
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Van, Rooyen Nathan. "An investigation into the impact of revising the accounting treatment of intangible assets on information technology value perception." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8441.
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Thesis (MBA)--University of Stellenbosch, 2010.ENGLISH ABSTRACT: The purpose of this study was to determine the impact possible revisions to the international accounting standard (IAS) for intangible assets, under international financial reporting standards (IFRS), could have on the perception of value of information technology. Furthermore, the study discusses the fact that value of IT is still a debate and asks the question why. The use of the term information technology capability in IT research is used in many different contexts. The study also tested a framework that could possibly be used to view IT capability as, and used this framework to ascertain how accounting treatment of IT capability is happening in practice. The study is exploratory in nature since the impact of the possible revisions on IT capability is a current event. The revisions are in a second round of discussion and as such this study could provide insight to the discussion regarding the possible influence on IT capability. The revisions primarily focus on the recognition and measurement of internally generated intangible assets. It is currently being proposed that internally generated intangible assets be recognised as it would during a business combination at any point and also that fair value be considered as an alternative to the cost basis during initial recognition. While those are the most significant revisions, the discussion paper makes minor proposals regarding the identification of intangible assets and makes no suggestions regarding disclosure. A number of CIO’s and CFO’s or their direct delegates were interviewed to determine from a practitioner perspective what the impact of the revisions could be from both a financial perspective and IT management perspective. The participants were engaged through a semi-structured interview and the collective responses analysed for common themes. The study found that while the debate around IT value still exists, from the participant’s perspective, it centres on the fact that in the absence of appropriate performance measurement of businesses, it is difficult at best to reflect how IT contributes value to the organisation. The participants do not see the currently proposed revisions as being able to improve the perception of value of IT. This is primarily due to the fact that the financial reports are not for consumption of internal business stakeholders to whom CIO’s need to communicate the value contribution. Secondly, the cost focus of the financial reports is acknowledged and as well as the fact that increasing the uncertainty of values in financial reports due to subjective valuation of IT capability, will detract from the integrity of the financial accounting and reporting. Lastly, participants also recognised that it would be a significant revision if internally generated assets are recognised in the same way as during business combinations and that the use of fair value during initial recognition is allowed. As such the participants felt that it would be a long time before the revisions move onto the next stage. This pragmatic response indicated that the focus should rather be on ensuring business performance is measured and IT capability measured through business measures. The study is limited by focusing on organisations that do not create IT capability for resale. Also, the focus is on internally generated IT capability, and excludes the process of acquiring IT capability through merger and acquisition activity. Lastly, the focus has been limited to the impact of the revision on IT value perception. Practically, given the fact that the revisions are not seen to create an opportunity for IT value to be reported, practitioners are advised to focus on using benchmarking to report IT value for the business-as-usual IT capability, in business terms. Furthermore, in terms of ensuring the value of investment in IT capability is articulated, the upfront business case and investment decision process must articulate the business benefits clearly and thereafter ensure benefits tracking is done to measure the performance and value of the constituent parts that deliver the benefits can be measured. This study has value since these particular concepts have not been analysed in this way before. Previous studies have focused on certain elements of IT capability, or organisations that create IT capability for resale, not internal use, amongst others. The originality stems from linking accounting treatment to the definition of IT capability and investigating the impact it has on how the value of IT is perceived.
AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om vas te stel wat die impak van moontlike hersienings van die internasionale boekhoudingstandaard (IAS) vir ontasbare bates, volgens internasionale finansiële verslagdoeningstandaarde (IFRS), sal wees op die persepsie van inligtingstegnologie (IT) se waarde. Voorts bespreek die studie die feit dat die waarde van IT steeds 'n voortgaande debat is en vra waarom dit die geval is. Die term inligtingstegnologievermoë in IT-navorsing word in verskillende kontekste gebruik. Die studie het ook 'n raamwerk getoets wat moontlik gebruik kan word om IT-vermoë holisties te bekyk. Die studie is verkennend van aard aangesien die impak van moontlike hersienings op IT-vermoë 'n gebeurtenis is wat tans plaasvind. Die hersienings is tans in die tweede ronde van bespreking en die studie sou insig kon verskaf oor die moontlike invloed van die bespreking op IT-vermoë. Die hersienings fokus primêr op die erkenning en meting van intern gegenereerde ontasbare bates. Tans word voorgestel dat intern gegenereerde ontasbare bates erken moet word soos dit in 'n besigheidskombinasie op enige punt erken sou word, en ook dat billike waarde oorweeg moet word as 'n alternatief tot die kostebasis gedurende aanvanklike of inisiële erkenning. Terwyl hierdie die mees belangrike hersienings is, sluit die besprekingsdokument kleiner voorstelle in oor die identifisering van ontasbare bates, maar verskaf geen voorstelle oor die bekendmaking van ontasbare bates nie. 'n Aantal hoof inligtingsbeamptes en hoof finansiële beamptes of hulle direkte gedelegeerdes, is ondervra om vas te stel, vanuit 'n praktisyn se oogpunt, wat die impak van die hersienings sou kon wees – gesien uit beide 'n finansiële en 'n IT-bestuursperspektief. Die deelnemers is betrek deur 'n semi-gestruktureerde onderhoud en die kollektiewe response is geanaliseer vir gemeenskaplike temas. Die studie het bevind dat, hoewel die debat rondom ITvermoë steeds bestaan, vanuit die deelnemers se perspektief, die debat sentreer rondom die feit dat in die afwesigheid van toepaslike prestasiemeting van besighede, dit op sy beste moeilik is om te besin oor hoe IT waarde bydra tot die organisasie. Die deelnemers sien nie in dat die voorgestelde hersienings by magte sal wees om die persepsie oor die waarde van IT te verbeter nie. Dit is primêr as gevolg van die feit dat die finansiële verslae nie beskikbaar is vir interne besigheidsbelanghebbers nie aan wie hoof inligtingsbeamptes die waardebydrae moet kommunikeer. Tweedens word die kostefokus van finansiële verslae erken, asook die feit dat om die onsekerheid van waardes in finansiële verslae te verhoog weens die subjektiewe waardasie van IT-vermoë, die integriteit van die finansiële boekhouding en verslagdoening sal benadeel. Laastens het deelnemers ook erken dat dit 'n belangrike hersiening sal wees indien intern gegeneerde bates op dieselfde manier erken word as gedurende besigheidskombinasies en dat die gebruik van billike waarde gedurende aanvanklike erkenning toegelaat word. As sodanig was die deelnemers van mening dat dit nog lang sal duur voordat die hersienings na die volgende fase sal beweeg.
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Abduvaliyev, Davlatbek. "Organisation capital empirical construct in the UK : methodology, validity, value relevance and pricing." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/organisation-capital-empirical-construct-in-the-uk-methodology-validity-value-relevance-and-pricing(eb025e50-6ef5-4a14-9120-02e3592482a6).html.
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The existing literature proposes a broad spectrum of methodologies to measure firm's superior operating capabilities, referring to them under different names such as 'knowledge assets', 'intellectual capital', 'organisation capital', etc. Through the work reported in this thesis, I intend to contribute to the research field by exploring one specific measure of a firm's operating capabilities proposed by Lev, Radhakrishnan and Zhang (Abacus, 2009). These researchers empirically construct an organisation capital measure and argue it has predictive ability for future performance and is able to explain future abnormal stock returns in the USA. I extend their research to the UK. In doing so, I also critically discuss the organisation capital estimation process and propose potential improvements to the technique. I find evidence of its construct validity in the UK. I examine the organisation capital measure's predictive ability for future performance. The results suggest that this measure is positively associated with future sales growth in the UK. Additionally, the organisation capital measure seems to explain persistence of the operating income and sales of firms in the UK. Via value relevance tests, I obtain empirical evidence that the organisation capital measure is positively associated with equity market value in the UK. Moreover, it is positively associated with the earnings multiplier in value relevance tests. This finding is consistent with empirical evidence that the organisation capital measure is positively associated with one-year ahead earnings and positively affects earnings persistence in such an association in the UK. Finally, I fail to find evidence of the organisation capital measure's ability to explain future excess stock returns in the UK. This suggests that information on firm-specific operating capabilities captured by the organisation capital measure is recognised by the capital market participants and contemporaneously incorporated into stock prices. This result, however, contrasts with the Lev et al. (2009) findings in the USA that organisation capital is mispriced.
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MELHADO, ANDRE MEIRA COELHO. "THE RELATION BETWEEN BRANDING STRATEGY AND THE INTANGIBLE VALUE OF A CORPORATION: AN ANALYSIS OF THE BRAZILIAN MARKET REALITY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2007. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=10150@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROAs empresas definem suas estratégias de marca visando maximizar lucros, aumentar competitividade e, conseqüentemente, seu valor de mercado, que é composto por ativos tangíveis e intangíveis. É fato que, o poder competitivo de uma empresa reside cada vez menos nos ativos tangíveis - como estoques, edifícios, equipamentos e máquinas - se concentrando mais em esforços para geração de valor através de ativos intangíveis. Estudos contemporâneos apontam evidências de que os ativos intangíveis têm sido responsáveis pela geração de valor adicional para empresas, sendo a marca o ativo que tem o maior destaque . Apesar de inúmeras pesquisas em branding, é observável que, empresas interpretam de forma distinta quando a questão está na melhor estratégia da marca, daí emergindo diferentes formas de administração de portfólios de marcas, com denominações diversas, até entre empresas que atuam no mesmo mercado. Diante deste contexto, a presente pesquisa objetivou analisar o impacto da adoção de determinada estratégia de marca no valor intangível das empresas, através do modelo de regressão linear múltipla, proposto por Rao, Agarwal e Dahlholf, que utiliza o quociente de Tobin (q de Tobin) como variável dependente para medir os ativos intangíveis e um conjunto de variáveis independentes que interferem no seu valor. O estudo baseou-se em uma amostra de 83 empresas do mercado brasileiro que têm suas ações negociadas na Bolsa de Valores de São Paulo (BOVESPA), durante os anos de 2003, 2004 e 2005 e considerou a taxonomia de estratégias de marca adotada pelos citados autores, que inclui três categorias: Corporativa, Casa das Marcas e Mista. Os resultados obtidos indicam que o modelo se mostrou robusto, sinalizando que as estratégias de marca, assim como as variáveis de controle, têm impacto no valor intangível das empresas. Entretanto, os coeficientes apresentados para cada uma das variáveis independentes, bem como para as estratégias de marca diferem daqueles obtidos no estudo conduzido nos EUA. A estratégia Casa das Marcas apresentou um relacionamento positivo rejeitando a hipótese de que esta estratégia estaria relacionada a um coeficiente negativo. Em oposição a isto, o valor do coeficiente da estratégia Corporativa se mostrou positivo em linha com a hipótese sugerida, mas em amplitude inferior a da Casa das Marcas. Este fato não foi observado na pesquisa americana evidenciando a diferença de avaliação entre os dois mercados. O estudo indica, entre outros aspectos, que os investidores e consumidores avaliam de forma distinta tanto as estratégias de marca como as variáveis de controle utilizadas.
Companies define their branding strategy in order to maximize profits, increase competitiveness and, as a result, their market value, which is, in its turn, composed by the company´s both tangible and intangible assets. The corporation s competitive edge is less and less based on its tangible assets - such as inventory, facilities, equipments and machinery - focusing on efforts to create value through intangible assets. Recent studies display evidence that intangible assets have been responsible for creating additional value for a company, the brand being the most relevant asset. In spite of numerous researches in branding, corporations have their own interpretation of the best branding strategy, hence the various ways to manage brand portfolios, with various denominations, even among companies operating in the same market. Regarding those aspects, this research aimed to analyze the impact caused by the deployment of a certain branding strategy in a company s intangible value, through a multiple linear regression model, developed by Rao, Agarwal and Dahlholf, which uses Tobin´s quotient (Tobin´s q) as a dependent variable to measure the intangible assets and an array of independent variables that interfere in their value. The present study was based on a sample of 83 companies operating in the Brazilian market and negotiated in São Paulo´s stock exchange (BOVESPA), between 2003 and 2005, and considered the branding strategy taxonomy used by the authors mentioned, which include three categories: Corporate, House of brands and Mixed. The results point that the model is robust, showing that branding strategies, and the control variables, cause impact in a company´s intangible value. However, the coefficients shown for each of the independent variables, and also for the branding strategies, differ from those found in the research developed in the USA. The House of Brands strategy turned out with a positive connection, rejecting the initial hypothesis that such strategy would be connected to a negative coefficient. On the other hand, the value associated with the Corporate strategy´s coefficient turned out positive, resonating with the suggested hypothesis, though in an inferior amplitude than House of Brands´. That particular point was not part of the North-American research, showing how the evaluations of the two markets differ from one another. The study indicates, among other aspects, that investors and consumers weight differently both branding strategies and the control variables used.
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Pham, Hong Nga. "Flood risk assessment focusing on intangible vulnerability for rural floodplain area in Central Vietnam." Kyoto University, 2019. http://hdl.handle.net/2433/244499.
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Fustec, Alan. "Mesure extra-financière et financière du capital immatériel de l'entreprise." Thesis, Lyon, 2017. http://www.theses.fr/2017LYSE3047/document.
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La mesure de la valeur immatérielle de l’entreprise est un sujet de grande préoccupation depuis des années. La présente thèse propose un modèle intégré de mesure de la valeur immatérielle des entreprises. Elle découle d’une alternance permanente entre de la modélisation empirique, des expérimentations en entreprises et des preuves académiques des mêmes concepts et résultats. Elle tente de répondre à cinq besoins qui étaient non couverts ou insuffisamment couverts dans le domaine de l’immatériel:1. Etablir la nécessité pour l’évaluation du capital immatériel d’une approche systémique.2. Définir une taxonomie d’actifs qui incorpore toutes les composantes de l’entreprise qui sont objectivement impliquées dans le processus de création de valeur et dont la durée de vie est supérieure à 12 mois; c’est-à-dire tous les éléments qui ont une valeur.3. Établir des règles claires qui permettent de comprendre l’articulation entre cette taxonomie et un bilan comptable d’entreprise.4. Montrer que les évaluations extra-financières de composantes immatérielles produites par le modèle propose sont corrélées de façon robuste à la performance économique des firmes, ce qui valide la pertinence de la taxonomie et du rating extra-financier proposes5. Proposer un ensemble d'outils cohérents pour calculer la valeur financière des actifs immatériels et par extension des entreprises qui prennent en compte leurs actifs physiques, financiers et immatériels. Montrer que les valorisations qui en découlent sont cohérentes par rapport aux approches classiques mais également qu’elles apportent aux praticiens de l’évaluation des outils précieux qui réduisent le risque d’erreur.Au final, le modèle proposé offre:1. une taxonomie d’actifs qui soit complémentaire à la norme IAS-IFRS et qui permette de produire un bilan étendu,2. une méthode d'évaluation extra-financière,3. une démarche structurée pour l’évaluation financière des actifs immatériels et par extension des entreprisesMeasuring the intangible value of a company has been a subject of great concern for years. This thesis proposes an integrated model for measuring the intangible value of companies. It stems from a permanent alternation between empirical modeling, business experiments and academic evidence of the same concepts and results. It tries to meet five needs that were not covered or insufficiently covered in the field of intangible:1. Establish a systemic approach to the evaluation of intangible capital.2. Define an asset taxonomy that incorporates all the components of a firm that are objectively involved in the value creation process and whose lifetime is greater than 12 months; that is, all elements that have a value.3. Establish clear rules for understanding the relationship between this taxonomy and corporate accounting.4. Show that extra-financial assessments of intangible components produced by the proposed model are robustly correlated with firms' economic performance, validating the relevance of the taxonomy and the rating proposed5. Propose a coherent set of tools for calculating the financial value of intangible assets and, by extension, of companies that take into account their physical, financial and intangible assets. Show that the resulting valuations are consistent with conventional approaches, but also that they provide valuation practitioners with valuable tools that reduce the risk of error.In the end, the proposed model offers:1. an asset taxonomy that complements the IAS-IFRS standard and allows the production of an extensive balance sheet,2. an extra-financial evaluation method,3. a structured approach for the financial evaluation of intangible assets and by extension of enterprises
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Barrio, Fraile Estrella. "La gestión de la responsabilidad social corporativa: el caso Unilever España." Doctoral thesis, Universitat Autònoma de Barcelona, 2016. http://hdl.handle.net/10803/384844.
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En los últimos años hemos visto que, tanto en nuestro país como a nivel internacional, han salido a la luz escándalos empresariales que han provocado una creciente desconfianza de la ciudadanía hacia las empresas. Esta pérdida de confianza, junto a otros cambios producidos en el entorno empresarial, han llevado a las organizaciones a cambiar su manera de actuar, ya que han comprendido que no son un ente aislado, sino que forman parte de la sociedad y que su existencia a largo plazo depende de su legitimación ante ésta. Y para ello es imprescindible recuperar la confianza de los ciudadanos. Ante esta situación, la responsabilidad social corporativa (RSC) se presenta como una vía para restablecer el equilibrio entre empresa y sociedad. Por tanto es imprescindible conocer cómo debe ser gestionada.
En este sentido, la presente tesis doctoral tiene como objeto de estudio analizar la gestión de la RSC de las organizaciones desde el enfoque de la disciplina de la comunicación corporativa. Para ello se ha realizado una investigación basada en el método del caso, concretamente el caso de la RSC de Unilever España. Las técnicas e instrumentos de recolección de datos han sido: revisión de documentos, 11 entrevistas a agentes clave en la gestión de la RSC y 7 observaciones.
Los resultados demuestran que la RSC de Unilever supone un planteamiento estratégico alineado con la visión, misión y valores de la compañía. Su gestión, aunque recae en el Departamento de Comunicación, implica a todos los departamentos, por lo que se gestiona de manera transversal en la organización. También se ha podido constatar que la gestión de la RSC de Unilever España se realiza siguiendo los principios básicos de transparencia, materialidad, verificabilidad, visión amplia, mejora continua y naturaleza social de la organización.In the last years we have seen that, in our country and at international level as well, some corporate scandals has raised-up, which has created an up-growing lack of confidence from the citizenship towards corporations. This lack of confidence, in addition to other changes in the corporation environments, has led organizations to change their way to behalf, due to the fact that they have understood that they are not isolated entities, but that they belong to the society and their existence at long-term depends on the legitimation of the society. And for that it is essential to recover the trust of the citizenship. Against this challenge, Corporate Social Responsibility (CSR) is a way to re-establish the balance between enterprises and society. This is the reason why it is essential understand how it has to be managed. In this sense, the present thesis has as object of study to analyse of the CSR management on the corporations from the point of view of the corporate communication discipline. In that way, an investigation has been carried out based on the case study, specifically in the CSR Unilever Spain case. Technics and instruments of data collection has been: documentary revision, eleven interviews with key agents on CSR management, and seven observations. Results proof that CSR at Unilever implies a strategic mind-set perfectly aligned with the vision, the mission and the values of the company. Even though it´s management belong to the communication department, it involves all the departments, that´s way it is managed in an transversal way inside the corporation. As matter of fact it´s been demonstrated that CSR management at Unilever Spain is done following the basic principles of transparency, materiality, verifiability, wide vision, continuous improvement, and social nature of the organization.
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Andersson, Mikael, and Tobias Wiklund. "The 21st century company's true value : Intellectual capital disclosure and share prices on Nasdaq OMXS30." Thesis, Umeå universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-57132.
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The study investigates the relationship between intellectual capital and share prices on the Nasdaq OMXS30 companies between 2001 and 2010. This, by using content analysis to score the companies' disclosure of intellectual capital and linear regression to test for a relationship with the corresponding share prices. We find a significant positive relationship between Price and Intellectual capital only for one of its subcategories: Internal Capital. The other two, Human Capital and External Capital, were both negatively correlated, explaining why we could not see a relationship between our total Intellectual capital score and price. Apart from this, we see that the average IC disclosure increased significantly during our researched time period and that IC disclosure in knowledge-intensive companies is statistically higher than for capital-intensive companies when it comes to External Capital and Human Capital. For Internal Capital, as well as for Total intellectual capital disclosure, we could not see any difference.
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Alwis, Dee. "The role of intellectual capital in organisational value creation : an application of a theoretical model to two case studies." Thesis, Brunel University, 2004. http://bura.brunel.ac.uk/handle/2438/5068.
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The research in this thesis focuses on the intangible resources of organisations. Intangible resources include an organisation's collective knowledge and learning, leadership talent, the values that shape its culture, routines and processes and the collaborative relationships. These intangible resources are known as intellectual capital (IC) because they support organisational activity along with financial and physical capital. Previous research has classified IC into three principle components of human, organisational and relationship capital and has established a link between IC and organisational value. Recent studies have also emphasised the notion of interrelationships between the three components of intellectual capital in developing capabilities that drive value creation. Yet it is often unclear how the various elements interrelate to one another to generate organisational value. This thesis investigates how IC contributes to organisational value creation. Central to this research is the examination of the mechanisms through which IC factors are integrated within organisations in order to develop capabilities. As innovation is widely agreed to be a determinant of organisational value creation, this research adapted and extended the model of intelligence and innovation proposed by Glynn (1996) to develop a comprehensive theoretical framework for empirically examining the synergistic effects of IC. Building upon four major theoretical streams: resource-based view of the firm, innovation theory, intellectual capital theory and organisational capabilities, this research has elaborated the ideas and constructs presented in the original model and de-contextualised them to an intellectual capital perspective. A qualitative, interpretive approach was applied to two in-depth case studies for investigating the intangible resource-base of two knowledge intensive companies. The results were then expanded to a cross-case context in order to compare and contrast the value creating potential of the IC factors. The findings of this research are presented in the form of a descriptive framework that classifies the characteristics of a value creating process. The purpose of the framework is to provide pointers for identifying IC resources and developing capabilities in a way that provides an organisation with sustainable competitive advantage, and thereby, value.
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Leote, Francisco José Mendes. "A relevância dos intangíveis na avaliação das empresas da Euronext." Doctoral thesis, Universidade de Évora, 2016. http://hdl.handle.net/10174/17300.
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Esta tese tem por objetivo estudar a relevância dos ativos intangíveis para o preço de cotação das ações, identificando como é que os fatores não-financeiros condicionam a relevância destes ativos. Neste estudo observaram-se os efeitos dos setores de atividade, características dos países, adoção obrigatória das IAS/IFRS e crise financeira global. Entre as empresas cotadas no mercado Euronext os ativos intangíveis – totais e por categoria – são relevantes para o preço de cotação das ações. A magnitude da relevância do goodwill é maior do que a magnitude dos ativos intangíveis identificáveis. Os resultados revelam que a relevância dos ativos intangíveis é influenciada pelos sistemas contabilísticos, crise financeira e pelas características dos setores de atividade e dos países. A relevância do goodwill diminuiu nos períodos pós adoção IAS/IFRS e pós crise financeira global. As características dos setores de atividade e dos países condicionam de forma distinta e com magnitudes diferentes a relevância dos ativos intangíveis identificáveis e do goodwill; THE VALUE-RELEVANCE OF THE INTANGIBLES IN THE EVALUATION OF THE EURONEXT COMPANIES
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The aim of this thesis is to investigate the value-relevance of the intangible assets for the stock price by identifying the impact of non-financial factors which condition the value-relevance of these assets. In this study the effects of the business sectors, country profiles, mandatory adoption of the IAS/IFRS and the global financial crisis are observed. Among the companies listed in the Euronext stock market the intangible assets – total and by category – have value relevance to the stock price. The magnitude to the value relevance of goodwill is greater than the magnitude of the identifiable intangible assets. The results show that the value relevance of intangible assets is affected by the accounting system, financial crisis and the characteristics of the business sector and the countries. The value relevance of goodwill decreased in the post adoption IAS/IFRS and post global financial crisis periods. The characteristics of the business sectors and countries affect the value relevance of identifiable intangible assets and goodwill in different ways and with different magnitudes.
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Zhang, Annie Liqin. "Validation study of intangible business relationship value measurement a thesis submitted to Auckland University of Technology in partial fulfilment of the degree of Master of Business, June 2004 /." Click here to access this resource online, 2004. http://repositoryaut.lconz.ac.nz/theses/86/.
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Alsén, Elin, and Johanna Moberg. "Värderelevans och immateriella tillgångar : De immateriella tillgångarnas värderelevans för den svenska kapitalmarknaden." Thesis, Högskolan i Gävle, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-23646.
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Syfte: De immateriella tillgångarna är svårvärderade och diffusa tillgångar. Det har länge pågått en diskussion angående huruvida hantering av de immateriella tillgångarna påverkar värderelevansen och användbarheten av de finansiella rapporterna. Syftet med studien är att undersöka värderelevansen av de redovisade immateriella tillgångarna för kapitalmarknaden utifrån ett redovisningsperspektiv. Metod: Metoden grundas i Ohlson-modellen. Data från årsredovisningar har samlats in och sedan analyserats genom flera multipla regressioner och en korrelationsanalys. Resultat & Slutsats:Resultatet av studien visar att det finns ett positivt signifikant samband mellan de totala immateriella tillgångarna och aktiepriset. Resultatet av denna studie visar således att de redovisade totala immateriella tillgångarna ger värderelevant information till kapitalmarknaden. Dock visar sig endast posterna FoU och patent vara värderelevanta för kapitalmarknaden när värderelevansen av de immateriella tillgångarna uppdelat i specifika poster undersöks. Förslag till fortsatt forskning: Ett fåtal tidigare studier undersöker tillförlitligheten av de redovisade immateriella tillgångarna. Då tillförlitlighet precis som värderelevans är en av de fundamentala egenskaper redovisningsinformation bör besitta är det intressant att även undersöka hur tillförlitlig kapitalmarknaden anser att de redovisade immateriella tillgångarna är. Då tidigare forskning hävdar att det är svårt att mäta de immateriella tillgångarna på ett tillförlitligt sätt vore det relevant att undersöka om detta stämmer. Uppsatsens bidrag: Studien ger bevis för att de totala redovisade immateriella tillgångarna är värderelevanta. Det huvudsakliga praktiska bidraget med studien är att den kan ge intressenter en bättre förståelse för hur redovisningsinformation om de immateriella tillgångarna påverkar aktiepriset.
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Segal, Andy. "The High Cost and Value of Patents: Finding the Appropriate Balance Between the Rights of the Inventor and the Advancement of Society." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/400.
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Property rights are the backbone of Western Civilization. Capitalism can only be successful if individuals feel secure about the ownership of their assets. Patents are the property rights granted to the inventor by the government. Without these rights, inventors will find it extremely difficult monetizing their contributions to society. Thus, in an effort to incentivize innovation and commit society to human progress, our Founding Fathers built our country on a strong set of intellectual property rights.
At the same time, nothing impedes innovation like a monopoly and, in essence, all a patent amounts to is a monopoly, the right to exclude others from monetizing a specific innovation over an extended period of time. Hence, at the margin, patents increase the incentive to create new patentable knowledge, while simultaneously also stifling the dissemination of that knowledge. A good patent system strikes the right balance between innovation and a government-granted, anti-competitive monopoly.
After a 20-year period of an unprecedentedly pro-patent environment in the United States, the value of patents has never been higher. Patents, as opposed to their intended use of incentivizing innovation, are now seen as a form of protection against litigation, and also a weapon to litigate patent infringements to extract license fees and royalty payments from companies who are supposedly in violation of these patents. The pendulum has swung, and patents are now stifling innovation to an extent not conceived of by our Founding Fathers. This thesis will explore the reasons for the extreme increase in the value of patents over the years and will attempt to propose a plan of action to swing the pendulum back where our Founding Fathers originally intended it to be.
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Gonçalves, Alexandra Cristina Rodrigues. "Contribuição para a medição do impacte do conhecimento na valorização das empresas." Master's thesis, Instituto Superior de Economia e Gestão, 2005. http://hdl.handle.net/10400.5/22047.
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Vivemos hoje no limiar de uma nova era económica, profundamente
marcada pelo deslocamento do eixo de criação de valor para um novo factor produtivo e para as actividades a ele associadas - o conhecimento, que, desta forma, adquire um novo papel estratégico e central na economia.
É, pois, fundamental que os agentes económicos percebam esta mudança e se adaptem, desenvolvendo novas estratégias baseadas na promoção da inovação e na incorporação de conhecimento, como forma de resposta aos novos mercados globais, cada vez mais competitivos e exigentes.
Neste trabalho procuramos reflectir sobre esta crescente importância dos activos intangíveis, nomeadamente do conhecimento, não só ao nível da competitividade e produtividade das empresas, mas também, e sobretudo, na óptica da sua valorização de mercado, demonstrando que, embora de difícil quantificação, a incorporação do conhecimento nas actividades produtivas
contribui, de facto, para a maior valorização das empresas, assumindo, por vezes, um peso relativo superior ao dos tradicionais activos materiais.We´re living at the start point of a new economic era, marked by the changing of the value creation basis to a new productive resource and its related activities. Knowledge is getting, this way, a new strategic role and centrality in companies and national economy. On this context, it’s essential that all economic actors understand this change and adapt themselves, through the development of new strategies based on innovation and knowledge incorporation, in order to be able to respond to these new global markets, which tend to be more competitive and more demanding. This work pretends to be a reflection about this growing importance of intangible assets, namely knowledge, not only at the competitive and productive level but also from its market value point of view. We can demonstrate that, in spite of the difficulties in measuring it up, knowledge, in fact, contributes to the companies’ market valorization, assuming, sometimes, a relative weight even higher than traditional tangible assets.
info:eu-repo/semantics/publishedVersion
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Lipovská, Zuzana. "Problematika Goodwill jako nedílné součásti hodnoty stavebního podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2019. http://www.nusl.cz/ntk/nusl-392217.
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The diploma thesis is focuses on the value of the goodwill and the value of the brand of the selected construction company and the methods currently used for their determination. In the theoretical part of the thesis are described basic theoretical terms, which relate to the issue of goodwill, brand, construction company and their value. I also describe methods of goodwill and brand calculation and managed interview method. At the end of the theoretical part, I described marketing planning. In the practical part of the thesis, the thesis deals with selected methods of valuation of goodwill value and value of company brand. I have set three hypotheses and questions about a controlled interview. At the end of my diploma thesis, I proposed marketing strategies to maintain and enhance the value of goodwill and company brand.
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Freitas, Mariza Branco Rodrigo de. "Valor da marca: um estudo sobre a problemática de sua evidenciação contábil no Brasil." Universidade do Estado do Rio de Janeiro, 2012. http://www.bdtd.uerj.br/tde_busca/arquivo.php?codArquivo=4473.
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Coordenação de Aperfeiçoamento de Pessoal de Nível SuperiorO presente estudo, como investigação acadêmica de abordagem multidisciplinar, tem como objetivo geral contribuir para a identificação de possíveis caminhos que minimizem as discrepâncias verificadas entre os valores contábil e econômico das marcas. Neste contexto, em que o Brasil vivencia a transição para o International Financial Reporting Standards (IFRS), faz-se mister investigar a relação destas normas com a evidenciação da significância econômica desses bens, com o intuito de analisar as restrições normativas à contabilização das marcas, e identificar causas e impactos dessas discrepâncias. A pesquisa, de características essencialmente exploratória e qualitativa, aborda os conceitos teóricos de Ativos Intangíveis, Marcas, Brand Equity, Brand Value e Normativa Contábil, e utiliza a consulta bibliográfica e a entrevista presencial como formas de coleta de dados. No estudo, foram comparados os valores contábil e econômico das 31 marcas brasileiras listadas nos rankings de marcas mais valiosas divulgados em 2011 pelas três principais consultorias especializadas em avaliação de marcas; e entrevistadas 11 pessoas entre acadêmicos e profissionais das áreas Contábil, Econômica, Administrativa e Financeira, com o propósito primário de entender a essência da problemática da evidenciação contábil da marca. Como resultado, identificou-se que a questão basilar para a solução desse problema reside na confiabilidade da mensuração do valor monetário da marca, e que, como ainda não há consenso científico sobre a aplicabilidade dos métodos disponíveis na literatura aos diferentes propósitos de avaliação desse bem, é preciso que se desenvolvam novos e contínuos estudos a fim de identificar um padrão metodológico consistente, uniforme e objetivo que melhor se aplique aos interesses da Contabilidade como instrumento de gestão.
The main goal of this study, an academic research of a multidisciplinary approach, is to contribute to the identification of possible ways to diminish the discrepancies found between the book and the economic value of brands. In this context, in which Brazil is experiencing the transition into the International Financial Reporting Standards (IFRS), is implied the need to investigate the relationship of these standards with the disclosure of the economic significance of these goods, in order to reflect on the normative constraints about the accounting of brands, and identify causes and impacts of these distortions. The research, essentially of exploratory and qualitative characteristics, addresses the theoretical concepts of Intangible Assets, Brands, Brand Equity, Brand Value and Accounting Regulations, and makes use of personal interviews and literature consultation as form of data gathering. In this study, a comparison was drawn between the book and the economic values of 31 Brazilian brands listed in the rankings of most valuable brands, published in 2011 by the three main consultancy agencies specializing in brand valuation, and 11 interviews were conducted with academics and professionals in Accounting, Economics, Finance and Administration, with the primary purpose of understanding the essence of the issue of brand accounting disclosure. As a result, it was identified that the primary issue for the solution of this problem lies in the reliability of measuring brand value, and that, as there is still no scientific consensus on the applicability of the methods available in the literature for different purposes of assessment of the asset, you must, it is necessary to develop new and ongoing studies to identify a consistent methodology pattern, equable and objective that best applies to the interests of accounting as a management tool.
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Fullana, Blanca. "Brand patrimony: on the hypertext of the brand asset and its corporate culture and identity principles accountability: a new context-paradigm perspective about one of today's most valuable organizational assets, the managing responsability it conveys and a recommended guide for relevant corporate communications functions and activity." Doctoral thesis, Universitat Pompeu Fabra, 2016. http://hdl.handle.net/10803/401586.
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The present investigation is an approach to brand value from a top-management perspective, asserting that a brand is not merely a commercial value portrayed by a product placed in a market; even less so, a public relations rhetoric avowing a political correctness, but rather a full-length ascribed patrimonial asset that conveys an organization’s cultural response to the societal issues within its activity-bound. In such, considering the brand as an intangible in-management attribute that is portrayed across the entire chain of productivity whilst influencing current and future innovation processes, in return.
Operating under a new context paradigm, the brand becomes patrimony (overall value), beyond –and not excluding- (financial) equity. In all, a hypertext practical vision on the attributions of the brand to signify knowledge-based corporate culture responsibility, amidst identity acknowledgement, multi-stakeholders engagement and reputation’s risk management and anticipation.
Focus of this research, sets forth to upgrade the brand as a significant element of business management, and not just of marketing, and shares guided contribution to the key tasks and tools currently at stake in the development of well-grounded corporate communications.La present investigació és un acostament al valor de la marca des de la perspectiva de la direcció general, afirmant que una marca no és un simple valor comercial; el d’un producte adreçat a un mercat -menys encara, una retòrica pública de correcció política- sinó més aviat un actiu patrimonial transversal que dona resposta, a través d’una identitat pròpia i d’una cultura d'organització -i per tant dins del seu àmbit d’actuació-, als debats i reptes de la societat local, però també global. En aquest sentit, considerant la marca com un intangible en la gestió, que es troba al llarg de tota la cadena de valor i productivitat i que té influència sobre els processos d'innovació actuals i de futur, que alhora en redundaran. Operant sota un nou paradigma de context, la marca es converteix en patrimoni (valor total), més enllà -i sense excloure- el brand equity1 (valor financer); ampliant les atribucions de la marca per significar-la sota una responsabilitat cultural corporativa (RCC)2 basada en el coneixement, en el reconeixement de la pròpia identitat corporativa, i involucrant i fent partícips a múltiples agents externs que permeten anticipar-se i gestionar els riscos que actuen sobre la reputació. L’aportació principal, fruit de la investigació, i basat en l’experiència empírica, situa a la marca com un element clau de la gestió empresarial, i no només del màrqueting, alhora que contribueix a donar pautes sobre les funcions practiques essencials que cal assolir des de la disciplina de la comunicació corporativa.
La presente investigación es una aproximación al valor de la marca desde la perspectiva de la dirección general, afirmando que una marca no es un simple valor comercial: el de un producto dirigido a un mercado; menos aún, el de una retórica pública, sino más bien, un activo patrimonial transversal que da respuesta, a través de una identidad propia y una cultura de organización (y por lo tanto dentro de un ámbito concreto de actuación), a los debates y retos pertinentes de la sociedad local, pero también global. En este sentido, considerando a la marca como un activo intangible en la gestión, que se encuentra a lo largo de toda la cadena de productividad y que tiene influencia sobre los procesos de innovación actuales y de futuro, que a su vez le redundarán. Operando bajo un nuevo paradigma de contexto, la marca se convierte en patrimonio (valor total), más allá -y sin exclusión del brand equity3 (valor financiero), ampliando las atribuciones de la marca para significarse bajo una responsabilidad cultural corporativa (RCC)4 basada en el conocimiento, en el reconocimiento de la propia identidad corporativa e involucrando y haciendo participes a múltiples agentes externos que permiten anticiparse y gestionar los riesgos que actúan sobre la reputación. La aportación principal, fruto de la investigación y basado en la experiencia empírica, sitúa a la marca como un elemento clave de la gestión empresarial, y no sólo del marketing, al tiempo que contribuye a dar pautas sobre las funciones prácticas esenciales que cabe desarrollar desde la disciplina de la comunicación corporativa.
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Saliba, Juliana Albuquerquer. "O papel dos intangíveis na criação de valor: uma aplicação para o setor de bens de consumo do mercado norte americano." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/564.
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The objective of this work is to implement and test constructs, proposed by Gu and Lev (2003, 2011) to measure intangible assets, in the consumer goods sector of public American companies.Using data gathered from DataStream/Thomson-Reuters, were investigated, through panel data analysis, potential linear relationships among constructs denoted by Intangible Driven Earnings (IDE) and Intangible Capital (IC) and financial statement variables that are commonly associated with intangibility, as for instance, Research and Development investments (R&D), Sales, General and Administrative expenses (SGA) and Capital Expenditures (CAPEX); it was also investigated if the Intangibles Driven Earnings (IDE) and the operational performance (EARN) represented by EBITDA can explain the creation of value measured by total shareholder return (TSR); the relation between the Comprehensive Value and the market value of the company; and, finally had been investigated relations between indexes of intangibility with the total shareholder return, representing the value creating of company for the period from 2003 to 2007.In particular, results from data between 2003 and 2007 suggest that (i) the constructs IDE and IC are positively related to variables associated with intangibility, (ii) variations of earnings have a positive relationship with shareholder return, (iii) the Comprehensive Value (CV), which tries to express the real value of a firm, is positively related to its market value and (iv) indexes of intangibility denoted by Intangible Capital Margin (ICM), Intangible Capital Operating (ICOM) and Market to Comprehensive Value (MtCV) have a positive and significant impact on shareholder return.
Essa pesquisa teve como objetivo testar a teoria proposta por Gu e Lev (2003, 2011) para mensuração dos ativos intangíveis para o setor de bens de consumo do mercado norte americano.Usando variáveis da base de dados da DataStream da Thomson Reuters, investigou-se através de análise de dados em painel a relação das variáveis associadas a intangibilidade, tais como pesquisa e desenvolvimento (RD), gastos com capital (CAPEX) e gastos administrativos, gerais e com vendas (SGA), no constructo IDE e no capital intangível (IC); foi investigado também se o constructo de intangibilidade (IDE) e o desempenho operacional (EARN) representado pelo EBITDA podem explicar a criação de valor medida pela variável retorno ao acionista (TSR); a relação entre o Comprehensive Value e o valor de mercado da empresa; e, por último foram investigadas relações entre os índices de intangibilidade com o retorno ao acionista, representando a criação de valor da empresa para o período de 2003 a 2007.Os resultados indicam que: (i) o constructo IDE e o capital intangível (IC) apresentam relações positivas com variáveis ligadas a intangibilidade, que (ii) IDE e ΔEARN possuem relação positiva com o retorno ao acionista, que (iii) o real valor da empresa o Comprehensive Value possui relação positiva com o valor de mercado da empresa, e que (iv) os índices de intangibilidade IDEM, ICOM E MtCV demonstram relação positiva e significativa com o retorno ao acionista
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Leote, Francisco José Mendes. "Despesas de investigação e desenvolvimento e o valor das empresas portuguesas." Master's thesis, Universidade de Évora, 2006. http://hdl.handle.net/10174/15790.
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A discussão sobre as despesas de investigação e desenvolvimento quer na óptica contabilística, quer na ótica económica, tem gerado controvérsia. A classificação das despesas de I&D, como custo do exercício ou como ativo, tem sido apontado como uma das causas do desfasamento entre o valor contabilístico e o valor de mercado das empresas. O objetivo desta dissertação é a análise da relevância da informação contabilística contida nas demonstrações financeiras, especialmente da relativa ao investimento em I&D, para o preço de cotaçao das ações das empresas cotadas na bolsa Euronext Lisboa. A investigação empírica analisou o impacto das variáveis cash-flow, lucro contabilístico e despesas de I&D no preço de mercado das empresas cotadas na bolsa de Valores Euronext Lisboa, com base num modelo de regressão linear crosse section para o período de 1997 a 2001. Os resultados obtidos indiciam uma relação positiva e estatisticamente significativa entre as rubricas cash-flow e lucro contabilístico com o valor das empresas. Em relação à variável investimento em I&D, a relação, embora positiva, não se apresenta estatisticamente significativa. ***/Abstract - The discussion about research and development expenses from either the accounting or the economic point of view has been generating controversy. The classification R&D expenses, as costs of the exercise or as assets, have been put forward as one of the causes of the disagreement between book value and market value of companies. The objective of this dissertation is to analyse of the relevance of the accounting information contained in the financial statement, especially relating to the investment in R&D, for the stock price of the companies listed at the stock exchange Euronext Lisboa. The empiric investigation analysed the impact of the variables cash-flow, profit and R&D expenses on the market price of companies listed at the stock exchange Euronext Lisboa, using a linear regression model based on a cross section of the 1997 to 2001 data. The results obtained show a positive and significant relationship between the variables cash-flow and profit with the value of the companies. While the variable investment in R&D the relationship, although positive, is not statistically significant.
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Packard, Jill M. E. "Environmental education and the dimensions of sustainability: An analysis of the curriculum of the Cuahoga Valley Education Center." Ohio University / OhioLINK, 2007. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1181072399.
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Nilo, Marcelo Timbó. "Fonograma e direito de propriedade: a nova tutela jurídica de bens imateriais transmissíveis pela Internet." Programa de Pós-Graduação em Direito da UFBA, 2011. http://www.repositorio.ufba.br/ri/handle/ri/10710.
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O presente estudo tem por objetivo demonstrar que a tutela jurídica dos direitos autorais não pode ser mais conferida em forma de direito de propriedade. A qualificação desta espécie de direitos intelectuais como direito de propriedade surgiu da necessidade histórica de dar outro nome aos antigos privilégios e persistiu graças à ambivalência da noção de propriedade. Entretanto, quase nenhuma regra específica da propriedade lhes é aplicável. Os direitos autorais não são suscetíveis de apropriação exclusiva, porque não possuem a característica da raridade. A escassez artificialmente conferida por lei tornou-se insustentável na Era Digital, especialmente em relação aos bens transmissíveis pela internet. Hodiernamente, os fonogramas prescindem de serem fixados em forma de átomos para serem reproduzidos e distribuídos, pois, em simples forma de bits, passaram a circular livremente, sem perda de qualidade e com um custo ínfimo. De fato, os direitos autorais e suas expressões patrimoniais devem ser tutelados como direitos não dominiais, pois, na prática, o direito de propriedade envolve abstenções impostas aos não-proprietários, que são incompatíveis com a abundância dos bens artísticos intelectuais. O paradigma emergente chama a atenção para o fato de que é o valor de uso das obras que deve recompensar a chama criativa dos autores, pois o valor de troca praticamente não existe mais.
Salvador
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Langtvet, Malin, and Annika Pettersson. "Immateriella tillgångar i företagsförvärv : En granskande studie av komplexiteten bakom redovisningen av immateriella tillgångar vid företagsförvärv." Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-72837.
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Bakgrund: Enligt Gauffin & Nilsson råder det ingen enhetlighet för hur immateriella tillgångar redovisas i samband med företagsförvärv. IFRS 3 infördes år 2005 och innebar stora förändringar för företagen avseende redovisningen av immateriella tillgångar vid företagsförvärv. Syfte: Då mycket tyder på att det inte råder någon enhetlighet i företags sätt att redovisa förvärvade immateriella tillgångar, avser denna studie att granska tänkbara bakomliggande faktorer till de skillnader som existerar. Studien vill finna eventuella skillnader mellan företagen och vidare utreda vad skillnaderna kan bero på. Med företag avses utvalda företag som nyligen gjort företagsförvärv. Metod: Studien baseras på en kvalitativ forskningsmetod bestående av intervjuer med företag som nyligen gjort företagsförvärv samt intervjuer med revisorer. Resultat: Studien har identifierat fyra tänkbara bakomliggande faktorer till att det inte råder en enhetlighet i redovisningen av immateriella tillgångar vid företagsförvärv: Definiering, Identifiering, Värdering och Vägledning.Background: According to Gauffin & Nilsson, there is a lack of uniformity regarding the accounting of intangible assets. IFRS 3 was introduced in 2005 which brought changes for companies concerning accounting of intangible assets in acquisitions. Aim: Because of the lack of uniformity regarding the accounting of intangible assets, this study will examine possible reasons for the existing differences. The study will identify the differences between companies in order to further investigate the reasons behind these differences. Completion: The study is based on a qualitative method, through interviews with companies that recently have made acquisitions and audit firms. Result: The study has identified four possible underlying factors causing the differences between companies; Definition, Identification, Valuation and Guidance.
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Silva, Wagner Dias da. "Contribui????o a mensura????o e evidencia????o nos relat??rios cont??beis do valor dos contratos com atletas de futebol para as sociedades desportivas : um estudo de caso no Sport Club Corinthians Paulista." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2004. http://132.0.0.61:8080/tede/handle/tede/662.
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Previous issue date: 2004-06-09This thesis identifies, exposes and analyzes some aspects concerning the Sport Societies Accounting, markedly regarding the recognition and disclosure of the value that comes from the right of using the athletes in the Accountings Demonstrations of the soccer clubs after the changes promoted by the Law 9615 of March 24th, 1998 - known as Pel?? Law. The work was carried out as an exploratory study, through bibliographical revision on the subject, documentary research in primary sources and interviews with the person responsible for making the Sport Club Corinthians Paulista??s Accountings Demonstrations. The result shows a critical analysis of the quality of the information from the clubs?? Accounting Demonstrations in the current period, and suggests a model of quantification and disclosure of the economic value that comes from the Intangible Asset of the previously mentioned right of using the athletes as part of the club, as a way to supply the managers with information on the viability of purchasing an athlete or keeping him in the club staff.
Esta disserta????o identifica, exp??e e analisa alguns aspectos relativos ?? Contabilidade das Sociedades Desportivas, notadamente em rela????o ?? quest??o do reconhecimento e evidencia????o nas Demonstra????es Cont??beis dos clubes de futebol do valor decorrente do direito de utiliza????o dos atletas por conta das altera????es promovidas pela Lei 9615 de 24 de mar??o de 1998 - conhecida como Lei Pel??. O trabalho foi realizado a partir de um estudo explorat??rio e de pesquisa documental em fontes prim??rias, utilizando-se de pesquisa bibliogr??fica e entrevista realizada com o respons??vel pela elabora????o das Demonstra????es Cont??beis do Sport Club Corinthians Paulista. Como resultado, apresenta uma an??lise cr??tica a respeito do est??gio atual da qualidade informativa das Demonstra????es Cont??beis dos clubes e prop??e um modelo de mensura????o e evidencia????o do valor econ??mico relativo ao Ativo Intang??vel decorrente do valor proveniente do direito de utiliza????o do atleta por parte do clube, como forma de fornecer informa????es aos gestores no tocante ?? viabilidade da aquisi????o de um atleta ou ?? sua manuten????o nos quadros do clube.
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Eriksson-Wingårdh, Frank, and Felix Kirstein. "Värderelevansen av resultat och bokförda värden över tid : Hög- och lågteknologiska bolag samt IFRS-införandets påverkan." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-376491.
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Uppsatsen undersöker hur väl resultat och bokförda värden förklarar marknadsvärde och avkastning för bolag noterade på Stockholmsbörsen under perioden 1999-2017. Vidare undersöker uppsatsen om värderelevansen av resultat och bokförda värden skiljer sig mellan hög- och lågteknologiska bolag samt om införandet av IFRS har påverkat värderelevansen. Justerad förklaringsgrad för tre regressionsmodeller används för att undersöka värderelevansens förändring över tid. Undersökningen visar att värderelevansen av resultat har minskat. Värderelevansen av bokförda värden av tillgångar och skulder, samt av resultat och bokfört värde av eget kapital kombinerat, har ökat. Alla tre modellerna visar, förutom i ett fall, på högre värderelevans för högteknologiska bolag än för lågteknologiska bolag. Vid en jämförelse av perioden innan införandet av IFRS och perioden efter har värderelevansen av resultat minskat, medan värderelevansen av bokförda värden, samt av resultat och bokfört värde av eget kapital kombinerat, ökat under samma tidsperiod.This thesis examines the explanatory power of earnings and book values for market value and stock return for firms noted on the Nasdaq Stockholm exchange during the period 1999-2017. Further, this thesis examines if the value-relevance of earnings and book values differs between high-tech and low-tech firms, and if the implementation of IFRS has affected the value-relevance. The coefficient of determination of three regression models is used to examine the change in value-relevance over time. The examination shows that the value-relevance of earnings has declined. The value-relevance of book values of assets and liabilities, and of earnings and book value of equity, have increased. All three models show, except in one case, higher value-relevance for high-tech firms than for low-tech firms. A comparison of the periods before and after the implementation of IFRS shows that the value-relevance of earnings has declined, while the value-relevance of book values, and of earnings and book values combined, have increased.
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Braune, Erica Sumoyama. "A influência dos ativos intangíveis na criação de valor das empresas de serviços." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/570.
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Previous issue date: 2012-02-08Fundo Mackenzie de Pesquisa
Companies are focusing on intangible assets with the intention of gaining competitive advantage. However, there is not a systematic way to calculate them. Gu and Lev (2003; 2011) propose a model of measurement of intangible assets, where the company's economic performance is generated by physical, financial and intangible assets. Based on this proposal, we calculate the Intangible Capital (IC) and Intangibles-Driven-Earnings (IDE) for companies in the consumer services sector of the United States according to data availability in the period from 2001 to 2010. We also investigate intangibility indexes proposed by Lev (1999); Gu e Lev (2003) and their relationship with value creation to shareholders. So we intend to provide a response to the following survey problem: Which is the influence of intangible assets on the value creation of consumer services companies? Based on a panel data, results show that the Comprehensive Value (CV) has a positive and significant relationship with the market value of firms and that there Intangible Capital (IC) and Intangibles-Driven-Earnings (IDE) are positively related to Research and Development (RD) and Capital Expenditure (CAPEX), financial variables that are commonly used to measure intangibles. In addition, we found most of the indices of intangibility have positive and significant relationship with the total shareholder return, showing they can be good indicators of intangibility.
As empresas estão focando nos ativos intangíveis com a intenção de obter vantagem competitiva. Contudo, não há uma forma sistemática de calculá-los. Gu e Lev (2003; 2011) propõem um modelo de mensuração dos ativos intangíveis, onde o desempenho econômico da empresa é gerado por ativos físicos, financeiros e intangíveis. Baseado nessa proposta nós calculamos o Intangible Capital (IC) e o Intangibles-Driven-Earnings (IDE) para empresas do setor de serviços ao consumidor dos Estados Unidos de acordo com a disponibilidade de dados no período de 2001 a 2010. Também investigamos os índices de intangibilidade propostos por Lev (1999); Gu e Lev (2003) e sua relação com a criação de valor aos acionistas. Assim pretendemos responder ao seguinte problema de pesquisa: Qual a influência dos ativos intangíveis na criação de valor de empresas do setor de serviços ao consumidor? Baseado no modelo de dados em painel, os resultados mostram que o Comprehensive Value tem uma relação positiva e significante com o valor de mercado das empresas e que o Intangible Capital (IC) e o Intangibles-Driven-Earnings (IDE) são positivamente relacionados com as variáveis de pesquisa e desenvolvimento (RD) e dispêndio de capital (CAPEX), variáveis financeiras que são comumente utilizadas para medir os intangíveis. Além disso, verificamos a maioria dos índices de intangibilidade, possuem relação positiva e significante com o retorno total ao acionista, mostrando que podem ser bons indicadores de intangibilidade.
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Oliveira, Juliana Albuquerquer Saliba de. "O papel dos intangíveis na criação de valor: uma aplicação para o setor de bens de consumo do mercado norte americano." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/584.
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Previous issue date: 2012-02-08Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
The objective of this work is to implement and test constructs, proposed by Gu and Lev (2003, 2011) to measure intangible assets, in the consumer goods sector of public American companies. Using data gathered from DataStream/Thomson-Reuters, were investigated, through panel data analysis, potential linear relationships among constructs denoted by Intangible Driven Earnings (IDE) and Intangible Capital (IC) and financial statement variables that are commonly associated with intangibility, as for instance, Research and Development investments (R&D), Sales, General and Administrative expenses (SGA) and Capital Expenditures (CAPEX); it was also investigated if the Intangibles Driven Earnings (IDE) and the operational performance (EARN) represented by EBITDA can explain the creation of value measured by total shareholder return (TSR); the relation between the Comprehensive Value and the market value of the company; and, finally had been investigated relations between indexes of intangibility with the total shareholder return, representing the value creating of company for the period from 2003 to 2007. In particular, results from data between 2003 and 2007 suggest that (i) the constructs IDE and IC are positively related to variables associated with intangibility, (ii) variations of earnings have a positive relationship with shareholder return, (iii) the Comprehensive Value (CV), which tries to express the real value of a firm, is positively related to its market value and (iv) indexes of intangibility denoted by Intangible Capital Margin (ICM), Intangible Capital Operating (ICOM) and Market to Comprehensive Value (MtCV) have a positive and significant impact on shareholder return.
Essa pesquisa teve como objetivo testar a teoria proposta por Gu e Lev (2003, 2011) para mensuração dos ativos intangíveis para o setor de bens de consumo do mercado norte americano. Usando variáveis da base de dados da DataStream da Thomson Reuters, investigou-se através de análise de dados em painel a relação das variáveis associadas a intangibilidade, tais como pesquisa e desenvolvimento (RD), gastos com capital (CAPEX) e gastos administrativos, gerais e com vendas (SGA), no constructo IDE e no capital intangível (IC); foi investigado também se o constructo de intangibilidade (IDE) e o desempenho operacional (EARN) representado pelo EBITDA podem explicar a criação de valor medida pela variável retorno ao acionista (TSR); a relação entre o Comprehensive Value e o valor de mercado da empresa; e, por último foram investigadas relações entre os índices de intangibilidade com o retorno ao acionista, representando a criação de valor da empresa para o período de 2003 a 2007. Os resultados indicam que: (i) o constructo IDE e o capital intangível (IC) apresentam relações positivas com variáveis ligadas a intangibilidade, que (ii) IDE e ΔEARN possuem relação positiva com o retorno ao acionista, que (iii) o real valor da empresa o Comprehensive Value possui relação positiva com o valor de mercado da empresa, e que (iv) os índices de intangibilidade IDEM, ICOM E MtCV demonstram relação positiva e significativa com o retorno ao acionista.
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Oliveira, Cristiane Sobral de. "Qual a percepção do empresário sobre o Goodwill na venda do seu negócio?" Pontifícia Universidade Católica de São Paulo, 2015. https://tede2.pucsp.br/handle/handle/1602.
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Previous issue date: 2015-06-30This study aimed to know the Goodwill and the matters to which involves using the methodology, based on a multiple comparative case study, which checks the perception of the entrepreneur on Goodwill in the sale of your business. The study was conducted among the concepts which covers several authors and a questionnaire with questions and objective responses (made through a table structured in the study concepts), involving two companies selected for convenience of the researcher. Then it is performed the analysis of the data obtained and the necessary considerations. The research approach is qualitative, exploratory and descriptive. Through the concepts proposed by the authors related to the theme, called active factor and what it represents in a company, which are the assets and rights capable of generating cash flow in the short, medium and long term, divided into Tangible and intangible assets, and so Goodwill is considered the most contentious issue in accounting, because conceptually it is difficult to understand and its measurement is a much-discussed factor, but there is no accounting standards both domestic and international, any doubts about the need for their registration (in purchasing a business), called the Goodwill Purchased Purchased or when the purchase occurs is for sale, then there is its measurement because the fact is a negotiation. In trading who buys acquires who sells scraps of business. Regarding the perception of entrepreneurs which the survey was conducted, knowledge is basic for the understanding of that subject "Goodwill" comes from the company itself
O presente estudo procurou conhecer o Goodwill e os assuntos a qual o envolve, através da metodologia, baseada em um estudo de caso comparativo múltiplo, que verifica a percepção do empresário sobre o Goodwill na venda do seu negócio. O estudo foi desenvolvido, entre os conceitos a qual abrange diversos autores e um questionário com perguntas e respostas objetivas (constituídas através de uma tabela estruturada nos conceitos do estudo), que envolvem duas empresas selecionadas por conveniência do pesquisador. Em seguida é realizado a analise dos dados obtidos e as considerações cabíveis. A abordagem da pesquisa é qualitativa, e exploratório-descritiva. Através dos conceitos propostos pelos autores relacionados ao tema, fator denominado Ativo e o que ele representa em uma empresa, que são os bens e direitos com capacidade de gerar fluxo de caixa a curto, médio e longo prazo, dividido em Tangível e Intangível, sendo assim o Goodwill é considerado o tema mais polêmico na contabilidade, pois conceitualmente é de difícil percepção e sua mensuração é um fator muito discutido, mas não há nas normas contábeis tanto nacionais quanto internacionais, qualquer duvida quanto à necessidade de seu registro (na aquisição de uma empresa), o chamado Goodwill Adquirido ou Comprado, quando ocorre à compra ocorre à venda, então haverá sua mensuração, pois o fato é uma negociação. Na negociação quem compra adquire quem vende se desfaz do negocio. Com relação à percepção dos empresários a qual foi realizada a pesquisa, o conhecimento é básico, pois o entendimento do assunto mencionado Goodwill vem da própria empresa
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Aguiar, Joao Francisco de. "Capital intelectual e criação de valor nas empresas brasileiras: uma análise setorial na indústria de transformação no período de 2000 a 2006." Universidade Presbiteriana Mackenzie, 2009. http://tede.mackenzie.br/jspui/handle/tede/2557.
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Previous issue date: 2009-12-14In observing the growth of the market to book value ratio of companies in the period from 1959 to 2007, we can see an uptrend period from 1974 to 2007; in this period the same trend is confirmed this time by the ratio of Investments in Intangible Assets over GDP, reaching a percentage of 8 to 10% in the USA in 2007, just as important as that of Tangible Assets on the same date. What has been surprising is the ratio of Investments in Intangible Assets over GDP growth beyond expectations in the last 40 years. For this reason, entrepreneurs, scholars and researchers, particularly, have shown growing interest in getting to know, classifying and creating indicators, estimating value, and above all, understanding its influence in the creation of value at companies. an important group of researchers, led by economist John Kenneth Galbraith, in 1969, began to perceive intangible assets as Intellectual Capital in 1969. There are several proposals regarding its classification, including one that proposed three components: Structural Capital, Human Capital and Relational Capital. In this context, the aim of the current survey was to test Pulic‟s Model (2000) of the Value Added Intellectual Coefficient (VAIC), seeking to evaluate its significance and that of its components (Capital Employed Efficiency, Human Capital Efficiency and Structural Capital Efficiency) in the creation of value. This model was applied and confirmed to a database adjusted from IBGE‟s Annual Industrial Survey PIA, in the period from 2000 to 2006 with a static panel data for all the five sectors studied, belonging to the Brazilian transformation industry comprising companies with more than 100 employees. Dynamic panel data was also corroborated in three sectors of the Brazilian Manufacturing Industry ( Manufacturing and Assembling Motor Vehicles, Trailers and Chassis; Furniture, Manufacturing and Sundry Industries (Toys) and Machinery and Equipment Industry).
Ao se observar a evolução da razão valor de mercado das empresas pelo valor patrimonial, no período que vai de 1920 a 1997, observa-se uma forte elevação entre 1974 e1997. Esta mesma tendência é confirmada desta vez pela razão dos Investimentos em Ativos Intangíveis sobre o PIB, no mesmo período, de 1974 a 2007, alcançando, em 2007, uma participação da ordem de 8ª a 10% nos EUA, tão importante quando a dos Ativos Tangíveis na mesma data. O que tem surpreendido é o crescimento acima do esperado pela razão dos Investimentos em Ativos Intangíveis sobre o PIB, nos últimos 40 anos . Por este motivo, empresários, acadêmicos e pesquisadores, principalmente, têm manifestado crescente interesse em conhecer, classificar, criar indicadores, estimar o valor e, sobretudo, compreender sua influência na criação de valor nas empresas. |Um grupo importante de pesquisadores, liderados pelo economista John Kenneth Galbraith, em 1969, passou a conceituar os intangíveis como Capital Intelectual. Há várias propostas quanto à sua classificação, dentre elas uma que propôs três componentes: Capital Estrutural, Capital Humano e Capital Relacional. Nesse contexto, o objetivo desta pesquisa, foi o de testar o Modelo de Pulic (2000), do Coeficiente Intelectual do Valor Adicionado (em inglês VAIC), buscando avaliar a sua significância e a de seus componentes ( Eficiência do Capital Empregado, Eficiência do Capital Humano e Eficiência do Capital Estrutural) na criação de valor . Este modelo foi aplicado a uma base de dados ajustada a partir da Pesquisa Industrial Anual PIA, do IBGE, no período 2000 a 2006, por meio de painel de dados estáticos para os cinco setores da Indústria Brasileira de Tranformação analisados, compreendendo empresas com mais de 100 empregados. O modelo estático foi corroborado para todos os setores. O modelo dinâmico de dados em painel foi testado e confirmado pelo método de Arelano & Bond para três setores, quais sejam Fabricação e Montagem de Veículos Automotores, Reboques e Carrocerias, Fabricação de Móveis e Indústrias Diversas e Fabricação de Máquinas e Equipamentos.
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Ribeiro, Bianca Bonassi. "O sentido ambientalista como valor imaterial de marcas e mercadorias nas peças publicitárias veiculadas em Veja e Exame." Pontifícia Universidade Católica de São Paulo, 2014. https://tede2.pucsp.br/handle/handle/4599.
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Previous issue date: 2014-02-25This research aims to identify the framework called environmentalism promoted by the brands and goods in print advertising in magazines Veja and Exame. It begins from a mapping of modalizations of speakers that are built in societies permeated by a disposable consumer culture. The corpus consists of a total of sixty brands that during the years 1995, 2000, 2005 and 2010, have had contracts that the communication strategically follows a logical structure, environmental ethics and aesthetics to be unveiled by the semiotic analysis. The advertisements analyzed showed that syncretic sets divided into thematic groups from environmentalists had discursive currents defined by Alier as ecofriendly, worship the wild and / or environmentalism of the poor. The discursive modalizations were built in its logic biopolitics around five nodal points described by Laclau and Mouffe. When considering the process of semiosis brands as an important element in the construction of the intangible value of the goods, a second stage of analysis was done using the theory of Peirce. For this second phase of the analysis of the corpus, the brand Natura enunciator was chosen, who developed 13 advertisements. The communication contract proposed by this brand has become exemplary in terms of modalizations that summon the enunciatee to the identity of the values of the environmentalists consumers in its capitalist societies. Finally, it is concluded that the brand is the subject that transforms states, and is the sender-handler whose competence is in the modal values: want-to-do, must-do, know-how and can-do green environment
A presente pesquisa tem por objetivo identificar os regimes de convocação ao ambientalismo promovidos pelas marcas e mercadorias na publicidade impressa nas revistas Veja e Exame, partindo de um mapeamento das modalizações dos enunciadores, construídas em sociedades impregnadas por uma cultura de consumo descartável. O corpus é constituído por um total de sessenta marcas que, durante os anos de 1995, 2000, 2005 e 2010, apresentam contratos de comunicação que estrategicamente seguem uma estrutura lógica, ética e estética ambientalistas a ser desvendada pela análise semiótica. As publicidades analisadas apresentaram conjuntos sincréticos que se dividiram em grupos temáticos a partir das correntes discursivas ambientalistas definidas por Alier como ecoeficientes, de culto ao silvestre e/ou ecologismo dos pobres. As modalizações discursivas foram construídas, em sua lógica biopolítica, em torno de cinco pontos nodais, segundo conceito de Laclau e Mouffe. Ao considerar-se o processo de semiose das marcas como um elemento importante na construção do valor imaterial das mercadorias, uma segunda etapa de análise foi feita utilizando a teoria de Peirce. Para essa segunda fase da análise do corpus optou-se pela marca enunciadora Natura, que construiu 13 peças publicitárias. O contrato de comunicação proposto por essa marca tornou-se exemplar em termos das modalizações que convocam os enunciatários aos valores identitários ambientalistas de consumo nas sociedades capitalistas. Por fim, conclui-se que a marca é o sujeito que transforma estados; é o destinador manipulador cuja competência modal está nos valores: querer-fazer; deverfazer; saber-fazer e poder-fazer o ambiente verde
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Giržadienė, Sigita. "Vertybinių popierių biržoje listinguojamų įmonių intelektinio kapitalo vertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2014~D_20140603_133447-96085.
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Magistro baigiamajame darbe išnagrinėta įmonių intelektinio kapitalo vertinimo koncepcija. Pirmoje darbo dalyje teoriniu požiūriu remiantis tiek moksline lietuvių, tiek užsienio autorių literatūra. Analizuojama intelektinio kapitalo, kaip subjekto, koncepcija, struktūra, įmonių intelektinio kapitalo vertinimo metodai. Antroje darbo dalyje aptariamas intelektinio kapitalo vertinimo būtinumas, procesas, metodika. Sukurtas įmonės intelektinio kapitalo vertinimo modelis, pateikiami vertinimo metodai hipotezių tikrinimui: turto grąža (ROA), nuosavo kapitalo grąža (ROE), pridėtinės vertės intelektualusis koeficientas (VAICTM), intelektinio kapitalo efektyvumo koeficientas (ICE), apskaičiuojamoji nematerialioji vertė (CIV), tikrinami koreliaciniai ryšiai tarp rodiklių. Tyrmui atlikti atrinkos 10 OMX Vilnius ir 6 OMX Talinas vertybinių popierių biržose listinguojamos Oficialiojo sąrašo įmonės. Trečioje darbo dalyje atliekamas empirinis tyrimas, pateikiami biržoje listinguojamų įmonių intelektinio kapitalo vertinimo rezultatai 2009 – 2012 metais, intelektinio kapitalo lygio rodiklių koreliaciniai ryšiai tarpusavyje ir su įmonių turto grąžos ROA ir nuosavo kapitalo grąžos ROE finansiniais rodikliais. Gauti vertinimo rezultatai lyginami su OMX Talinas vertybinių popierių biržoje listinguojamų įmonių rezultatais. Darbo pabaigoje pateikiamos išvados ir siūlymai sudaryto modelio gerinimui.This Master’s thesis examines the concept of intellectual capital valuation of listed companies. The first part of the thesis analyses the concept of intellectual capital as a subject, its structure and methods of intellectual capital valuation from the theoretical point of view on the basis of scientific literature of both Lithuanian and foreign authors. The second part of the thesis discusses the necessity, process and methodology of intellectual capital valuation. Intellectual capital valuation model of a company is created and valuation methods to test hypotheses are presented: return on assets (ROA), return on equity (ROE), value added intellectual coefficient (VAICTM), intellectual capital efficiency ratio (ICE), calculated intangible value (CIV), correlations between the indicators are examined. 10 companies listed in the Official List of OMX Vilnius and 6 of OMX Tallinn have been selected for the research. The empirical study is carried out in the third part of the thesis, where the results of intellectual capital valuation of listed companies in 2009 – 2012 as well as intercorrelations of the indicators of intellectual capital level and correlations among return on assets ROA and return on equity ROE financial indicators of the companies are presented. The obtained valuation results are compared to the results of companies listed in OMX Tallinn Stock Exchange. Finally, the conclusions and recommendations to improve the formed model are provided at the end of the... [to full text]
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Merofa, Patricia do Amaral. "Os ativos intangíveis e a criação de valor na indústria farmacêutica nacional." Universidade Presbiteriana Mackenzie, 2007. http://tede.mackenzie.br/jspui/handle/tede/566.
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Previous issue date: 2007-03-08In the current economic scene, where the changes are fast and constant, the importance of a differentiated performance of the companies is evidenced by the increasing interest in the intangible assets. The innovation process confers to the companies singular ways to compete. The pharmaceutical sector presents caracteristics, sending to the profile of organizations directed to innovation process as a way to keep than competitive in this industry. Thus, the object of study of this research is operating pharmaceutical laborories in the national scope. In this study a panel data was carried through 1995 to 2005 to analyse possible relations between the performance and intangible assets of the investigated companies, represented for the amout of proper, generic and similar medicines. The results demonstrate significant and positive relations between the revenue and the amout proper medicines and the generic ones, maybe it can explain the performance of the laboratories in search to extend as a way to compete in the national pharmaceutical industry.
No atual cenário econômico, onde as mudanças são rápidas e constantes, a importância de uma atuação diferenciada das empresas é evidenciada pelo crescente interesse nos ativos intangíveis. O processo de inovação confere às empresas maneiras singulares de competir. O setor farmacêutico apresenta características únicas, remetendo ao perfil de organizações voltadas ao processo de inovação como forma de se manterem competitivas na sua indústria, por meio de investimentos contínuos em pesquisa e desenvolvimento, marcas e patentes. Assim, o objeto de estudo deste trabalho são os laboratórios farmacêuticos atuantes no âmbito nacional. O estudo foi realizado a partir de um painel de dados no período entre 1995 e 2005 com o propósito de analisar possíveis relações entre o desempenho das empresas investigadas e os ativos intangíveis, representados pelas quantidades de medicamentos próprios, genéricos e similares. Os resultados obtidos demonstraram relações significantes e positivas entre a receita líquida e a quantidade de medicamentos próprios e os genéricos dos laboratórios estudados, o que pode explicar uma atuação dos laboratórios em busca de aumentar seu tamanho como forma de competir na indústria farmacêutica nacional.
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Lundström, Carl-David, and Emma Wall. "Kundkapitalets roll i företagsvärderingen : En jämförande studie mellan svenska och amerikanska företagsmäklares inställning till kundkapitalet i värderingsprocessen." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30495.
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Syfte: Studiens syfte är att undersöka svenska och amerikanska företagsmäklares inställning till kundkapitalet och dess värderingsmodeller. Studien syftar även till att finna konsekvenser som en explicit redovisning av kundkapitalet skulle ha på företagsvärderingar. Tidigare forskning: Centrala modeller i studien är Customer Lifetime Value, Customer Equity, Customer Profitability och Multi-Period Excess Earnings Model. Tidigare forskning hittas i Edvinsson och Malone (1997), Gupta et al (2004), Villanueva och Hanssens (2007), Wiesel et al., (2006) samt Hofstedes forskning om nationella dimensioner. Metod: Studien använder metodtriangulering. Huvudsaklig primärdata genereras ur webbaserade enkäter som skickas till svenska och amerikanska företagsmäklare. Vidare utförs tre semi-strukturerade intervjuer med representanter från KPMG, Deloitte och UC. Ett chi-tvåtest utformas för att se om det finns ett samband mellan nationalitet och företagsmäklares inställning till att beakta kundkapitalet. Slutsats: 72 procent av de deltagande företagsmäklarna och samtliga intervjupersoner anser att det är viktigt att värdera kundkapitalet. Trots detta är det endast 38 procent av enkätrespondenterna som svarar att de beaktar kundkapitalet vid värdering av kundbaserade företag. En jämförelse mellan nationaliteterna visar att svenska företagsmäklare är mer positiva till de ”nya” kundvärderingsmodellerna, främst Customer Equity och Customer Profitability. De är också mer benägna att använda dessa. Amerikanska företagsmäklare tenderar istället att använda den traditionella Multi-Period Excess Earnings Method.Purpose: The purpose of this thesis is to investigate Swedish and American business appraisers’ attitude towards customer capital and its valuation models. This thesis also aims to find consequences that an explicit accounting of customer capital would have on business valuations. Previous Research: Central models in this study are Customer Lifetime Value, Customer Equity, Customer Profitability and Multi-Period Excess Earnings Method. Previous research is found in Edvinsson and Malone (1997), Gupta et al., (2004), Villanueva and Hanssens (2007), Wiesel et al., (2006) and Hofstedes research regarding cultural dimensions. Method: This study uses a triangulation of methods. The main primary data is generated through internet-based questionnaires which was sent to Swedish and American business appraisers. Furthermore, three semi-structured interviews are conducted with representatives from KPMG, Deloitte and UC. A chi-Squared test is made to see if there is any relationship between nationality and business appraisers’ attitude towards taking heed of the customer capital. Conclusion: 72 per cent of the participated business appraisers and all interviewees think that it is important to value customer capital. Despite this, there are only 38 per cent of the survey respondents who say that they account for customer capital when valuing customer-based companies. A comparison between the nationalities show that Swedish business appraisers are more positive towards the “new” customer valuation models such as Customer Equity and Customer Profitability. They are also more inclined to use these. American business appraisers tend to use the more traditional Multi-Period Excess Earnings Method.