The value relevance of intangibles: some evidence on industry sector, firm performance and size effects

Q4 Economics, Econometrics and Finance

International Journal of Accounting, Auditing and Performance Evaluation Pub Date : 2017-07-19 DOI:10.1504/IJAAPE.2017.10005540

Maqsood Iqbal Qureshi

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引用次数: 3

Abstract

This study, using a valuation model and a sample of UK firms for the period between 1998 and 2003, empirically investigates whether the market attaches different values to investments in goodwill (GW), research and development (RD) and advertising (AD) by firms in different sectors, of different sizes, and with different performances. The research findings indicate that the market attaches different values to investments in GW, RD and AD by firms in different sectors (manufacturing and non-manufacturing), of different sizes (large and small firms) and with different performances (profit-making and loss-making firms). Our results provide evidence that both RD and AD are valued almost equally for manufacturing and non-manufacturing and profit making and loss-making firms. While the market assigns more value to non-manufacturing and profit making firms' goodwill. Our results also suggest that goodwill, R%D, and advertising are likely to be more effective for larger firms. Overall, these results should also interest analysts and creditors seeking to evaluate firms' intangible investments, professionals engaged in designing disclosure strategies, and academics exploring issues related to intangibles.

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无形资产的价值相关性:关于行业部门、企业绩效和规模效应的证据

本研究以1998年至2003年间的英国公司为样本，采用估值模型，实证研究了不同行业、不同规模、不同业绩的公司对商誉(GW)、研发(RD)和广告(AD)的投资是否具有不同的价值。研究结果表明，市场对不同行业(制造业和非制造业)、不同规模(大型企业和小型企业)、不同业绩(盈利企业和亏损企业)的GW、RD和AD投资的评价是不同的。我们的研究结果证明，对于制造型和非制造型企业，以及盈利型和亏损型企业，研发和创新的价值几乎相同。而非制造业和盈利企业的商誉则被市场赋予了更多的价值。我们的研究结果还表明，商誉、研发和广告可能对大公司更有效。总的来说，这些结果也应该引起寻求评估公司无形投资的分析师和债权人，从事设计披露策略的专业人士以及探索无形资产相关问题的学者的兴趣。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Accounting, Auditing and Performance Evaluation Economics, Econometrics and Finance-Finance

CiteScore

0.70

自引率

0.00%

发文量

期刊介绍： IJAAPE publishes original scholarly papers across the whole spectrum of: financial accounting, managerial accounting, accounting education, auditing, taxation, public sector accounting, capital market and accounting, accounting information systems, performance evaluation, corporate governance, ethics, and financial management. All methodologies, such as analytical, empirical, behavioural, surveys, and case studies are welcome. IJAAPE encourages contributions especially from emerging markets and economies in transition and studies whose results are applicable across nation states or capable of being adapted to the different accounting and business environments.