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Pastor, Damián, Jozef Glova, František Lipták i Viliam Kováč. "Intangibles and methods for their valuation in financial terms: Literature review". Intangible Capital 13, nr 2 (10.02.2017): 387. http://dx.doi.org/10.3926/ic.752.
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Purpose: The purpose of this paper is to review literature devoted to intangibles and their valuation and give examples of the methods that can be used for valuation of individual intangibles in financial terms.Design/methodology/approach: Paper presents a systematic review of articles dedicated to intangibles and their valuation.Findings: This review shows that there is a need for consensus in definitions of intangibles, intangible assets, knowledge assets and other related terms. These terms are used interchangeably in spite of their different meanings. Many methods for valuation of intangibles can be found in the literature, but widely accepted list of basic intangibles with suggested methods for their valuation in financial terms is still missing.Research limitations/implications: Not all the papers related to this topic could be covered in this paper. Presented list of important intangible components may be enhanced and examples of some other methods for their valuation may be added in the future.Practical implications: Paper calls for development of framework comprising list of the most important intangibles, proposals of methods used for their valuation and examples of their use. This framework can be helpful for organization, which are confronted with a difficult task of intangibles valuation.Originality/value: Basic definitions and differences between intangibles, intangible assets, identifiable intangible assets, knowledge assets and intellectual capital have not been mentioned in one paper yet. List of intangibles and methods for their valuation gives a direction for future work that can be fruitful for valuation of intangibles.
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Ji, Xu-Dong, i Wei Lu. "The value relevance and reliability of intangible assets". Asian Review of Accounting 22, nr 3 (26.08.2014): 182–216. http://dx.doi.org/10.1108/ara-10-2013-0064.
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Purpose – The purpose of this paper is to examine the value relevance of intangible assets, including goodwill and other types of intangibles in the pre- and post-adoption periods of International Financial Reporting Standards (IFRS). Most importantly, this paper investigates whether the value relevance of reported intangible assets is associated with their value reliability. Furthermore, this paper reports whether the adoption of IFRS improves the value relevance of intangible assets and alters the relationship between value relevance and reliability. Design/methodology/approach – Both price and return models based on Ohlosn theory (1995) are employed to test the value relevance and value reliability of intangibles. Australian-listed firms with capitalised intangibles from 2001 to 2009 are selected in this study. The sample includes 6,650 firm-year observations. Findings – The main result shows that capitalised intangible assets are value relevant in Australia, in both the pre- and post-adoption of IFRS periods. Value relevance is higher in firms with more reliable information on intangible assets. This study finds that the value relevance of intangibles has declined in the post-adoption period of IFRS. However, the positive relationship between the value relevance and the reliability of intangibles has remained unchanged in the post-adoption period. Originality/value – The paper contributes a new measurement of value reliability of accounting information about intangibles. This paper is one of few studies on the relationship between value relevance and reliability of intangible assets. The results show that value relevance is positively associated with value reliability. This suggests that, when accounting standard setters assess whether the existing IFRS of intangibles should be improved in the future, they need to think not only in terms of whether the standard can provide more relevant information of intangibles to investors but also whether the standard can make the information of intangibles more reliable.
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Shakina, Elena, i Angel Barajas. "Intangible-intensive profile of a company: the key to outperforming". Journal of Intellectual Capital 16, nr 4 (12.10.2015): 721–41. http://dx.doi.org/10.1108/jic-03-2015-0025.
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Purpose – The purpose of this paper is to reveal and empirically validate a new typology of company strategic profiles regarding intangible resources. Design/methodology/approach – The study is carried out in three steps. The first stage comes to identify the coordinates of intangibles in which strategic profiles are found. The second stage enables a clusterization of more than 1,600 European companies observed during seven years in the coordinates of intangibles. The last step introduces comparative analysis of these clusters in terms of their performance. Findings – As a result of empirical analysis three strategic profiles regarding intangibles are discovered. Two of these profiles are called intangible-intensive as they demonstrate clear predominance of a particular set of intangibles. The innovative profile is associated with intensive investment in innovation and networking capabilities. The conservative profile puts emphasis on managerial capabilities and development of business process. The non-intangible-intensive profile, that has been called moderate, evenly allocates resources among intangibles keeping them on a low level relative to the intangible-intensive profiles. Practical implications – This research is useful for practitioners in strategic and knowledge management. It provides insight into common features of company strategies for intangibles as well their impact on short- and long-term performance. Originality/value – This work contributes to the field of strategic knowledge management by demonstrating a new relevant typology in company behavior regarding intangibles. Moreover, it equips decision makers in companies with a tool to design strategic vision in intangibles.
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Martins, António, i Daniel Taborda. "Article: BEFIT and Formulary Apportionment: Should Intangibles Be Included in the Formula?" EC Tax Review 31, Issue 3 (1.05.2022): 131–39. http://dx.doi.org/10.54648/ecta2022013.
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In 2021 the European Commission proposed a new framework for taxing corporate income (“Business in Europe: Framework for Income Taxation”, or BEFIT). Consolidated profits of European Union (EU) based groups will be aggregated into a single tax base, and then allocated to Member States (MS) through a formulary approach. Critical issues in defining the formula comprise how assets (including intangibles) should be reflected. The purpose of this article is to discuss some core topics related to intangible recognition and its potential impact in the formulary approach considered in BEFIT. More precisely, the topics addressed are: (1) should intangibles be included in the asset component of the formula, alongside with sales and employment? (2) considering the several types of intangible assets, which ones would merit inclusion? Our view is that intangibles acquired to other companies belonging to the group (related party transactions) and intangibles developed internally by group members but that do not meet criteria for accounting recognition, should be out of the formula. Contrarily, intangibles developed internally that fulfil criteria for accounting recognition, and intangibles acquired to third (independent) parties should be included, with an exception for recognized goodwill. BEFIT, formula apportionment, EU corporate taxation, intangibles
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Jardón, Carlos Fernández, Mariia Molodchik i Sofiia Paklina. "Strategic behaviour of Russian companies with regard to intangibles". Management Decision 56, nr 11 (12.11.2018): 2373–90. http://dx.doi.org/10.1108/md-04-2017-0399.
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Purpose The purpose of this paper is to explore strategy-specific competencies with regard to intangibles and provides empirical evidence of intangible-based strategy groups for Russian companies. Additionally, the study examines the link between intangible-based strategy and company performance. Design/methodology/approach The paper uses strategic group theory and the resource-based view framework to identify similar strategic behaviour of companies by employment of intangibles. In line with the intellectual capital concept, the study provides a cluster analysis that considers four types of intangibles: human, relational, innovation and process capital. These are measured through publicly available data using principal component analysis. The empirical part of the study uses a database of 1,096 Russian public companies, which covers the period 2004–2014. Findings As a result, the study reveals three profiles of strategic behaviour with regard to intangibles. The majority of Russian public companies (63.5 per cent) are Generics and pursue a non-intensive intangible strategy. Only 13.3 per cent of companies constitute the intangible-intensive profile by having endowment of all intellectual resources higher than the sample average. The remaining companies (23.2 per cent) also pursue an intangible-intensive strategy with a focus on innovation capital. Intangible-intensive strategic groups outperform Generics. Originality/value The study proposes a novel intangible-based strategy continuum, which straddles two polar strategies: generic and smart. The study introduces insights to better understand the differences in performance across intangible-intensive strategies and presents a new empirical inquiry into strategic behaviour with regard to intangibles in Russia.
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Crouzet, Nicolas, Janice C. Eberly, Andrea L. Eisfeldt i Dimitris Papanikolaou. "The Economics of Intangible Capital". Journal of Economic Perspectives 36, nr 3 (1.08.2022): 29–52. http://dx.doi.org/10.1257/jep.36.3.29.
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Intangible assets are a large and growing part of firms’ capital stocks. Intangibles are accumulated via investment—foregoing consumption today for output in the future—but they lack a physical presence. Rather than stopping with this “lack,” we instead focus on the positive properties of intangibles. Specifically, intangibles must be stored, so characteristics of the storage medium have important implications for their value and use. These properties include non-rivalry, allowing the intangible to be used simultaneously in different production streams, and limited excludability, which prevents the firm from capturing all the benefits or rents from the intangible. We develop these ideas in a simple way to illustrate how outcomes such as scalability and distribution of ownership follow. We discuss how intangibles can help to understand important trends in macroeconomics and finance, including productivity, factor shares, inequality, investment and valuation, rents and market power, and firm financing.
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Ceballos Delgado, José Miguel. "Gestión de intangibles en la industria deportiva". Revista La Propiedad Inmaterial, nr 28 (10.12.2019): 227–58. http://dx.doi.org/10.18601/16571959.n28.08.
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El deporte es hoy, sin duda, una industria de consumo masivo, en ella confluyen –desde el propio deportista, hasta la radiodifusión del evento deportivo– múltiples activos intangibles, y negocios jurídicos en los que se dispone de dichos intangibles. La gestión de estos intangibles resulta una tarea dispendiosa, pero en todo caso, rentable si se realiza adecuadamente. Tal gestión implicará la intervención de diferentes agentes con especialidad en sus respectivas disciplinas, y su aporte, a nuestro juicio, se realizará en tres etapas: identificación del intangible, protección del intangible y administración del intangible. Son tres etapas que la industria deportiva debe realizar de manera constante, para lograr los mejores resultados, tanto deportivos como empresariales.
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Shakina, Elena, Angel Barajas, Petr Parshakov i Aleksei Chadov. "Status-quo vs new strategy in intangibles". Journal of Economic Studies 44, nr 1 (9.01.2017): 138–53. http://dx.doi.org/10.1108/jes-07-2015-0132.
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Purpose This study explores company strategies for intangibles. The authors investigate whether it is reasonable for companies to intensify intangibles when the current strategy is not intangible-intensive. The purpose of this paper is to elaborate a theoretical model to describe the strategic decision making in companies. Design/methodology/approach The authors use the Bellman-equation framework to find the conditions under which a change in strategy for intangibles is reasonable. Findings The results determine the parameters of returns on intangibles in different strategies, the optimal intangible stock and the influence of external economic shocks. The findings of the study demonstrate that many requirements have to be met to make intangible-intensive strategy beneficial for a company. Moreover negative shocks of crises force a company to postpone a new strategy on intangibles. Practical implications This research provides an insight into strategic behavior of companies under uncertainty. The theoretical findings demonstrate under which conditions companies should decide to switch to a strategy more intangible-intensive. This model can be used to empirically test parameters of different investment strategies of companies using structural estimation techniques. Originality/value This work contributes to the theory of managerial economics giving closed form solutions for the dynamic optimization of company behavior. The findings also show how this behavior might change when economic crises are faced or expected.
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Maaloul, Anis, Walid Ben Amar i Daniel Zeghal. "Voluntary disclosure of intangibles and analysts’ earnings forecasts and recommendations". Journal of Applied Accounting Research 17, nr 4 (14.11.2016): 421–39. http://dx.doi.org/10.1108/jaar-10-2014-0105.
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Purpose The purpose of this paper is to investigate the relationship between voluntary disclosure of intangibles and financial analysts’ earnings forecasts properties. Design/methodology/approach Disclosures about intangible assets were hand-collected through content analysis of annual reports of a sample of US non-financial firms, while analysts’ earnings forecasts properties were collected from Bloomberg Professional database. The authors relied on correlation and multivariate regression analyses to test the research hypotheses. Findings The results show that increased intangible disclosures affect analysts’ earnings forecasts accuracy, dispersion, and favourable consensus recommendations. However, this effect varies according to the nature of intangible assets. Practical implications The results may be of interest to different market participants such as corporate managers, financial analysts, and standards setting bodies that recently published guidelines on voluntary disclosure of intangibles. Originality/value This study develops a new comprehensive index to measure the content of narrative disclosures about a large number of intangibles, such as human, structural, and relational assets. The findings contribute to the current debate on the value-relevance of narrative disclosures on intangibles to investors and financial analysts.
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Visconti, Roberto Moro. "Leveraging value with intangibles: more guarantees with less collateral?" Corporate Ownership and Control 13, nr 1 (2015): 241–53. http://dx.doi.org/10.22495/cocv13i1c2p3.
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This paper shows how intangibles can create scalable value, levered by debt and serviced by intangible-driven incremental EBITDA and cash flows. Intangibles intrinsically incorporate information asymmetries and may so discourage debt, but are also a vital component of cash generating value, so representing a key factor for debt servicing, with paradoxical effects (more guarantees with less collateral?). Operating leverage is enhanced by scalability, an intrinsic characteristic of many intangibles, with a positive impact on cash generation and consequent debt servicing. Ability to improve cash flows emerges as a key feature of value enhancing intangibles, bypassing their lack of collateral value.
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Vallejo Alonso, Belén, José Domingo García Merino i Gerardo Arregui Ayastuy. "Motives for Financial Valuation of Intangibles and Business Performance in SMEs". Innovar 25, nr 56 (1.04.2015): 113–27. http://dx.doi.org/10.15446/innovar.v25n56.48994.
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In line with the Resource-based view, intangibles have become the key resource for generating competitive advantages in a firm. This is particularly significant in the case of small and medium enterprises (SMEs) whose competitive advantage is frequently based on intangible resources. However, there has been little attempt to assess and measure the role of intangible resources in firms' performance, and the motives driving their valuation process. Besides, most of the studies have been carried out in large firms. This article, combining theoretical contributions and empirical evidence, aims to analyze the relationship between the motives, external or internal, driving the valuation process of intangibles and the performance obtained by SMEs. Considering the recognized hypotheses and based on a survey of a representative sample of 369 Spanish SMEs' managers, in addition to the financial data collected from these firms, we explore whether the different motives driving the companies to perform a financial valuation of their intangibles are reflected in the business performance, and conditioned by financial structure and the level of intangibles. Results indicate that SMEs consider important to report intangibles value to external stakeholders as they depict a higher level of borrowing, as well as a higher level of intangibles accounted in the balance sheet. Furthermore, SMEs that consider the financial valuation of their intangibles for internal reasons achieve better performance. The implications of these results and suggestions for future research are dicussed as well.
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Kimouche, Bilal, i Abdenaser Rouabhi. "The impact of intangibles on the value relevance of accounting information: Evidence from French companies". Intangible Capital 12, nr 2 (9.03.2016): 506. http://dx.doi.org/10.3926/ic.653.
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Purpose: The paper aims to explore whether intangible items that recognised in financial statements are value-relevant to investors in the French context, and whether these items affect the value relevance of accounting information. Design/methodology/approach: Empirical data were collected from a sample of French listed companies, over the nine-year period of 2005 to 2013. Starting of Ohlson’s (1995) model, the correlation analysis and the linear multiple regressions have been applied. Findings: We find that intangibles and traditional accounting measures as a whole are value relevant. However, the amortization and impairment charges of intangibles and cash flows do not affect the market values of French companies, unlike other variables, which affect positively and substantially the market values. Also goodwill and book values are more associated with market values than intangible assets and earnings respectively. Finally, we find that intangibles have improved the value relevance of accounting information. Practical implications: French legislators must give more interest for intangibles, in order to enrich the financial statements content and increasing the pertinence of accounting information. Auditors must give more attention for intangibles’ examination process, in order to certify the amounts related to intangibles in financial statements, and hence enrich their reliability, what provides adequacy guarantees for investors to use them in decision making. Originality/value: The paper used recently available financial data, and proposed an improvement concerning the measure of incremental value relevance of intangibles items.
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Amano, Yoshiaki. "Real Effects of Intangibles Capitalization—Empirical Evidence from Voluntary IFRS Adoption in Japan". Journal of International Accounting Research 19, nr 3 (24.08.2020): 19–36. http://dx.doi.org/10.2308/jiar-19-539.
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ABSTRACT This study examines how firm behaviors are affected by the voluntary adoption of International Financial Reporting Standards (IFRS) in Japan, which has expanded the scope for the capitalization of intangible assets compared with the Japanese Generally Accepted Accounting Principles. Prior research suggests that capitalization of intangibles is preferred by firms with larger intangibles and that it enables them to increase intangible investments. Using empirical data from Japanese IFRS adopters, this study analyzes the relationship between firms' intangible asset amounts and their voluntary adoption of IFRS. The results show that (1) the more intangibles firms possess, the more likely they are to adopt IFRS, and (2) once firms decide to adopt IFRS, their intangible assets increase compared with matched non-adopters. Additional analysis shows that this increase is partly attributable to an increased volume and value of mergers and acquisitions after IFRS adoption, suggesting that the real actions of the adopters changed.
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Pacheco, Juliane, i Suliani Rover. "Value Relevance of Intangible Assets Recognized in a Business Combination". Contabilidade Gestão e Governança 24, nr 2 (31.08.2021): 167–84. http://dx.doi.org/10.51341/1984-3925_2021v24n2a2.
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Objective: To verify the value relevance of intangible assets recognized in a business combination of Brazilian publicly traded companies.Method: The sample of 165 companies, covering 962 observations, from 2010 to 2017, was analyzed using five panel data regressions based on Ohlson’s model (1995; 2005) to test four research hypotheses.Originality/Relevance: Value relevance studies have analyzed goodwill, but there are gaps this study seeks to fill. The study addresses the value relevance of intangibles assets recognized in a business combination for the stock market, exploring goodwill and other types of intangibles recognized in a business combination. Also, IFRS 3 was discussed in 2015, bringing the stock market’s perspective and the standard application to the center of accounting research.Results: The results showed that goodwill represents 23% to 30% of intangible assets recorded in the balance sheet, while other intangibles identified represent around 5.6%. As for value relevance, it was observed that both the recognized value of the intangible assets and, when segregated in goodwill and in identified intangible assets, were significant and positively related to the market value. Concerning the nature of intangibles recognized in business combinations, some of them were related to market value.Theoretical/Methodological contributions: The research contributes to value relevance literature on business combinations, allowing us to understand that they are relevant to the stock market and contribute to Brazilian companies’ market value.
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Marques, Maria da Conceiçâo da Costa. "Os activos intangíveis nas contas das empresas do PSI 20 : uma evidência empírica". Pecvnia : Revista de la Facultad de Ciencias Económicas y Empresariales, Universidad de León, nr 8 (1.06.2009): 183. http://dx.doi.org/10.18002/pec.v0i8.679.
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En la actualidad podemos enumerar como activos intangibles contables las patentes, marcas, derechos de autor, etc. Sin embargo, hay otros cuya existencia se reconoce ampliamente y que, a pesar de no estar identificados o medidos, también contribuyen a los resultados de una entidad, como el goodwi II o el capital intelectual, entre otros.La Contabilidad de activos intangibles ha cobrado impulso en las últimas décadas debido a los cambios que se han producido en el mundo de los negocios. Los avances en la industria y, en concreto la sociedad de la información, disponen de activos intangibles que son de aplicación en el mundo de los negocios.El reconocimiento de los activos intangibles en los libros de las entidades puede ser el siguiente paso, en concreto en lo que se refiere a ciertos tipos de negocios, como el de la industria del conocimiento.En el presente estudio se analizan los factores que influyen en la divulgación e información de activos intangibles voluntarios y obligatorios de un número de empresas portuguesas que cotizan en bolsa. Asimismo, exploramos la línea de pensamiento actual sobre activos intangibles y cómo se evalúan, reconocen y presentan estos recursos en los estados financieros de las empresas portuguesas.<br /><br />Today, as intangible assets recognized by the accounting, we can list the patents, trademarks, copyrights, etc. But there are other intangible assets whose existence is widely acknowledged that although they have not yet been identified or measured, also contribute to the results of an entity such as Goodwill or the Intellectual Capital, among others.Accounting for intangible assets gained prominence in the past decades due to changes that are occurring in the business world. The industrial revolution and, in particular, the information society, have the resources in front of the intangible world of business.The recognition of intangible assets on the books of the entities can be the next step forward especially for certain types of business such as the industry of knowledge. In this study we analyze the factors influencing the disclosure and information, mandatory and voluntary (intangible assets), of a number of Portuguese companies whose securities are traded on stock exchange. We also explore the current state of thinking on intangible assets and how those resources are being evaluated, recognized and presented in financial statements of Portuguese companies.
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Ramirez, Pablo Gonzalo, i Toyohiko Hachiya. "Measuring the Contribution of Intangibles to Productivity Growth: A Disaggregate Analysis of Japanese Firms". Review of Pacific Basin Financial Markets and Policies 11, nr 02 (czerwiec 2008): 151–86. http://dx.doi.org/10.1142/s0219091508001301.
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In this study we examined Japanese firm-level data to test whether increments in intangible assets will leads to differences in productivity growth. Our results show that the marginal contribution of inputs varies a greatly among sectors, industries and depending on firm's size. Therefore, marginal increments in intangibles investments are not always associated with productivity growth suggesting that when intangibles exceed a threshold, additional investments could be inefficient. We conclude that among intangibles, firm-specific organizational capital and advertising are two of the critical factors in determining the productivity growth.
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Nugent, John N., Alex Pomelnikov i Kerry Webb. "Intangibles: A Puffing of the Wares?" International Journal of Accounting and Financial Reporting 9, nr 1 (3.01.2019): 340. http://dx.doi.org/10.5296/ijafr.v9i1.14301.
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This paper examines the issue of perceived value generated by the assignment of financial value to intangibles in financial reporting. In particular, values assigned to Goodwill and other intangibles in mergers and acquisitions are examined, and the impact of such intangible valuations as a potential misperception/misdirection as to true underlying entity value is examined.
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Roth, Felix. "Revisiting intangible capital and labour productivity growth, 2000–2015". Journal of Intellectual Capital 21, nr 5 (2.04.2020): 671–90. http://dx.doi.org/10.1108/jic-05-2019-0119.
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PurposeThis paper aims to revisit the relationship between intangible capital and labour productivity growth using the largest, up-to-date macro database (2000–2015) available to corroborate the econometric findings of earlier work and to generate novel econometric evidence by accounting for times of crisis (2008–2013) and economic recovery (2014–2015).Design/methodology/approachTo achieve these aims, this paper employs a cross-country growth accounting econometric estimation approach using the largest, up-to-date database available encompassing 16 EU countries over the period 2000–2015. The paper accounts for times of crisis (2008–2013) and of economic recovery (2014–2015). It separately estimates the contribution of three distinct dimensions of intangible capital: (1) computerized information, (2) innovative property and (3) economic competencies.FindingsFirst, when accounting for intangibles, the paper finds that these intangibles have become the dominant source of labour productivity growth in the EU, explaining up to 66 percent of growth. Second, when accounting for times of crisis (2008–2013), in contrast to tangible capital, the paper detects a solid positive relationship between intangibles and labour productivity growth. Third, when accounting for the economic recovery (2014–2015), the paper finds a highly significant and remarkably strong relationship between intangible capital and labour productivity growth.Originality/valueThis paper corroborates the importance of intangibles for labour productivity growth and thereby underlines the necessity to incorporate intangibles into today's national accounting frameworks in order to correctly depict the levels of capital investment being made in European economies. These levels are significantly higher than those currently reflected in the official statistics.
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Dženopoljac, Vladimir, Shahnawaz Muhammed i Stevo Janošević. "Intangibles and performance in oil and gas industry". Management Decision 57, nr 5 (13.05.2019): 1267–85. http://dx.doi.org/10.1108/md-11-2017-1139.
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Purpose The purpose of this paper is to assess the extent to which financial and market performance of companies in the oil and gas sector can be attributed to the value of their intangibles. Design/methodology/approach The research utilized publicly available data on global oil and gas companies from 2000 to 2015. Panel data analysis was used to assess the relationship between intangibles (measured by Calculated Intangible Value (CIV)) and financial and market performance of these companies. Findings Results show that intangibles had a significant impact on firm performance in multiple financial measures. Firms’ intangibles also influence their market capitalization, indicating that the financial markets discount such information in their pricing. Research limitations/implications Although the impact of intangibles on corporate performance is found to be significant, the size of that impact is small, suggesting that significant increase in the size of intangibles would only lead to a modest increase in corporate performance. Additionally, the research sample was limited to the top oil and gas firms listed in the Fortune 2000 global list and limits the generalization of the findings. Despite these limitations, the research provides greater confidence in using CIV to assess intangibles in organizations. Practical implications This research highlights the importance and ways of measurement of intangibles for managers in oil and gas companies and its significance for their firms’ performance. Originality/value The paper fills the gap in the literature in the assessment of intangibles in the oil and gas sector, as well as in the assessment of using CIV to measure the impact of intangibles on company performance.
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Green, Annie. "Intangible asset knowledge". VINE 38, nr 2 (20.06.2008): 184–91. http://dx.doi.org/10.1108/03055720810889824.
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PurposeThe purpose of this paper is to present the culmination of an engineering concept of a knowledge valuation system that identifies the name of intangible assets.Design/methodology/approachThe paper employs the methodology or approach of identifying or naming intangible assets within the business environment.FindingsThe paper finds that knowing what to capture is fundamental to alignment with measures and indicators inherent in a business operational data.Originality/valueThe paper tackles the elusiveness of intangibles and attempts to bring structure and identification to a complex and confusing discipline. The decomposition of an intangible assets system that names intangibles could be the first step to measuring, valuing and managing them.
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Rodríguez-Pérez, Carlos, i María José Canel. "La resiliencia a la desinformación como un recurso intangible asociado a los países. Análisis de España". Estudios sobre el Mensaje Periodístico 28, nr 4 (21.12.2022): 855–65. http://dx.doi.org/10.5209/esmp.82723.
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Esta investigación aborda el estudio de la desinformación en el marco de los recursos intangibles en el sector público. Con apoyo en datos de Eurobarómetro referidos a España, se explora: a) si se puede elaborar un factor que mida la resiliencia de los ciudadanos a la desinformación, y con el que se pueda conceptualizar y operacionalizar esta resiliencia como un recurso intangible asociado a los países; y b) si hay otros recursos intangibles que ayuden a incrementar la resiliencia. Los resultados proporcionan pistas para identificar valor intangible en las reacciones de las personas a la desinformación, así como para operacionalizar la exploración de las relaciones causales entre recursos intangibles que derivan de las instituciones públicas y la resiliencia a la desinformación. Con apoyo en los hallazgos se concluye también sobre las implicaciones operativas para las políticas gubernamentales para combatir la desinformación.
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Runcev, Nikolce, i Trajanka Makrevska. "INTANGIBLE ECONOMY". KNOWLEDGE - International Journal 47, nr 1 (16.08.2021): 197–200. http://dx.doi.org/10.35120/kij4701197r.
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The process of committing time, resources and money in order to produce useful things in the future is, from an economic point of view a defining part of what business, governments and individuals do. Over the last few decades, the nature of investment has been changing to large extent.
The type of investment that has risen dramatically is intangible: investment in ideas, in knowledge, in aesthetic content, in software, in brands, in networks and relationship.
The paper describes this change and why has happened.
Any investments, tangible or intangible, is a step into the unknown. No businesses know for sure what the return will be. First of all, owing to its invisibility, intangible investments tend to be worth less if they fail. It’s harder to recover their value by simply selling them.
The upside of an intangible investment is potentially much higher, since it is more likely to benefit from scale (so a modest investment can reap a big return) or synergies (increasing its value directly). So when things go wrong, intangibles tend to be worth less, and when they go well, they tend to be worth much more.
The tendency of intangible investments to generate spillovers makes radically harder to estimate the future returns to the company. And the absence of markets for many intangibles (which contributes to their sunkenness) makes it harder to form a realistic estimate of their value.
Intangibles also tend to be contested. People and businesses will often vie to see who control them, own them, or benefit from them. This is partly a function of spillovers.
Intangibles have four unusual economic properties. These properties can exist with tangible investments, but on the whole intangible assets exhibit them to a greater degree.
The numerous reasons for the growth of intangible investment, including the changing balance of services and manufacturing in the economy, globalization, the increased liberalization of markets, development in IT and management technologies, and the changing input costs of services(which play a greater role in intangible investment).
This paper looks at the role of intangibles in secular stagnation, the puzzling fall in investment and productivity growth seen in major economy in recent years. We argue the increasing importance of intangible investment may have an important role to play in this troubling phenomenon.
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Simó, Pep, i José María Sallán. "Capital intangible y capital intelectual: Revisión, definiciones y líneas de investigación". Studies of Applied Economics 26, nr 2 (30.05.2021): 65–78. http://dx.doi.org/10.25115/eea.v26i2.5425.
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Dos de los problemas más importantes de la investigación en intangibles y capital intelectual son la falta de una terminología común, y el poco desarrollo de escalas de medición de los constructos asociados a los intangibles. El objetivo de este artículo es doble: en primer lugar, establecer unas definiciones integradas y coherentes de los conceptos más empleados en intangibles, como activos y pasivos intangibles, y capital intelectual; y segun do lugar definir un conjunto de dimensiones para el capital intelectual coherente desde el punto de vista teórico, y que afecte a propiedades relevantes para la gestión del capital intelectual. Después de un análisis longitudinal de la literatura sobre intangibles de las últimas tres décadas, se establece una definición de capital intelectual como conocimiento que crea valor, siendo por tanto un caso particular de activo intangible. Se proponen también dos dimensiones de capital intelectual, asociadas a los conceptos de conocimiento tácito y conocimiento explícito.
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García‐Ayuso, Manuel. "Intangibles". Journal of Intellectual Capital 4, nr 4 (grudzień 2003): 597–604. http://dx.doi.org/10.1108/14691930310504590.
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Bryant-Waugh, Rachel. "Intangibles". Advances in Eating Disorders 2, nr 3 (2.09.2014): 213–15. http://dx.doi.org/10.1080/21662630.2014.954762.
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den Hertog, Pim, Rob Bilderbeek i Sven Maltha. "Intangibles". Futures 29, nr 1 (luty 1997): 33–45. http://dx.doi.org/10.1016/s0016-3287(96)00064-x.
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Jerman, Mateja, Slavka Kavčić i Bogdan Kavčić. "INTANGIBLES AS FUTURE VALUE CREATORS: THE CASE OF THE HOTEL INDUSTRY". Tourism and hospitality management 15, nr 2 (2009): 153–62. http://dx.doi.org/10.20867/thm.15.2.1.
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The paper aims to provide evidence about the significance of intangibles in the hotel industry. The research investigates their importance for Croatian, Slovenian and Austrian hotel industry in the period 2004–2008. The results prove that despite their growing significance, accentuated by recent research, there is no presence of major growth related to intangible assets in the hotel industry. More detailed analysis further demonstrates that the hotel industry does not operate with a major share of intangibles in comparison with the largest domestic companies. Additional results point to the fact that larger companies possess a greater extent of intangibles in comparison with smaller companies. Therefore further research approaches could analyze the reasons that lead to these results and possible solutions that could stimulate the awareness of intangibles as a source of competitive advantages.
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Jones, Stewart. "Does the Capitalization of Intangible Assets Increase the Predictability of Corporate Failure?" Accounting Horizons 25, nr 1 (1.03.2011): 41–70. http://dx.doi.org/10.2308/acch.2011.25.1.41.
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SYNOPSIS: The value relevance of intangible assets is now well documented in the literature, leading to calls for standard setters to adopt more flexible reporting rules for these assets. In this study, I evaluate the merits of intangibles capitalization from a bankruptcy and default risk perspective, which has not been previously considered in the literature. The study is conducted in a unique reporting environment, where managers have had considerable discretion to capitalize a wide range of intangibles over an extended period. Three main results are reported. First, failing firms capitalize intangible assets more aggressively than non-failed firms over the 16-year sample period, but particularly over the five-year period leading up to firm failure. Second, drawing on the accounting choice literature, I find that managers’ propensity to capitalize intangible assets has a strong statistical association with earnings management proxies, particularly among failing firms. Finally, voluntary capitalization of intangibles has strong discriminating and predictive power in a firm failure model, even after controlling for several other factors.
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Sicoli, Graziella. "The Role of Intangibles in the Creation of Company Value". International Journal of Business and Management 13, nr 9 (1.08.2018): 161. http://dx.doi.org/10.5539/ijbm.v13n9p161.
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The interest of the business economists in intangibles is growing and to this day the topic remains discussed both with reference to the nature of these resources, and to their role, their contribution in terms of value creation. Intangibles are one of the main sources of companies’ competitive advantage (Tanfous, 2013). The definition and classification of intangibles is still an open question. Among intangibles, knowledge assumes a fundamental role. As stated by Sveiby (Sveiby, 1997) intellectual capital is ‘knowledge that can be converted into value. In fact, only the value of intangibles offers a comapny the possibility of differentiating itself from its competitors, and as stated by Stewart the differences among firms is played out by the correect management of intangible resources, which allow them to overcome competitors (Stewart, 1997). The aim of this work of the work is to carry out an analysis of the literature with reference to the definitions and classifications offered both nationally and internationally, their role in the company and their contribution in terms of value creation. To understand the sources of competitive advantage that intangibles generate it is necessary to build a model based on the statement that the resources of the company are immobile and heterogeneous. (Barney, 1991). Every enterprise must create the structures that help them to accumulate knowledge capital and create intangible assets systematically and to convert it to value for their customers in order to gain a competitive edge and create long-term shareholder value (Lev, 2003). This paper confirms the theory that adequate investments in intangibles exercises a positive influence on company performance; for the future, with the purpose of creating company value, we believe it opportune to consider the good association between intangibles and the various components of immaterial resources; this association will be able to guarantee not only the creation of value for the shareholders but for all the subjects directly and indirectly involved in the life of the company as well as the survival and reputation of the company itself. The paper offers adequate points for reflection for future examination regarding the relationship between investments achieved in intangibles and the creation of company value. Moreover, it confirms what the was previously stated, that up to now, studies on intangibles have not arrived at a universally accepted definition. Therefore, we hope for this in the near future.
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Turovets, Yulia. "Intangible assets and the efficiency of manufacturing firms in the age of digitalisation: the Russian case". Engineering Management in Production and Services 13, nr 1 (1.03.2021): 7–26. http://dx.doi.org/10.2478/emj-2021-0001.
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Abstract A wide consensus exists on the role of intangible assets in both developed and developing economies, especially now, with the new generation of information and communication technologies. Emerging economies generally demonstrate lower endowment with intangibles (Dutz et al., 2012), but follow the same positive patterns for long-run development. In Russia, the contribution of intangibles to growth is still modest, and its capacity to foster productivity has not been achieved. As previous studies showed, efficiency represents one of the main channels of total factor productivity growth. This paper studies the effects of intangibles on the efficiency of Russian manufacturing firms in 2009–2018. Considering the heterogeneity of sectors and firms, the stochastic frontier model is applied. In general, the impact of intangibles is positive but small and influenced by external shocks and structural features. The paper provides evidence on different contributions of intangibles to efficiency for high-tech and low-tech firms and its change over time. It contributes to the strand of literature regarding the technical efficiency measurement on the microlevel. On the practical side, the paper suggests an analytical framework for differentiated policy mechanisms to drive investments in intangibles, which are essential for current digital transformation.
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Haji, Abdifatah Ahmed, i Nazli Anum Mohd Ghazali. "The role of intangible assets and liabilities in firm performance: empirical evidence". Journal of Applied Accounting Research 19, nr 1 (12.02.2018): 42–59. http://dx.doi.org/10.1108/jaar-12-2015-0108.
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Purpose The purpose of this paper is primarily to explore the extent of intangible assets and liabilities of large Malaysian companies. The authors also examine whether intangible assets and liabilities of a firm have similar or contrasting roles in firm performance. Design/methodology/approach Using a direct and straightforward measure of intangible assets and liabilities, the authors examine a large pool of data from large Malaysian companies over a six-year period spanning from 2008 to 2013. Findings The longitudinal analyses show a significant number of the sample companies, between 34 and 59.33 percent, have a consistent pattern of intangible liabilities. The authors also find firms with intangible liabilities have significantly underperformed financially than a control group of firms. In addition, the authors find that intangible liabilities have significant negative impact on firm performance whereas intangible assets have a contrasting positive impact on firm performance. Research limitations/implications One limitation of this study is that the authors have only used a single measure of intangible assets and liabilities. Albeit the measures used are straightforward and more objective, there could be other measures to capture intangibles. Practical implications The research findings have several theoretical as well as policy implications. Theoretically, the authors extend the resource-based view to the intangible asset-liability mix, affirming the crucial role of intangible resources in financial performance whilst introducing the unfavorable role of intangible liabilities in corporate financial performance. In terms of policy implications, the research findings provide initial empirical input to emerging calls for broader perspectives of intangibles, beyond intangible assets to include intangible liabilities, and therefore belong to an emerging paradigm toward the nature of intangibles. Originality/value This study documents a rare empirical account of the contrasting roles of intangible assets and liabilities in corporate financial performance.
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Guenter, Ryan W., John G. H. Dunn i Nicholas L. Holt. "Talent Identification in Youth Ice Hockey: Exploring “Intangible” Player Characteristics". Sport Psychologist 33, nr 4 (1.12.2019): 323–33. http://dx.doi.org/10.1123/tsp.2018-0155.
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The purpose of this study was to examine “intangible” characteristics that scouts consider when evaluating draft-eligible prospects for the Western Hockey League. Sixteen scouts participated in semistructured interviews that were subjected to an inductive thematic analysis and then organized around predetermined categories ofwhyintangibles were important,whatintangibles were valued, andhowscouts evaluated these intangibles. Intangibles helped scouts establish players’ fit with the organizational culture of teams and influenced scouts’ draft-list ranking of players. The key intangibles scouts sought were labeled compete, passion, character, and leadership/team player. Scouts noted red flags (i.e., selfish on-ice behaviors, bad body language, and poor parental behavior) that led them to question players’ suitability for their respective organizations. Finally, scouts used an investigative process to identify and evaluate these intangibles through direct observation; interviews with players, coaches, and trainers; and assessments of players’ social media activities. Implications for sport psychology consultants are discussed.
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Ďurčová, Júlia, i Marek Pekarčík. "Role of intangible assets in global value chains: Evidence from the Slovak Republic". Strategic Management, nr 00 (2023): 38. http://dx.doi.org/10.5937/straman2300036d.
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Background: Slovak firms are very strongly integrated into globally organized production. However, their position in global value chains (GVCs) concentrates on downstream activities with lower value added generation. Purpose: Intangible assets should be an important driver of the creation and productivity growth of domestic value added and thus of international competitiveness. Key activities supporting the creation and productivity of value added within GVCs can be done through an innovation environment, investments in intangible ICT assets and improving the quality of human capital. Approach: This paper aims to analyse, according to econometric model based on panel data analysis, the role of intangibles in Slovak GVC participation. Moreover, the linkages between investment in selected intangibles and different forms of integration into GVCs - forward and backward, are examined. Findings: Our results show that the accumulation of intangibles is positively associated with Slovak participation and position within GVCs. The same result is confirmed separately for forward and backward participation. When intangibles are divided into three groups, only computerized information and economic competencies are significantly associated with Slovak GVC participation and position. They increase the quality of human capital, organization and management of production and create a favourable competitive environment. Limitations: Further research could be extended to a more detailed examination of the impact of intangibles on specific sectors. The availability of data on the creation of value added and thus involvement in the GVCs is a major limitation at the macroeconomic level. Therefore, it is necessary to verify these findings with an analysis at the firms' level data.
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Curea, Mihaela, Marilena Mironiuc i Maria Carmen Huian. "Intangibles, Firm Performance, and CEO Characteristics: Spotlight on the EU Electricity and Gas Industry". Sustainability 14, nr 15 (27.07.2022): 9195. http://dx.doi.org/10.3390/su14159195.
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The transition from the industrial economy to the knowledge-based economy has changed the status quo, and consequently, intangibles have gained traction in the scientific discourse of recent decades. The paper aims to scrutinise, econometrically, the nexus between intangibles and firm performance and the moderating role of CEO duality and CEO gender. Capital-intensive industries are largely overlooked by previous studies, which prompted us to explore the electricity and gas industry. The analysis is based on a longitudinal dataset of EU-listed companies and employs a quantitative approach to study the causal relationships between intangibles, firm performance, and CEO characteristics. Results demonstrate that intangible assets are a stepping stone to better financial and market performance, which endorses the resource-based view. Today’s social and cultural milieu sees gender diversity in a positive light. Consonant with the upper echelons theory, the study finds that CEO gender positively impacts the intangibles–firm performance relationship. The hypothesised prejudicial effect of CEO duality, postulated by the agency theory, is only partially supported. Managers and policymakers are advised to pay particular attention to intangibles and science-driven projects to augment corporate performance. Creating a diversity-friendly culture is also of paramount importance.
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Russell, Mark. "The valuation of pharmaceutical intangibles". Journal of Intellectual Capital 17, nr 3 (11.07.2016): 484–506. http://dx.doi.org/10.1108/jic-10-2015-0090.
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Purpose – The purpose of this paper is to value the patents of pharmaceutical companies using discounted cash flows, and compare the value-relevance of these assets against alternative intangible asset measures such as reported intangible assets and R & D capital. Design/methodology/approach – The study values pharmaceutical intangibles using three methods: an income method; the sum of unamortised R & D expenditures; the firm’s reported intangible assets. Value-relevance tests use ordinary least squares regression and Vuong and Clarke tests. Findings – First, the study finds that the discounted cash-flow valuation of pharmaceutical patents is value-relevant. Second, the value of pharmaceutical patents explains market value better than reported intangible assets but not R & D capital. However, the valuation of pharmaceutical patents is more consistent with the risks of R & D than the valuation of R & D capital which assumes recovery of R & D expenditure. Originality/value – This is the first known study that values patents using an income method and compares those valuations with reported intangible assets and R & D capital valuation models.
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García-Gallo, María Dolores, Félix Jiménez-Naharro, Miguel Torres-García, José Guadix-Martín i Susan L. Giesecke. "Sustainability of Spanish Tourism Start-Ups in the Face of an Economic Crisis". Sustainability 13, nr 4 (13.02.2021): 2026. http://dx.doi.org/10.3390/su13042026.
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In this research, a study is carried out on the differences between tourism start-ups in relation to intangibles, economic and financial sustainability, by region and by sector of activity, in order to determine their sustainability both in a situation of economic crisis and growth, In the study carried out in this article, the tourist startups are identified, by branch of activity (hotels, restaurants, transport and travel agencies) with identification of intangibles in their balance sheet. Once identified, a descriptive analysis of the incorporation of intangibles, economic sustainability and financial sustainability, by branch of activity and community, is developed. This analysis is completed with an analysis of variance to determine if there is a relationship between intangible and branches of tourism and region; economic sustainability and branches of tourism and region; financial sustainability and branches of tourism and region. The conclusions of the work show that parameters such as investment in intangibles, economic sustainability and financial sustainability are key variables in crisis situations such as the current one.
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Bortesi Longhi, Luis. "Los intangibles". Quipukamayoc 22, nr 41 (20.10.2014): 107. http://dx.doi.org/10.15381/quipu.v22i41.10074.
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Existe una tendencia progresiva y cada vez más generalizada, que consiste en la desmaterialización de las comunicaciones, de los activos financieros, del comercio, y en general, de las relaciones humanas. Un caso particular, que es el que concierne a la presente investigación, es el de los “Activos Intangibles” que cobran cada vez mayor dimensión e importancia. Tradicionalmente, los activos intangibles se circunscribieron a las marcas, patentes y franquicias, pero en la actualidad, abarcan muchos más aspectos que enriquecen el valor de la organización. Para empezar, haciendo una analogía simple, podríamos decir que los activos intangibles vienen a equivaler al “espíritu” o a la “simpatía” que posee la organización y le confiere superioridad y prestigio. Muchas son las coordenadas que se pueden analizar con respecto a los intangibles, pero un aspecto de máximo interés es el que concierne al holismo en la organización. Efectivamente, el holismo consiste en la virtud por la cual “el todo es mayor que la suma de las partes”, expresado en otras palabras, el conjunto organizacional tiene una mayor trascendencia sistémica que lo que cada componente individual aporta o produce.
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Godfrey, Jayne M., Wei Lu i Xu-dong Ji. "Reporting intangibles". Monash Business Review 2, nr 1 (kwiecień 2006): 36–41. http://dx.doi.org/10.2104/mbr06010.
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Goodridge, Peter, Jonathan Haskel i Gavin Wallis. "Can Intangible Investment Explain the UK Productivity Puzzle?" National Institute Economic Review 224 (maj 2013): R48—R58. http://dx.doi.org/10.1177/002795011322400104.
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This paper investigates whether intangibles might explain the UK productivity puzzle. We note that since the recession: (a) firms have upskilled faster than before; (b) intangible investment in R&D and software has risen whereas tangible investment has fallen; and (c) intangible and telecoms equipment investment slowed in advance of the recession. We have therefore tested to see if: (a) what looks like labour hoarding is actually firms keeping workers who are employed in creating intangible assets; and (b) the current slowdown in TFP growth is due to the spillover effects of the past slowdown in R&D and telecoms equipment investment. Our main findings are: (a) measured market sector real value added growth since the start of 2008 is understated by 1.6 per cent due to the omission of intangibles; and (b) 0.75 per cent per annum of the TFP growth slowdown can be accounted for by the slowdown in intangible and telecoms investment in the early 2000s. Taken together intangible investment can therefore account for around 5 percentage points of the 16 per cent productivity puzzle.
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Corrado, Carol, Jonathan Haskel, Cecilia Jona-Lasinio i Massimiliano Iommi. "Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth". Journal of Infrastructure, Policy and Development 2, nr 1 (27.02.2018): 11. http://dx.doi.org/10.24294/jipd.v2i1.205.
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This paper uses a new cross-country cross-industry dataset on investment in tangible and intangible assets for 18 European countries and the US. We set out a framework for measuring intangible investment and capital stocks and their effect on output, inputs and total factor productivity. The analysis provides evidence on the diffusion of intangible investment across Europe and the US over the years 2000-2013 and offers growth accounting evidence before and after the Great Recession in 2008-2009. Our major findings are the following. First, tangible investment fell massively during the Great Recession and has hardly recovered, whereas intangible investment has been relatively resilient and recovered fast in the US but lagged behind in the EU. Second, the sources of growth analysis including only national account intangibles (software, R&D, mineral exploration and artistic originals), suggest that capital deepening is the main driver of growth, with tangibles and intangibles accounting for 80% and 20% in the EU while both account for 50% in the US, over 2000-2013. Extending the asset boundary to the intangible assets not included in the national accounts (Corrado, Hulten and Sichel (2005)) makes capital deepening increase. The contribution of tangibles is reduced both in the EU and the US (60% and 40% respectively) while intangibles account for a larger share (40% in EU and 60% in the US). Then, our analysis shows that since the Great Recession, the slowdown in labour productivity growth has been driven by a decline in TFP growth with relatively a minor role for tangible and intangible capital. Finally, we document a significant correlation between stricter employment protection rules and less government investment in R&D, and a lower ratio of intangible to tangible investment.
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Amadieu, Paul, Carole Maurel i Jean-Laurent Viviani. "Intangibles, Export Intensity, and Company Performance in the French Wine Industry". Journal of Wine Economics 8, nr 2 (listopad 2013): 198–224. http://dx.doi.org/10.1017/jwe.2013.27.
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AbstractIntangible assets can play a strategic role in the implementation of differentiated strategies in foreign markets. The literature has addressed the impact of intangible assets on both exports and financial performance and the effects of exports on company financial performance (profit and risk). This article aims to analyze the effect of exports on the relationship between intangibles and company performance in the wine industry. Empirical studies show that intangibles have a positive but diminishing impact on exports. The effect of exports on financial performance differs depending on whether we consider corporations or cooperatives. While intangible expenses reduce company risk in both samples whatever the level of export intensity, the effects are different with profit. In corporations, intangible expenses have a positive impact on profit only when there is a high level of expenses and a high level of export intensity. (JEL Classifications: G32, L25, Q12, Q13)
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Erickson, Scott, i Helen N. Rothberg. "Intangible dynamics in financial services". Journal of Service Theory and Practice 26, nr 5 (12.09.2016): 642–56. http://dx.doi.org/10.1108/jstp-04-2015-0093.
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Purpose The purpose of this paper is to examine a range of metrics concerning knowledge and related intangible assets in financial service industries. The metrics are then analyzed according to theory from several disciplines so as to better understand intangible dynamics, the relationship between different intangibles. Guidance is provided in terms of valuing knowledge and pursuing competitive intelligence (CI) based on the unique characteristics of financial services intangibles. Design/methodology/approach Data are drawn from a large database and supplemented with other sources. The primary database includes a considerable collection of publicly available financial results combined with proprietary data from a CI consultancy. Results on knowledge asset-levels and CI activity, by industry sector, are presented as well as the degree to which big data is employed. Findings Financial services show high levels of big data, low levels of knowledge assets, and high levels of CI activity. In some ways, these differing valuations of intangibles by different parties are counterintuitive, but they can be explained with reference to theory and a deeper understanding of the intangible dynamics. Research limitations/implications The results allow a deeper understanding of the relationship between data, information, knowledge (explicit and tacit), and intelligence in a specific industry. Given the uniqueness of the financial services results, these findings provide considerable insight into how intangibles strategies and applications can differ by industry. Practical implications These results provide direction to financial services decision-makers concerning investment in knowledge management systems (limited), CI initiatives (aggressive), and big data (aggressive). Originality/value The paper brings unique data to the table and brings together theory from a number of disparate fields of study, providing a different perspective on the interplay of knowledge, intelligence, and data in financial services.
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Catalfo, Pierluigi, i Inge Wulf. "Intangibles disclosure in Management Commentary regulation in Germany and Italy". Journal of Intellectual Capital 17, nr 1 (11.01.2016): 103–19. http://dx.doi.org/10.1108/jic-09-2015-0083.
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Purpose – The purpose of this paper is to understand whether Management Commentary (MC) can cover the information needs about underreported company intangibles in accounting traditionalist countries such as Germany and Italy. Furthermore, this work would like to contribute towards an improvement of the managerial culture on intangible resources disclosure and to stimulate the consciousness of the need for a new regulatory policy in accounting. Design/methodology/approach – Focusing on the current regulation on MC and taking into account its hard and soft components, both in Italy and in Germany, we have carried out a semantic analysis together with a manual content one so to find out and to compare specifications for intangibles related disclosure in MC. The authors have decided to follow a semantic approach because of the different languages of the analysed documents, that in any case need to be considered under a cultural perspective of provenience, trying to give more effectiveness to the cross comparison. Findings – The results have shown that just a part of the intangibles is covered by the regulations of MC and that Germany and Italy follow, mainly, the same approach to MC. Practical implications – The findings highlight the similarities and differences between what the authors need to report on intangibles according to specifications in Italy and Germany. Originality/value – The authors reveal the approach that a country with rather conservative accounting can follow balancing regulatory approach and needs to disclose information about intangibles without a specific report on that. The authors identify the need for a new policy that can enable the development of intangibles disclosure culture.
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Shakina, Elena, Mariia Molodchik i Angel Barajas. "Endogenous value creation: managerial decisions on intangibles". Management Research Review 40, nr 4 (18.04.2017): 410–28. http://dx.doi.org/10.1108/mrr-01-2016-0026.
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Purpose This study aims to explore value creation through intangibles in corporations, taking into consideration the endogenous nature of managerial decisions. It is stated that intangibles bring extra information asymmetry into a company and make managers and investors’ goals less aligned. Design/methodology/approach A theoretical model is elaborated and empirically tested on the assumption that managers, while investing in intangibles, simultaneously make a company competitive and attractive to investors. The authors use a conceptual model of endogenous value creation to test how intangibles affect outperforming of a company and provoke the expectations of investors. The research is carried out on a sample of more than 1,650 European companies covering the period from 2004 to 2011. Structural equation modelling is applied for the purposes of empirical analysis. Findings The authors reveal a diverse impact of intangibles on outperforming of a company measured by economic value added and its ability to create market value. The study discovers that managers are prone to indicate positive signals to investors rather than create sustainable competitive advantages. Practical implications This research emphasizes on the particular importance of awareness of policymakers, namely, companies’ top managers, about the outcomes of their decisions. Decision-making in public companies should involve as much deliberation as possible about the potential impact of what is decided. Originality/value This work contributes primarily to the field of corporate finance in companies that use intangibles. The endogenous process of value creation is modelled and tested. As a result, a number of essential problems in agent relationships in intangible-intensive corporations are discovered.
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HINCAPIÉ, JUAN PABLO. "Análisis crítico del contenido discursivo: una aproximación hermenéutica al concepto de activos intangibles desde dos perspectivas normativas". Criterio Libre 18, nr 31 (16.12.2019): 113–44. http://dx.doi.org/10.18041/1900-0642/criteriolibre.2019v18n31.6133.
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El objetivo de este artículo de reflexión es develar y analizar algunas particularidades conceptuales de los activos intangibles, valiéndose para ello de las metodologías de investigación cualitativa del análisis de contenido, del discurso y del análisis crítico del discurso. En específico, se busca conocer qué se puede observar críticamente del discurso contable sobre el tratamiento de los activos intangibles según el Decreto Reglamentario 2649 (1993) y la Norma Internacional de Contabilidad 38 (2014), y específicamente, qué se evidencia sobre el tratamiento del intangible generado internamente. El objeto de observación en este estudio está constituido por las características normativas que en materia de activos intangibles se encuentran disponibles en estos dos marcos regulativos. Al final se presentan unas breves conclusiones derivadas del análisis y se extiende una invitación a la potencialización y profundización reflexiva de los estudios cualitativos, haciendo uso de herramientas cualitativas de investigación como Atlas T.I. y otras.
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Levey, Marc M. "The High Court in India Relies on OECD Approach for Marketing Intangibles in the Maruti Suzuki Case". Intertax 38, Issue 12 (1.12.2010): 672–80. http://dx.doi.org/10.54648/taxi2010071.
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The ‘Maruti’ Suzuki India Ltd v. Additional Commissioner of Income Tax Transfer Pricing Officer of New Delhi decision is a novel Indian judicial decision that attempts to address the concept of marketing intangibles. While following the US decision in DHL Corp. et al. v. Comm’r, which also addressed marketing intangibles, the High Court of Delhi’s decision is fraught with inconsistencies and impracticality notwithstanding its credible view of the marketing intangible concept. While the Indian Supreme Court has set aside this decision and the TPO will examine the matter in accordance with existing law, the decision has put into play more questions and concerns than answers. At a minimum, practitioners and the Organisation for Economic Co-operation and Development (OECD) Committee on Fiscal Affairs, which address the transfer pricing aspects of intangibles, have a strong basis from which to address these questions and concerns and provide meaningful guidance.
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García-Zambrano, Lidia, Arturo Rodríguez-Castellanos i José Domingo García-Merino. "Una gestión activa de los intangibles empresariales y su incidencia en los resultados financieros de un modo sostenible". Studies of Applied Economics 32, nr 3 (5.03.2020): 1117. http://dx.doi.org/10.25115/eea.v32i3.3250.
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It is widely accepted that the allocation of intangible resources and capabilities has become the difference between firms. However, only a few of them allow to gain a competitive advantage, so-called core competencies. Most of the studies about to the intangibles and firms performance consider only the stock held by the company, and they do not considered intangibles management. Therefore, our objective is to test whether the core competencies management translates into improved sustainably performance, measured through ROA. To this end, a field study was performed, by making telephone calls to Basque Country companies’ financial managers, and favorable evidence was obtained.
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Cañibano Calvo, Leandro. "relevancia de los intangibles en la información financiera". Contaduría Universidad de Antioquia, nr 60 (28.02.2013): 41–54. http://dx.doi.org/10.17533/udea.rc.14683.
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Los recursos y las actividades de naturaleza intangible son los nuevos activos creadores de valor de la empresa moderna, los cuales resultan difíciles de medir, gestionar y valorar. En el presente trabajo, aparte de referirnos inicialmente al concepto de los mismos, se revisa el tratamiento dado a éstos por las normas internacionales de información financiera, así como el efecto que produce la aplicación de dichas normas, consistente en la falta de reconocimiento de una importante proporción de dichos intangibles en términos de valor. Esta infravaloración hace necesario otro tipo de información complementaria o alternativa, como son los informes de capital intelectual, para cuya elaboración se han producido algunas directrices en el seno de la Unión Europea, tal es el caso de los informes específicos de valoración de intangibles realizados por expertos independientes o los informes para la dirección de la empresa sobre su proceso de creación de valor a partir de sus intangibles.
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Castilla Polo, Francisca, i Consuelo Ruíz Rodríguez. "The intangible index in bank management". Intangible Capital 15, nr 3 (30.12.2019): 171. http://dx.doi.org/10.3926/ic.1366.
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Purpose: Our research objective is to perform a descriptive analysis of the information on intangible assets disclosed by Spanish banks indexed on the IBEX 35 as a step prior to the creation of which allows us to eventually create a specific disclosure index for this type of content during 2010-2012, the most critical years of the crisis in Spain.Design/methodology/approach: In a first section of the methodology, it has been carried out a content analysis using five categories that cover all the terms that were considered the most relevant in the literature on intangible assets: concepts of intellectual capital, human capital, structural capital, relational capital and usefulness of information. This information has been the basis for the design of an index by categories and global as a second part of the methodological design.Findings: Our results found that the disclosure level of Spanish financial entities in terms of intangibles is reduced with an aggregate index of intangible assets of 0.2698 (between 0 and 1). Although, within the categories proposed it can be highlighted the priority role of the usefulness information index followed by the relational and human capital indexes.Research limitations/implications: The study focuses on 2010 to 2012, which conditions and justifies the results obtained for a period of crisis such as the one analyzed.Practical implications: Our results confirm that the financial entities have not bet for the use of the disclosure of information on intangibles during the crisis despite their potential value in order to guarantee a competitive business performance.Social implications: Managers of financial institutions may have a comparative vision of the disclosure of intangibles and adopt future disclosure policies that consider the value of this information.Originality/value: As the main contribution, this paper incorporates the results of a specific index on intangibles (both globally and specifically for 5 categories) for financial institutions. Our results open future lines of research that analyze why not use this information for competitive purposes and, specifically, to gain confidence in a context as difficult as that experienced in the years of crisis studied.
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García Zapata, Teonila, Jorge Vergiu Canto, Rosario Párraga Velásquez i Néstor Santos Jimenéz. "Desarrollo de un modelo Multifactorial y dinámico para la medición de los intangibles de empresas de manufactura". Industrial Data 10, nr 1 (20.03.2014): 059. http://dx.doi.org/10.15381/idata.v10i1.6351.
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La presente investigación trata sobre el desarrollo de un modelo multifactorial y dinámico(MFD) para la medición de los intangibles aplicados a empresas de manufactura localizadas en el Perú. El modelo desarrollo permitirá probar que el conocimiento es un diferencial de competitividad tradicional no está habilitada para medir estos aspectos hoy en día. En este trabajo se analiza una de las empresas de manufactura peruana para saber hasta que punto la información sobre sus indicadores que manejan sirven para identificar el intangible(capital intelectual) con la finalidad que en algún momento se pueda estandarizar un modelo propio para la medición de los intangibles de las empresas de manufactura del Perú.