Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/193753 
Year of Publication: 
2015
Citation: 
[Journal:] Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE) [ISSN:] 1135-2523 [Volume:] 21 [Issue:] 2 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2015 [Pages:] 73-83
Publisher: 
Elsevier, Amsterdam
Abstract: 
The aim of this paper was to analyze the contribution of intangible assets in the value creation of companies, using the methodology proposed by Gu and Lev, 2003, Gu and Lev, 2011. The database used was collected in Datastream with information covering the period from 2001 to 2010. The main results indicate that: (i) the variables RD and SGA and RD, SGA and CAPEX represent intangibility proxies for the software and hardware sector, respectively; (ii) comprehensive value explains the market value for the two sectors; and (iii) the intangibility indices ICBV and RI and MtCV, ICM and RI present a positive and significant relationship with shareholder return for the software and hardware sector, respectively. The principal implication of the paper is having found a positive and significant relationship between comprehensive value and market value. Accordingly, if this variable really explains the market value, it is a solution to a problem that afflicts accountants, which is how to account for intangibles in the balance sheet.
Subjects: 
Intangible assets
Value creation
Total shareholder return
JEL: 
G20
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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